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Retailing in Emerging Markets - Europe - May 2009

This report covers nine markets that we consider to be the emerging markets in Europe: eight in Central and Eastern Europe plus Turkey. Previous editions of this report have also included Slovenia, but we now feel that this is sufficiently developed to no longer be included as an emerging market.

We also looked at including markets such as Ukraine, FYROM and Serbia but feel that it is still too early to include these markets in the same context. However, we will continue to review this.

The Czech Republic, Hungary and Poland are not included in this report as they are covered in detail in our standard retail sector reports. Please see:

- DIY Retailing in Europe – January 2008

- Electrical Retailing in Europe – May 2008

- Clothing Retailing in Europe – September 2008

- Food Retailing in Europe – November 2008

- Home Shopping in Europe – March 2009

- Telecoms Retailing in Europe – April 2009.

In each country section, we have endeavoured to cover the leading retailers, including private companies, public companies and co-operatives. We have included major and mini profiles of the leading retailers in these markets – we have covered the leading retailer in each country and have selected others that we believe are important on a regional basis or are of particular interest. It is not necessarily intended to represent the largest retailers in the region, nor to provide exhaustive coverage.

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Table of contents

  1. Market in Brief

    • Market size and performance
      • Leading retailers
        • Highly fragmented markets
          • Consolidation and M&A opportunities
            • The future
            • Summary and Outlook

              • Report scope
                • Technical notes
                  • Summary and outlook
                    • Population
                      • Figure 1: Emerging markets: Population, 2004-08
                    • Populations in decline
                        • Figure 2: Emerging markets: Population change, 2004-08
                      • GDP and economic growth
                        • Dynamic economies
                          • Figure 3: Emerging markets: GDP growth (local currency, current prices), 2004-08
                        • Low GDP/capita
                          • Figure 4: Emerging markets: GDP per capita, 2008
                        • Consumer spending
                          • Figure 5: Emerging markets: Consumer spending per capita, 2008
                        • Retail sales and forecasts
                          • Figure 6: Emerging markets: Retail sales forecasts, 2004-13
                        • Future
                            • Figure 7: Emerging markets: Historical and forecast growth rates (local currency), 2004-08 and 2009-13 (f)
                          • 2009 downturn and the expected recovery
                              • Figure 8: Emerging markets: Forecast 2009 retail sales performance and expected year of recovery
                            • Past
                              • Retail sales per capita
                                • Figure 9: Emerging markets: Retail sales per capita, 2008
                              • Retailer concentration
                                • Figure 10: Emerging markets: Top five retailers’ share of all retail sales, 2008
                              • Baltics
                                • Russia and Turkey
                                  • The Balkans
                                    • Slovakia
                                      • Leading retailers
                                        • Russia leading the way
                                          • X5 retail group – the largest retailer
                                            • The others
                                              • Figure 11: Leading retailers in emerging markets, 2008
                                            • Three to watch
                                              • Market shares
                                                  • Figure 12: Leading retailers in the emerging markets, market shares, 2008
                                              • Bulgaria

                                                • Market in brief
                                                  • The future
                                                    • The consumer and retail markets
                                                      • Retail competitive landscape
                                                        • SWOT
                                                          • Strengths
                                                            • Weaknesses
                                                              • Opportunities
                                                                • Threats
                                                                  • Retail market size and forecast
                                                                    • Key points
                                                                      • Economic outlook
                                                                        • Retail forecasts
                                                                            • Figure 13: Bulgaria: Retail sales forecasts, 2004-13
                                                                          • Past
                                                                            • Retail competitor analysis
                                                                              • Key points
                                                                                • Kaufland the market leader in Bulgaria
                                                                                  • Rewe invest in expansion
                                                                                    • Piccadilly looks to develop multi-format strategy
                                                                                      • The discounters are coming!
                                                                                        • Other developments
                                                                                          • Figure 14: Bulgaria: Identified retailers, 2007/08
                                                                                        • Market shares
                                                                                            • Figure 15: Bulgaria: Leading retailers market shares, 2008
                                                                                          • Market in context
                                                                                            • Key points
                                                                                              • Consumer spending growth
                                                                                                • Figure 16: Bulgaria: Consumer expenditure, 1999-2008
                                                                                                • Figure 17: Bulgaria: Average annual expenditure per household, 2004-08
                                                                                              • Broader market environment
                                                                                                • Key points
                                                                                                  • Population
                                                                                                    • Figure 18: Bulgaria: Population trends, 2004-08
                                                                                                    • Figure 19: Bulgaria: Population, by age group and gender, 2008
                                                                                                  • Strong economic growth
                                                                                                    • Figure 20: Bulgaria: Gross domestic product, 1995-2008
                                                                                                  • Inflation continues to slow
                                                                                                    • Figure 21: Bulgaria: Consumer price index, 2004-08
                                                                                                • Croatia

                                                                                                  • Market in brief
                                                                                                    • The future
                                                                                                      • Retail market
                                                                                                        • Retailer competitive landscape
                                                                                                          • SWOT
                                                                                                            • Strengths
                                                                                                              • Weaknesses
                                                                                                                • Opportunities
                                                                                                                  • Threats
                                                                                                                    • Retail market size and forecast
                                                                                                                      • Key points
                                                                                                                        • Economic outlook
                                                                                                                          • Retail sales trends and forecasts
                                                                                                                            • Figure 22: Croatia: Retail sales forecasts, 2004-13
                                                                                                                          • The past
                                                                                                                            • Non-food outstrips food retailing
                                                                                                                              • Few signs of retail consolidation
                                                                                                                                • Figure 23: Croatia retail trade: Business, outlet and employee numbers, 2004-08
                                                                                                                                • Figure 24: Croatia Retail trade: Business outlet and employee numbers by sector, 2004 and 2008
                                                                                                                              • Retail competitor analysis
                                                                                                                                • Key points
                                                                                                                                  • Agrokor still dominates
                                                                                                                                    • International grocers building scale
                                                                                                                                      • But not the clothing retailers
                                                                                                                                        • DIY starting to develop
                                                                                                                                          • Figure 25: Croatia: Leading retailers, 2007/08
                                                                                                                                        • Market shares
                                                                                                                                          • Figure 26: Croatia: Leading retailers market shares, 2007/08
                                                                                                                                        • Market in context
                                                                                                                                          • Key points
                                                                                                                                            • Significant upside for clothing
                                                                                                                                                • Figure 27: Croatia: Average annual personal consumption per household, 2003-07
                                                                                                                                              • 2008 price rises
                                                                                                                                                • Figure 28: Croatia: Consumer prices, 2002-08
                                                                                                                                                • Figure 29: Croatia: Consumer price index on goods and services, 1998-2008
                                                                                                                                              • Food and drink prices drive up topline inflation
                                                                                                                                                • Figure 30: Croatia: Consumer price index on select goods, 2007-08
                                                                                                                                              • Broader market environment
                                                                                                                                                • Key points
                                                                                                                                                  • Population
                                                                                                                                                    • Figure 31: Croatia: Population trends, 2003-08
                                                                                                                                                    • Figure 32: Croatia: Population, by age group and gender, mid-2008*
                                                                                                                                                  • Economic growth decelerates in 2008
                                                                                                                                                      • Figure 33: Croatia: Gross domestic product, 2000-08
                                                                                                                                                    • Consumer spending contracts in the final quarter of last year
                                                                                                                                                      • Figure 34: Croatia: Final household consumption, 2000-08
                                                                                                                                                    • Unemployment
                                                                                                                                                    • Estonia

                                                                                                                                                      • Market in brief
                                                                                                                                                        • The future
                                                                                                                                                          • The retail market
                                                                                                                                                            • Retailer competitive landscape
                                                                                                                                                              • SWOT
                                                                                                                                                                • Strengths
                                                                                                                                                                  • Weaknesses
                                                                                                                                                                    • Opportunities
                                                                                                                                                                      • Threats
                                                                                                                                                                        • Retail market size and forecast
                                                                                                                                                                          • Key points
                                                                                                                                                                            • Economic outlook
                                                                                                                                                                              • Consumer outlook
                                                                                                                                                                                • Retail sales trends and forecasts
                                                                                                                                                                                    • Figure 35: Estonia: Retail sales forecasts, 2004-13
                                                                                                                                                                                  • The past
                                                                                                                                                                                    • Non-food ahead of food overall
                                                                                                                                                                                      • Figure 36: Estonia: Retail sales by type of retailer, 2004-08
                                                                                                                                                                                    • Signs of retail consolidation
                                                                                                                                                                                        • Figure 37: Estonia: Retail enterprises by sector, 2002-06
                                                                                                                                                                                        • Figure 38: Estonia: Retail employment by sector, 2002-06
                                                                                                                                                                                      • Retail competitor analysis
                                                                                                                                                                                        • Key points
                                                                                                                                                                                          • Figure 39: Estonia: Identified food retailers, 2008
                                                                                                                                                                                          • Figure 40: Estonia: Identified clothing and department store retailers, 2008
                                                                                                                                                                                          • Figure 41: Estonia: Identified DIY, electricals and furniture retailers, 2008
                                                                                                                                                                                          • Figure 42: Estonia: Other identified retailers, 2008
                                                                                                                                                                                        • Market shares
                                                                                                                                                                                          • Figure 43: Estonia: Leading retailers’ market shares, 2008
                                                                                                                                                                                        • Market in context
                                                                                                                                                                                          • Key points
                                                                                                                                                                                            • Discretionary items bloom in boom
                                                                                                                                                                                                • Figure 44: Estonia: Detailed breakdown of spending on consumer goods, 2003-07
                                                                                                                                                                                              • Services and food drive inflation
                                                                                                                                                                                                • Figure 45: Estonia: Consumer price index, 1998-2008
                                                                                                                                                                                              • Food, drink and fuel drive up topline inflation
                                                                                                                                                                                                • Figure 46: Estonia: Change of the consumer price index, by commodity groups, 2007-08
                                                                                                                                                                                              • Broader market environment
                                                                                                                                                                                                • Key points
                                                                                                                                                                                                  • Population
                                                                                                                                                                                                    • Figure 47: Estonia: Population trends, 2004-09
                                                                                                                                                                                                    • Figure 48: Estonia: Population, by age group and gender, 2009
                                                                                                                                                                                                  • End of the boom
                                                                                                                                                                                                      • Figure 49: Estonia: Gross domestic product, 2000-08
                                                                                                                                                                                                    • Consumer spending contracts
                                                                                                                                                                                                      • Figure 50: Estonia: Final household consumption, 2000-08
                                                                                                                                                                                                    • U-turn in unemployment
                                                                                                                                                                                                      • Figure 51: Estonia: Number of unemployed, 1997-2008
                                                                                                                                                                                                  • Latvia

                                                                                                                                                                                                    • Market in brief
                                                                                                                                                                                                      • The future
                                                                                                                                                                                                        • The retail market
                                                                                                                                                                                                          • Retailer competitive landscape
                                                                                                                                                                                                            • SWOT
                                                                                                                                                                                                              • Strengths
                                                                                                                                                                                                                • Weaknesses
                                                                                                                                                                                                                  • Opportunities
                                                                                                                                                                                                                    • Threats
                                                                                                                                                                                                                      • Retail market size and forecast
                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                          • Economy to contract in 2009
                                                                                                                                                                                                                            • Consumer outlook dreary
                                                                                                                                                                                                                              • Retail sales trends and forecasts
                                                                                                                                                                                                                                • Figure 52: Latvia: Retail sales forecasts, 2004-13
                                                                                                                                                                                                                              • The past
                                                                                                                                                                                                                                • Non-food ahead of food overall
                                                                                                                                                                                                                                  • Consolidation limited to food and health retail
                                                                                                                                                                                                                                      • Figure 53: Latvia: Retail enterprises by sector, 2003-06
                                                                                                                                                                                                                                      • Figure 54: Latvia: Retail outlets, 2003-07
                                                                                                                                                                                                                                      • Figure 55: Latvia: Retail employment by sector, 2003-06
                                                                                                                                                                                                                                    • Retail competitor analysis
                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                        • Figure 56: Latvia: Identified food retailers, 2008
                                                                                                                                                                                                                                        • Figure 57: Latvia: Identified clothing retailers, 2008
                                                                                                                                                                                                                                        • Figure 58: Latvia: Identified household goods retailers, 2008
                                                                                                                                                                                                                                        • Figure 59: Latvia: Other identified retailers, 2008
                                                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                                                        • Figure 60: Latvia: Leading retailers’ market shares, 2008
                                                                                                                                                                                                                                      • Market in context
                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                          • Discretionary items bloom in boom
                                                                                                                                                                                                                                              • Figure 61: Latvia: Detailed breakdown of household consumption expenditure, 2003-07
                                                                                                                                                                                                                                            • Internal capacity constraints drive inflation
                                                                                                                                                                                                                                              • Figure 62: Latvia: Consumer price index, goods and services, 2000-08
                                                                                                                                                                                                                                              • Figure 63: Latvia: Consumer price index change, by selected commodity groups, 2007-08
                                                                                                                                                                                                                                            • Broader market environment
                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                • Population
                                                                                                                                                                                                                                                  • Figure 64: Latvia: Population trends, 2004-09
                                                                                                                                                                                                                                                  • Figure 65: Latvia: Population, by age group and gender, 2008
                                                                                                                                                                                                                                                • Downturn takes hold
                                                                                                                                                                                                                                                    • Figure 66: Latvia: Gross domestic product, 1998-2008
                                                                                                                                                                                                                                                  • Consumer boom ends in 2008
                                                                                                                                                                                                                                                    • Figure 67: Latvia: Final household consumption, 1998-2008
                                                                                                                                                                                                                                                  • Unemployment jumps in 2008
                                                                                                                                                                                                                                                    • Figure 68: Latvia: Unemployment rate (%), 2002-08
                                                                                                                                                                                                                                                • Lithuania

                                                                                                                                                                                                                                                  • Market in brief
                                                                                                                                                                                                                                                    • The future
                                                                                                                                                                                                                                                      • The retail market
                                                                                                                                                                                                                                                        • Retailer competitive landscape
                                                                                                                                                                                                                                                          • SWOT
                                                                                                                                                                                                                                                            • Strengths
                                                                                                                                                                                                                                                              • Weaknesses
                                                                                                                                                                                                                                                                • Opportunities
                                                                                                                                                                                                                                                                  • Threats
                                                                                                                                                                                                                                                                    • Retail market size and forecast
                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                        • Economy to contract in 2009
                                                                                                                                                                                                                                                                          • Consumer outlook dreary
                                                                                                                                                                                                                                                                            • Retail sales trends and forecasts
                                                                                                                                                                                                                                                                              • Figure 69: Lithuania: Retail sales forecasts, 2004-13
                                                                                                                                                                                                                                                                            • The past
                                                                                                                                                                                                                                                                              • Food ahead of non-food overall
                                                                                                                                                                                                                                                                                • Consolidation advances
                                                                                                                                                                                                                                                                                  • Figure 70: Lithuania: Retail enterprises, 2004-08
                                                                                                                                                                                                                                                                                  • Figure 71: Lithuania: Retail outlets, 2003-07
                                                                                                                                                                                                                                                                                  • Figure 72: Lithuania: Retail outlets’ sales area, 2003-07
                                                                                                                                                                                                                                                                                • Retail competitor analysis
                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                    • Figure 73: Lithuania: Identified food retailers, 2008
                                                                                                                                                                                                                                                                                    • Figure 74: Lithuania: Identified clothing retailers, 2008
                                                                                                                                                                                                                                                                                    • Figure 75: Lithuania: Identified health and beauty retailers, 2008
                                                                                                                                                                                                                                                                                    • Figure 76: Lithuania: Identified household goods retailers, 2008
                                                                                                                                                                                                                                                                                    • Figure 77: Lithuania: Other identified retailers, 2008
                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                    • Figure 78: Lithuania: Leading retailers’ market shares, 2008
                                                                                                                                                                                                                                                                                  • Market in context
                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                      • Discretionary goods gain in boom
                                                                                                                                                                                                                                                                                        • Figure 79: Lithuania: Detailed breakdown of household consumption expenditure, 2003-07
                                                                                                                                                                                                                                                                                      • Inflation accelerating steadily
                                                                                                                                                                                                                                                                                          • Figure 80: Lithuania: consumer prices, 2000-08
                                                                                                                                                                                                                                                                                          • Figure 81: Lithuania: Change of the consumer price index by selected commodity groups, 2007-08
                                                                                                                                                                                                                                                                                        • Broader market environment
                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                            • Population
                                                                                                                                                                                                                                                                                              • Figure 82: Lithuania: Population trends, 2004-09
                                                                                                                                                                                                                                                                                              • Figure 83: Lithuania: Population, by age group and gender, 2008
                                                                                                                                                                                                                                                                                            • Economy’s steam runs out in 2008
                                                                                                                                                                                                                                                                                              • Figure 84: Lithuania: Gross domestic product, 2000-08
                                                                                                                                                                                                                                                                                            • Consumer boom cools in 2008
                                                                                                                                                                                                                                                                                              • Figure 85: Lithuania: Final household consumption, 1998-2008
                                                                                                                                                                                                                                                                                            • Unemployment u-turn in 2008
                                                                                                                                                                                                                                                                                              • Figure 86: Lithuania: Unemployment rate (%), 2002-08
                                                                                                                                                                                                                                                                                          • Romania

                                                                                                                                                                                                                                                                                            • Market in brief
                                                                                                                                                                                                                                                                                              • The future
                                                                                                                                                                                                                                                                                                • The consumer and retail markets
                                                                                                                                                                                                                                                                                                  • Retailer competitor landscape
                                                                                                                                                                                                                                                                                                    • SWOT
                                                                                                                                                                                                                                                                                                      • Strengths
                                                                                                                                                                                                                                                                                                        • Weaknesses
                                                                                                                                                                                                                                                                                                          • Opportunities
                                                                                                                                                                                                                                                                                                            • Threats
                                                                                                                                                                                                                                                                                                              • Retail market size and forecast
                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                  • Economic outlook
                                                                                                                                                                                                                                                                                                                    • Retail forecasts
                                                                                                                                                                                                                                                                                                                      • Figure 87: Romania: Retail sales and forecasts, 2004-13
                                                                                                                                                                                                                                                                                                                    • Past
                                                                                                                                                                                                                                                                                                                      • Sales trends
                                                                                                                                                                                                                                                                                                                        • Retail enterprise data
                                                                                                                                                                                                                                                                                                                          • Figure 88: Romania: Retail enterprises by sector, 1999-2006
                                                                                                                                                                                                                                                                                                                        • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                            • Retail infrastructure changing
                                                                                                                                                                                                                                                                                                                              • Hypermarkets well suited to the market
                                                                                                                                                                                                                                                                                                                                • German hard discounters yet to move in
                                                                                                                                                                                                                                                                                                                                  • Acquisitions producing some consolidation
                                                                                                                                                                                                                                                                                                                                    • Domestic retailers prominent in electricals…
                                                                                                                                                                                                                                                                                                                                      • …furniture and health & beauty
                                                                                                                                                                                                                                                                                                                                        • Other major non-food sectors starting to develop
                                                                                                                                                                                                                                                                                                                                          • Figure 89: Romania: Identified retailers, 2007/08
                                                                                                                                                                                                                                                                                                                                        • Market shares
                                                                                                                                                                                                                                                                                                                                          • Figure 90: Romania: Leading retailers’ estimated market shares, 2008
                                                                                                                                                                                                                                                                                                                                        • Market in context
                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                            • Consumer spending soars across the board
                                                                                                                                                                                                                                                                                                                                              • Figure 91: Romania: Breakdown of consumer spending, 2002-06
                                                                                                                                                                                                                                                                                                                                            • Consumer prices
                                                                                                                                                                                                                                                                                                                                              • Figure 92: Romania: Consumer prices, 2000-08
                                                                                                                                                                                                                                                                                                                                              • Figure 93: Romania: Consumer prices by select consumer goods categories, 2004-08
                                                                                                                                                                                                                                                                                                                                            • Broader market environment
                                                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                                                • Population
                                                                                                                                                                                                                                                                                                                                                  • Figure 94: Romania: Population trends, 2003-09
                                                                                                                                                                                                                                                                                                                                                  • Figure 95: Romania: Population by age, 1999 and 2008
                                                                                                                                                                                                                                                                                                                                                • Strong economic growth
                                                                                                                                                                                                                                                                                                                                                    • Figure 96: Romania: Gross domestic product, 2000-08
                                                                                                                                                                                                                                                                                                                                                  • Driven by consumer spending
                                                                                                                                                                                                                                                                                                                                                    • Figure 97: Romania: Consumer expenditure, 2000-08
                                                                                                                                                                                                                                                                                                                                                  • Unemployment falling
                                                                                                                                                                                                                                                                                                                                                    • Figure 98: Romania: Unemployment rate, 1999-2008
                                                                                                                                                                                                                                                                                                                                                • Russia

                                                                                                                                                                                                                                                                                                                                                  • Market in brief
                                                                                                                                                                                                                                                                                                                                                    • The future
                                                                                                                                                                                                                                                                                                                                                      • The retail market
                                                                                                                                                                                                                                                                                                                                                        • Retailer competitive landscape
                                                                                                                                                                                                                                                                                                                                                          • SWOT
                                                                                                                                                                                                                                                                                                                                                            • Strengths
                                                                                                                                                                                                                                                                                                                                                              • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                • Opportunities
                                                                                                                                                                                                                                                                                                                                                                  • Threats
                                                                                                                                                                                                                                                                                                                                                                    • Retail market size and forecast
                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                        • Economic outlook
                                                                                                                                                                                                                                                                                                                                                                          • Consumer outlook
                                                                                                                                                                                                                                                                                                                                                                            • Retail sales trends and forecasts
                                                                                                                                                                                                                                                                                                                                                                                • Figure 99: Russia: Retail sales forecasts, 2004-13
                                                                                                                                                                                                                                                                                                                                                                              • The past
                                                                                                                                                                                                                                                                                                                                                                                • Non-food outstrips food overall
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 100: Russia: Retail sales, by commodity, 1999 and 2003-07
                                                                                                                                                                                                                                                                                                                                                                                • Organised retail steadily gaining
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 101: Russia: Share of unorganised retail in all retail, 2002-08
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 102: Russia: Number of markets and trade places, 2005-08
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 103: Russia: Retail establishments by sector, 2005-08
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 104: Russia: Retail employment, 1996, 2000 and 2004-07
                                                                                                                                                                                                                                                                                                                                                                                • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 105: Leading food retailers in Russia, 2008
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 106: Russia: Identified electricals retailers in Russia, 2008
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 107: Russia: Identified DIY and furniture retailers in Russia, 2009
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 108: Russia: Identified health and beauty retailers in Russia, 2008
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 109: Russia: Identified clothing retailers in Russia, 2008
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 110: Russia: Other identified retailers in Russia, 2008
                                                                                                                                                                                                                                                                                                                                                                                    • Market shares
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 111: Russia: Leading retailers’ market shares, 2008
                                                                                                                                                                                                                                                                                                                                                                                    • Market in context
                                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                                        • Necessities lose in boom
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 112: Russia: Proportion of household budget spend by category, 2003-07
                                                                                                                                                                                                                                                                                                                                                                                        • Inflation still high
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 113: Russia: Consumer price index on select goods, 2002-08
                                                                                                                                                                                                                                                                                                                                                                                        • Broader market environment
                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                            • Population
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 114: Russia: Population trends, 2004-09
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 115: Russia: Population, by age group and gender, 2008
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 116: Russia: Population of major cities, 2004 and 2006-07
                                                                                                                                                                                                                                                                                                                                                                                            • Economy decelerates in late 2008
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 117: Russia: Gross domestic product, 2000-08
                                                                                                                                                                                                                                                                                                                                                                                              • Consumer spending contracts
                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 118: Russia: Final household consumption, 2000-08
                                                                                                                                                                                                                                                                                                                                                                                                • Unemployment
                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 119: Russia: Number of unemployed, 2003-09
                                                                                                                                                                                                                                                                                                                                                                                              • Slovak Republic

                                                                                                                                                                                                                                                                                                                                                                                                • Market in brief
                                                                                                                                                                                                                                                                                                                                                                                                  • The future
                                                                                                                                                                                                                                                                                                                                                                                                    • The consumer and retail markets
                                                                                                                                                                                                                                                                                                                                                                                                      • Retail competitive landscape
                                                                                                                                                                                                                                                                                                                                                                                                        • SWOT
                                                                                                                                                                                                                                                                                                                                                                                                          • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                            • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                              • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                      • Economic outlook
                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail forecasts
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 120: Slovak Republic: Breakdown of retail sales, 2004-13
                                                                                                                                                                                                                                                                                                                                                                                                                          • Past
                                                                                                                                                                                                                                                                                                                                                                                                                            • Non-food sectors boomed as discretionary spending picked up
                                                                                                                                                                                                                                                                                                                                                                                                                              • Foreign owned outlets growing fastest
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 121: Slovak Republic: Outlet numbers, 2002-06
                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Coop Jednota Slovensko keeps its nose in front
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Tesco knocking on the Coop’s door
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Internationalisation develops retail infrastructure and consumer choice
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Foreign influx improves non-food experience too
                                                                                                                                                                                                                                                                                                                                                                                                                                            • But not all multinationals have stayed
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 122: Slovak Republic: Identified retailers, 2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 123: Slovak Republic: Leading retailers’ estimated market shares, 2007 and 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market in context
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Furnishings and home maintenance boom
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 124: Slovak Republic: Detailed breakdown of consumer expenditure, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Inflation falls from historically high levels
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 125: Slovak Republic: Consumer prices, 2003-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Food and drink prices drive up topline inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 126: Slovak Republic: Consumer price index on select goods, 2000 and 2002-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Broader market environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Population
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 127: Slovak Republic: Population trends, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 128: Slovak Republic: Population, by age group and gender, 2007
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strong economic growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 129: Slovak Republic: Gross domestic product, 2000-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer spending remains robust throughout 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 130: Slovak Republic: Consumer expenditure, 1998-2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Falling unemployment rate
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 131: Slovak Republic: Unemployment rate, 1994-2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Turkey

                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market in brief
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The future
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The consumer and retail market
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retailer competitor landscape
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • SWOT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail market size and economic forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Economic outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail market size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 132: Turkey: Estimated retail sales, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail infrastructure changing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Local players also
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Modernisation underpinned by new shopping malls
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Food retailers at the vanguard
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Migros could be compromised
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tesco could close the gap on Carrefour
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Non-food development boosted by shopping malls
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 133: Identified retailers in the Turkey, 2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 134: Turkey: Leading retailers’ market shares, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market in context
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumer spending growth slows as inflation falls
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 135: Turkey: Detailed breakdown of consumer expenditure at current prices, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumer prices on the rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 136: Turkey: Consumer prices, 2003-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Food pushes up topline figure for goods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 137: Turkey: Consumer prices by select consumer goods categories, 2006-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Broader market environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 138: Turkey: Population by gender, 2001-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 139: Turkey: Population by age, 1998 and 2007
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strong economic growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 140: Turkey: Gross domestic product, 1998-2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer spending a key driver
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 141: Turkey: Consumer expenditure, 1998-2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Unemployment rising
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 142: Turkey: Unemployment rate, by age, 2006-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Agrokor (Konzum)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 143: Konzum: Sales as share of all retail sales in Croatia, 2003-07
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 144: Konzum Croatia: Financial performance, 2003-07
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Altex

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 145: Altex: Sales as share of all retail sales in Romania, 2006-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 146: Altex: Financial performance, 2003 and 2006-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • 2008 interims
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 147: Altex: Group outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Auchan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 148: Auchan: Group financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 149: Auchan: Store numbers in Central and Eastern Europe, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 150: Auchan: Own brands in Central/Eastern Europe, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • BIM

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 151: BIM: Group financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 152: BIM: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Carrefour

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 153: Carrefour: Group financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 154: Carrefour: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Co-op Jednota Slovensko

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 155: Co-op Jednota slovensko: Sales as share of all retail sales in Slovakia, 2003-07
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 156: Coop Jednota Slovensko: Financial performance, 2003-07
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 157: Coop Jednota Slovensko: Retail network by store type, 2003-07
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Own brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dixy Retail Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 158: Dixy Group: Financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 159: Dixy Group: Sales by store format, 2005-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 160: Dixy Group: Total outlet numbers, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 161: Dixy Group: Store formats, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 162: Dixy Group: Product offer by store format, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 163: Dixy Group: Product offer, by category, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Eldorado

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 164: Eldorado: Sales, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 165: Eldorado: Outlet numbers, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Operational issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Etk

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 166: ETK: Group sales, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 167: ETK: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 168: ETK: Outlet data, by store format, 2004, 2006 and 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Product offer and brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Euroset

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 169: Euroset: Sales performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 170: Euroset: Total outlet numbers, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 171: Euroset: Outlet numbers, by country, December 2007
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Operational issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kesko

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 172: Kesko: Group presence in Eastern Europe by brand, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 173: Kesko: Group sales performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 174: Kesko: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Operational issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Kopeyka

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 175: Kopeyka: Financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 176: Kopeyka: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Operational issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Lenta

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 177: Lenta: Sales performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 178: Lenta Hypermarket: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Operational issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • M.Video

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 179: M.Video: Financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 180: M.Video: Sales and stores, by region, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 181: M.Video: Outlet numbers, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 182: M.Video: Outlets, by major town, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 183: M.Video: Product offer, by category, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Magnit

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 184: Magnit: Financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 185: Magnit: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 186: Magnit: Store portfolio, by federal district, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 187: Magnit customer structure, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 188: Magnit: Share of private-label products in sales, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 189: Magnit: Sales by department, 2006
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Operational issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Maxima

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 190: Maxima Lithuania: Sales as share of all retailers’ sales in Lithuania, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 191: MAXIMA: Group financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 192: MAXIMA: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 193: Maxima: Own brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Pricing and product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Mercator

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 194: Mercator Croatia: Sales as share of all retail sales in Croatia, 2005-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 195: Mercator: Group financial performance, 2005-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 196: Mercator: Group outlet data*, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 197: Mercator: Outlet data, by country, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 198: Mercator: Outlet data, by type, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Merkur

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 199: Merkur Group: Financial performance, 2003-07
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 200: Merkur Group: Sales, by division, 2006 and 2007
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 201: Merkur: Store numbers, by country, 2006 and 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Migros Türk

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 202: Migros Türk: Group financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 203: Migros Türk: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand/retail positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Loyalty card
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Real (METRO)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 204: Real: Group financial performance, 2003-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 205: Real: Store data, 2003-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Operational issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 206: Real: Company websites, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Rewe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 207: Rewe Croatia: Sales as share of all retail sales in Croatia, 2003-07
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 208: Rewe Slovakia: Sales as share of all retail sales in Slovakia, 2003-07
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 209: Rewe Romania: Sales as share of all retail sales in Romania, 2003-07
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 210: Rewe: Estimated retail sales, 2003-07
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 211: Rewe: Estimated retail sales, by country, 2007
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 212: Rewe: Outlet data, 2003-07
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 213: Rewe: Summary of retail fascia, by market, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Loyalty card
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Rimi Baltic (ICA Group)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 214: Rimi Baltic: Group financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 215: Rimi Baltic: Store sales, by country, 2006-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 216: Rimi Baltic: Annual sales growth in comparable stores, 2007 and 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 217: Rimi Baltic: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 218: Rimi Baltic: Outlet data, by format, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 219: Rimi Baltic: Market positioning by format, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Schwarz Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 220: Schwarz Group: Estimated group financial performance, 2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 221: Schwarz Group: Emerging markets outlet data, 2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brands and product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tesco

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 222: Tesco Plc: Group and Central/eastern Europe financial performance, 2004-2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 223: Tesco (Slovakia): Sales as share of all retail sales in Slovakia, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 224: Tesco Plc: Group and Central/Eastern Europe outlet data, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 225: Tesco: Central/Eastern Europe store formats, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 226: Tesco: Central/Eastern Europe planned new stores and space, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Pricing and sourcing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • X5 Retail Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 227: X5 Retail Group: Group financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 228: X5 Retail Group: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market positioning and product offer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Companies Covered

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

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Retailing in Emerging Markets - Europe - May 2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                £1,495.00 (Excl.Tax)