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UK Retail Briefing - April 2011

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

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Table of contents

  1. Analyst Comment

    • There are bad times just around the corner
      • 2011 – a year to forget
        • The lessons
        • Headlines for the Month

          • Food retailers
            • Off licences
              • Clothing retailers
                • Multi-sector retailing
                  • Department stores
                    • Mixed goods
                      • DIY
                        • Miscellaneous specialists
                          • Electricals
                            • Furniture retailing
                              • Home shopping
                                • Health and beauty
                                  • Books and stationery
                                    • Sports and leisure goods
                                      • Jewellers
                                        • Economy
                                        • Retail Sales – Background and Outlook

                                          • Key points
                                            • Retail sales trends
                                              • Figure 1: Retail sales trends, 2010-11
                                            • So is there a slowdown? – evidence from the BRC
                                              • Figure 2: UK retail sales y/y growth, BRC vs ONS, 2009-11
                                            • John Lewis
                                              • Figure 3: John Lewis: Year-on-year growth, 2010-11
                                            • Inflation and wages
                                              • Figure 4: RPI vs Average weekly earnings growth, 2005-11
                                            • Inflation remains uncomfortably high
                                              • Figure 5: Annual percentage change in the Consumer Price Index for selected product groups, 2010-11
                                            • Looking forward
                                            • Sector Focus – Mixed Goods

                                                • Sector relatives
                                                  • Figure 6: Mixed goods retailers’ share of all retail sales, 2001-10
                                                • Retail sales data
                                                  • Figure 7: Mixed goods retailers, sales trends, 2005-10
                                                  • Figure 8: Retail sales: Year-on-year % change, Jan 2010- Feb 2011
                                                • Consumer prices inflation
                                                  • Figure 9: Consumer prices inflation for selected categories, Jan 2010- March 2011
                                                • Consumer expenditure
                                                  • Figure 10: Consumer expenditure on selected product categories, 2006-10
                                                • Leading retailers
                                                    • Figure 11: Mixed goods retailers: Leading operators, 2009/10
                                                • News Analysis

                                                  • Grocers
                                                    • Asda receives the all-clear for Netto takeover
                                                      • Co-op
                                                        • …partners beforeIshop as online coupon provider
                                                          • …profits rise despite like-for-like dip
                                                            • Food retailers back Government healthy living pledge
                                                              • Lidl posts FY results, with sales up 4%
                                                                • Midcounties Co-operative profits up 35%
                                                                  • Morrisons
                                                                    • …annual profit up
                                                                      • …buys 10% stake in FreshDirect
                                                                        • Sainsbury's
                                                                          • …cocktail bay sees spirit sales lift
                                                                            • …sees continued growth in Q4 2011
                                                                              • Spar companies A.F. Blackmore and Capper merge
                                                                                • Supermarkets to collect plastic packaging on-site
                                                                                  • Tesco
                                                                                    • …enters used car market
                                                                                      • …forced to offer refunds after price checker failure
                                                                                        • …acquisition of Mills Group given go ahead
                                                                                          • Food specialists
                                                                                            • Greggs sees another good year
                                                                                              • Off-licences
                                                                                                • Oddbins
                                                                                                  • …applies for administration
                                                                                                    • …in administration
                                                                                                      • Clothing retailing
                                                                                                        • All Saints close to sale deal
                                                                                                          • Ann Summers hit by rising product costs
                                                                                                            • Arcadia to cut over 100 Irish jobs over rental rates
                                                                                                              • Boux Avenue store opens
                                                                                                                • Burberry to boost brand with 'statement stores'
                                                                                                                  • Freemans chasing £40m in sales from new plus-size site
                                                                                                                    • French Connection posts pre-tax profit of £7.3m
                                                                                                                      • Gap
                                                                                                                        • …to develop jewellery range as part of strategy shift
                                                                                                                          • …UK portfolio to see 'minimal closures'
                                                                                                                            • H&M UK sales up 14%
                                                                                                                              • Henley retail arm in administration
                                                                                                                                • Hermes to sell its Jean-Paul Gaultier stake
                                                                                                                                  • Inditex
                                                                                                                                    • …EBITDA rises 25% in 2010
                                                                                                                                      • …to push lesser known brands in UK
                                                                                                                                        • Jaeger expands delivery to seven further countries
                                                                                                                                          • Moss Bros narrows pre-tax losses
                                                                                                                                            • Mulberry profits to "exceed expectations"
                                                                                                                                              • New Look
                                                                                                                                                • …chief exec Carl McPhail resigns
                                                                                                                                                  • …launches mobile shopping site
                                                                                                                                                    • Next
                                                                                                                                                      • …drops womenswear prices by 7%
                                                                                                                                                        • …posts profit rise but warns of retail landscape
                                                                                                                                                          • Officers Club on brink of administration
                                                                                                                                                            • Peacocks considers sale of Bonmarché
                                                                                                                                                              • Reiss to launch anniversary collection and push overseas expansion
                                                                                                                                                                • River Island's predecessor to be revived
                                                                                                                                                                  • SuperGroup chief operating officer steps down
                                                                                                                                                                    • Ted Baker pre-tax profits rise
                                                                                                                                                                      • TK Maxx to open Haymarket store despite faltering performance
                                                                                                                                                                        • Tommy Hilfiger helps PVH beat expectations
                                                                                                                                                                          • Urban Outfitters posts lacklustre Q4 results
                                                                                                                                                                            • White Stuff set for sale or flotation
                                                                                                                                                                              • Footwear retailing
                                                                                                                                                                                • Schuh launches an iPhone app
                                                                                                                                                                                  • Multi-sector retailing
                                                                                                                                                                                    • HMV
                                                                                                                                                                                      • …considers offers for Waterstone's
                                                                                                                                                                                        • …issues another profit warning
                                                                                                                                                                                          • Home Retail Group lowers profit forecast
                                                                                                                                                                                            • Laura Ashley celebrates record profits
                                                                                                                                                                                              • M&S
                                                                                                                                                                                                • …unveils bricks and clicks launch in France
                                                                                                                                                                                                  • …general merchandise sales drop
                                                                                                                                                                                                    • …to help recycle 500,000 clothes in one day
                                                                                                                                                                                                      • Department stores
                                                                                                                                                                                                        • Beales set to buy Co-op department stores
                                                                                                                                                                                                          • Debenhams
                                                                                                                                                                                                            • …first half profits set to beat last year's
                                                                                                                                                                                                              • …reaches £1m sales through iPhone app
                                                                                                                                                                                                                • Harvey Nichols to trial new format as profits rise
                                                                                                                                                                                                                  • House of Fraser scouting for small click-and-collect stores
                                                                                                                                                                                                                    • John Lewis
                                                                                                                                                                                                                      • …bond fully subscribed
                                                                                                                                                                                                                        • …first foray into Australia and the US
                                                                                                                                                                                                                          • Liberty is to revamp beauty hall
                                                                                                                                                                                                                            • TJ Hughes
                                                                                                                                                                                                                              • …loses credit insurance
                                                                                                                                                                                                                                • …sold
                                                                                                                                                                                                                                  • Mixed goods retailers
                                                                                                                                                                                                                                    • Alworths goes into administration
                                                                                                                                                                                                                                      • Argos to launch TV shopping channel
                                                                                                                                                                                                                                        • 99p Stores mulls sale as advisors appointed
                                                                                                                                                                                                                                          • DIY retailing
                                                                                                                                                                                                                                            • Focus wins deal to keep monthly rents
                                                                                                                                                                                                                                              • Kingfisher enjoys strong growth across main divisions
                                                                                                                                                                                                                                                • Topps Tiles like-for-likes up 1.8% in first half
                                                                                                                                                                                                                                                  • Miscellaneous specialists
                                                                                                                                                                                                                                                    • Allied Carpets sold by Hilco
                                                                                                                                                                                                                                                      • Carpetright
                                                                                                                                                                                                                                                        • …shuts Irish branches as sales drop over 50%
                                                                                                                                                                                                                                                          • …warns on profits
                                                                                                                                                                                                                                                            • Halfords
                                                                                                                                                                                                                                                              • …launches 240 autocentres across the UK
                                                                                                                                                                                                                                                                • …Q4 retail like-for-likes down 6.8%
                                                                                                                                                                                                                                                                  • Mothercare struggles in UK, but internationally strong
                                                                                                                                                                                                                                                                    • Sunglass Hut sees promotions hit profit margins
                                                                                                                                                                                                                                                                      • Electrical retailing
                                                                                                                                                                                                                                                                        • Bennets
                                                                                                                                                                                                                                                                          • …collapses into administration
                                                                                                                                                                                                                                                                            • …bought out of administration
                                                                                                                                                                                                                                                                              • Best Buy sees Q4 sales fall
                                                                                                                                                                                                                                                                                • Dixons warns on profits after poor trading
                                                                                                                                                                                                                                                                                  • Jessops to open new store format in Birmingham
                                                                                                                                                                                                                                                                                    • Phones4U
                                                                                                                                                                                                                                                                                      • …sold to BC Partners
                                                                                                                                                                                                                                                                                        • …to double store openings in 2011
                                                                                                                                                                                                                                                                                          • Ryness lighting specialist up for sale
                                                                                                                                                                                                                                                                                            • Furniture retailing
                                                                                                                                                                                                                                                                                              • Bathstore sale talks on verge of collapse
                                                                                                                                                                                                                                                                                                • DFS half year EBITDA flat with sales rising 1%
                                                                                                                                                                                                                                                                                                  • Easy Living furniture chain collapses
                                                                                                                                                                                                                                                                                                    • SCS set to forge ahead with new stores despite trading slowdown
                                                                                                                                                                                                                                                                                                      • World of Sofas bought in pre-pack deal by management
                                                                                                                                                                                                                                                                                                        • Home shopping
                                                                                                                                                                                                                                                                                                          • Retail websites now reach 75% of European internet audience each month
                                                                                                                                                                                                                                                                                                            • BeCheeky.com on verge of liquidation
                                                                                                                                                                                                                                                                                                              • Flying Brands
                                                                                                                                                                                                                                                                                                                • …forecasts better profits in 2011
                                                                                                                                                                                                                                                                                                                  • …sees profits fall due to poor weather conditions
                                                                                                                                                                                                                                                                                                                    • Ocado appoints Belsham to lead non-food team
                                                                                                                                                                                                                                                                                                                      • Health and beauty retailing
                                                                                                                                                                                                                                                                                                                        • Alliance Boots boss Andy Hornby to step down
                                                                                                                                                                                                                                                                                                                          • Lush sales boosted by new European stores
                                                                                                                                                                                                                                                                                                                            • The Perfume Shop develops new 'accessible luxury' campaign
                                                                                                                                                                                                                                                                                                                              • Shanghai Pharmaceuticals considering buying stake in Celesio
                                                                                                                                                                                                                                                                                                                                • Superdrug
                                                                                                                                                                                                                                                                                                                                  • …concept store to open this week
                                                                                                                                                                                                                                                                                                                                    • …launches new shopfit as part of 'take another look' strategy
                                                                                                                                                                                                                                                                                                                                      • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                                        • Blackwell halves full-year losses
                                                                                                                                                                                                                                                                                                                                          • Clinton Cards sees first half profits fall
                                                                                                                                                                                                                                                                                                                                            • Foyles acquires Grant & Cutler book store
                                                                                                                                                                                                                                                                                                                                              • WHSmith launches legal service in store
                                                                                                                                                                                                                                                                                                                                                • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                                  • American Golf owner starts £80m sale talks
                                                                                                                                                                                                                                                                                                                                                    • DW Sports joins buying group Intersport
                                                                                                                                                                                                                                                                                                                                                      • Go Outdoors
                                                                                                                                                                                                                                                                                                                                                        • …launches superstore
                                                                                                                                                                                                                                                                                                                                                          • …to sell stake to private equity
                                                                                                                                                                                                                                                                                                                                                            • JD Sports Fashion
                                                                                                                                                                                                                                                                                                                                                              • …puts end to talks with JJB Sports
                                                                                                                                                                                                                                                                                                                                                                • …rescues Fenchurch from administration - but axes all staff
                                                                                                                                                                                                                                                                                                                                                                  • JJB Sports
                                                                                                                                                                                                                                                                                                                                                                    • …has CVA approved
                                                                                                                                                                                                                                                                                                                                                                      • …sales down as it reports revised business plan
                                                                                                                                                                                                                                                                                                                                                                        • …to improve 'retail basics' with £65m fundraising
                                                                                                                                                                                                                                                                                                                                                                          • Jewellers
                                                                                                                                                                                                                                                                                                                                                                            • Aurum Jewellery Group put up for sale
                                                                                                                                                                                                                                                                                                                                                                              • Signet UK like-for-likes fall 1.4% in 2010
                                                                                                                                                                                                                                                                                                                                                                                • Toys and games retailing
                                                                                                                                                                                                                                                                                                                                                                                  • Hawkin's Bazaar aims to double store count
                                                                                                                                                                                                                                                                                                                                                                                    • Economy
                                                                                                                                                                                                                                                                                                                                                                                      • BRC and Google to produce Online Retail Monitor
                                                                                                                                                                                                                                                                                                                                                                                        • CPI annual inflation rose to 4.4% in February 2011
                                                                                                                                                                                                                                                                                                                                                                                          • Discounters the winners as grocery growth slows
                                                                                                                                                                                                                                                                                                                                                                                            • Food inflation drops as grocers increase promotions
                                                                                                                                                                                                                                                                                                                                                                                              • Govt to introduce plain packaging for cigarettes and ban on retail displays
                                                                                                                                                                                                                                                                                                                                                                                                • ONS shows volume and value up for February
                                                                                                                                                                                                                                                                                                                                                                                                  • Retail sales growth picks up but underlying trend remains subdued
                                                                                                                                                                                                                                                                                                                                                                                                    • Scottish non-food sales fall
                                                                                                                                                                                                                                                                                                                                                                                                      • Shopping centre development at lowest level for 16 years
                                                                                                                                                                                                                                                                                                                                                                                                        • Study shows manufacturers are increasing their online presence

                                                                                                                                                                                                                                                                                                                                                                                                        UK Retail Briefing - April 2011

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