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UK Retail Briefing - April 2012

UK Retail Briefing is a monthly briefing providing news and analysis thatincludes company results, store openings, cross-border moves, M & Aactivities, executive changes and property developments. Additionally eachmonth, UK Retail Briefing focuses on a key issue or specific UK retailsector. The month's retail news is then analysed sector by sector, makingthis an invaluable resource for all with an interest in the UK retailindustry.

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Table of contents

  1. Analyst Comment

    • Tough times are good for high streets
      • Administrations up sharply
        • Every failure is different
          • But it’s not all bad news
          • Headlines for the Month

            • Grocers
              • Clothing
                • Multi-sector retailing
                  • Department stores
                    • DIY retailing
                      • Electricals retailing
                        • Music and video goods retailing
                          • Furniture
                            • Home shopping
                              • Jewellery
                                • Books and stationery
                                  • Sports and leisure goods
                                    • Garden centres
                                    • Retail Sales – Background and Outlook

                                      • Key points
                                        • Retail sales trends
                                          • Figure 1: Retail sales trends, 2011-12
                                        • The BRC data for March
                                          • Figure 2: UK retail sales y/y growth, BRC vs ONS, 2010-12
                                        • John Lewis
                                          • Figure 3: John Lewis: Year-on-year growth, 2011-12
                                        • Inflation and wages
                                          • Figure 4: RPI vs Average weekly earnings growth, 2008-12
                                        • Inflation fell again
                                          • Figure 5: Annual percentage change in the Consumer Price Index for selected product groups, 2011-12
                                        • Looking forward
                                        • Sector Focus – Mixed Goods/Department Stores

                                            • Mintel’s tracker survey
                                              • Figure 6: Mintel Tracker Survey extracts: Trends in activities done and consider to do, Jul 2011-Mar 2012
                                              • Figure 7: Mintel Tracker Survey extracts: Trends in what extra money is spent on, Nov 2009-Mar 2012
                                            • Sector relatives
                                              • Figure 8: Mixed goods retailers’ share of all retail sales, 2006-11
                                            • Retail sales data
                                              • Figure 9: Mixed goods retailers’ sales, 2006-11
                                            • Consumer prices index
                                              • Figure 10: Consumer prices inflation for selected categories, Jan 2011-Jan 2012
                                            • Consumer spending
                                              • Figure 11: Consumer expenditure on selected product categories, 2006-11
                                            • Leading retailers
                                              • The department stores
                                                • Figure 12: Department store retailers: Leading operators, 2010/11
                                              • The variety stores
                                                • Figure 13: Variety store retailers: Leading operators, 2010/11
                                            • News Analysis

                                              • Grocers
                                                • UK: Asda
                                                  • …launches £5 off £40 shop promotion for Easter
                                                    • …George gives support to British manufacturers
                                                      • UK: Iceland deal complete
                                                        • UK: Kwik Save to return to high street next month
                                                          • UK: Midcounties acquires Harry Tuffin's
                                                            • UK: Morrisons
                                                              • …new format will target high-end customers
                                                                • …sets out plans to become biggest fresh food maker
                                                                  • …to donate job creation fund
                                                                    • UK: Sainsbury's
                                                                      • …aims to take market share from Game's demise
                                                                        • …becomes second largest online grocer
                                                                          • …campaign ruled out by ASA
                                                                            • …like-for-like sales rise 2.6%
                                                                              • UK: Tesco
                                                                                • …considering rise in pension age
                                                                                  • …Dotcom-Only store experiences problems
                                                                                    • …drops premium clothing
                                                                                      • …to launch in-store kiosks with access to full range
                                                                                        • …UK boss exits
                                                                                          • …upgrades Value brand
                                                                                            • UK: The Co-operative Food sees sales fall
                                                                                              • Off-licences
                                                                                                • UK: Oddbins relaunches website with increased personalisation
                                                                                                  • Other food specialists
                                                                                                    • UK: Greggs sales boosted by store expansion programme
                                                                                                      • UK: Holland & Barrett promotes new Know-how
                                                                                                        • Clothing retailing
                                                                                                          • UK: Aquascutum seeks new owner
                                                                                                            • UK: Aurora could close half its stores
                                                                                                              • UK: Cherokee to relaunch in Tesco UK
                                                                                                                • UK: French Connection launches retail review after profits fall
                                                                                                                  • UK: Matalan founder acquires Fenn Wright Manson
                                                                                                                    • UK: Moss Bros returns to profit in full year
                                                                                                                      • UK: Next
                                                                                                                        • …reports profits rise but warns of uncertainty
                                                                                                                          • …to launch 19 mini stores
                                                                                                                            • UK: Peacocks
                                                                                                                              • …plans online launch for 2013
                                                                                                                                • …seeks extension on payment terms
                                                                                                                                  • UK: Ted Baker reports "excellent" full-year
                                                                                                                                    • UK: Eveden considers sale
                                                                                                                                      • Multi-sector retailing
                                                                                                                                        • UK: Halfords plans investment as sales are flat
                                                                                                                                          • UK: Marks & Spencer sets up Savile Row office
                                                                                                                                            • UK: Matalan founder acquires Fenn Wright Manson
                                                                                                                                              • UK: Mothercare
                                                                                                                                                • …prepares to up store closures
                                                                                                                                                  • …review puts 160 head office staff at risk
                                                                                                                                                    • UK: Laura Ashley reports "resilient" results
                                                                                                                                                      • Mixed goods retailing
                                                                                                                                                        • UK: Poundland buys eight Peacocks stores
                                                                                                                                                          • UK: Argos reports 8.5% like-for-like sales fall
                                                                                                                                                            • Department stores
                                                                                                                                                              • UK: Beales reports falling sales
                                                                                                                                                                • UK: Debenhams
                                                                                                                                                                  • …reports positive first half
                                                                                                                                                                    • …to increase homewares range
                                                                                                                                                                      • UK: Harrods
                                                                                                                                                                        • …owner acquires stake in LVMH
                                                                                                                                                                          • …to launch in-store technology
                                                                                                                                                                            • UK: House of Fraser stake owned by Landsbanki may be sold
                                                                                                                                                                              • UK: TJ Hughes new owner plans store drive
                                                                                                                                                                                • DIY retailing
                                                                                                                                                                                  • UK: Kingfisher eyes new markets as profits rise
                                                                                                                                                                                    • UK: Wilkinson among bidders for Robert Dyas
                                                                                                                                                                                      • Electrical retailing
                                                                                                                                                                                        • UK: Comet
                                                                                                                                                                                          • …plans closure of 61 stores
                                                                                                                                                                                            • …sees sales rise to 2-year record
                                                                                                                                                                                              • Music and video goods retailing
                                                                                                                                                                                                • UK: Game
                                                                                                                                                                                                  • …back in trouble
                                                                                                                                                                                                    • …enters administration with 277 stores to close
                                                                                                                                                                                                      • …future in jeopardy as value wiped out
                                                                                                                                                                                                        • …offered lifeline by Comet owner OpCapita
                                                                                                                                                                                                          • …receives interest from potential bidders
                                                                                                                                                                                                            • …UK stores bought by OpCapita
                                                                                                                                                                                                              • UK: HMV
                                                                                                                                                                                                                • …Live attracts attention of O2 owner
                                                                                                                                                                                                                  • …set to benefit as Game Group struggles
                                                                                                                                                                                                                    • UK: Sony Music among bidders for HMV Live
                                                                                                                                                                                                                      • Carpet retailing
                                                                                                                                                                                                                        • UK: Carpetright plans to refresh estate in next two years
                                                                                                                                                                                                                          • Furniture retailing
                                                                                                                                                                                                                            • UK: DFS
                                                                                                                                                                                                                              • …reports sharp fall in EBITDA
                                                                                                                                                                                                                                • …to launch first high street store
                                                                                                                                                                                                                                  • UK: Feather & Blacks sees sales boosted by multichannel
                                                                                                                                                                                                                                    • UK: Ikea to build new store in Reading
                                                                                                                                                                                                                                      • Home shopping
                                                                                                                                                                                                                                        • UK: Brand Alley reports 60% rise in sales
                                                                                                                                                                                                                                          • UK: Eveden
                                                                                                                                                                                                                                            • …acquired by Wacoal
                                                                                                                                                                                                                                              • …considers sale
                                                                                                                                                                                                                                                • UK: Feelunique owners to sell a stake
                                                                                                                                                                                                                                                  • UK: Findel full year sales rise as turnaround plan continues
                                                                                                                                                                                                                                                    • UK: Groupon facing OFT action
                                                                                                                                                                                                                                                      • UK: Ocado boss says online grocery shopping to get personal
                                                                                                                                                                                                                                                        • Health and beauty retailing
                                                                                                                                                                                                                                                          • UK: Feelunique owners to sell a stake
                                                                                                                                                                                                                                                            • UK: Superdrug launches Superprice campaign
                                                                                                                                                                                                                                                              • Jewellery retailing
                                                                                                                                                                                                                                                                • UK: Azendi in administration
                                                                                                                                                                                                                                                                  • UK: H Stern to launch in UK
                                                                                                                                                                                                                                                                    • Book and stationery retailing
                                                                                                                                                                                                                                                                      • UK: Clinton Cards
                                                                                                                                                                                                                                                                        • …profits fall and founder exits
                                                                                                                                                                                                                                                                          • …to restructure Birthdays if buyer not found
                                                                                                                                                                                                                                                                            • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                              • UK: Blacks to rebrand as turnaround begins
                                                                                                                                                                                                                                                                                • UK: Go Outdoors hires Halfords digital boss
                                                                                                                                                                                                                                                                                  • UK: JD and Sports Direct battle for Firetrap
                                                                                                                                                                                                                                                                                    • UK: JJB receives lifeline from Dick's
                                                                                                                                                                                                                                                                                      • UK: Sports Direct
                                                                                                                                                                                                                                                                                        • …acquires WDT
                                                                                                                                                                                                                                                                                          • …starts pricing war with JJB
                                                                                                                                                                                                                                                                                            • Garden centres
                                                                                                                                                                                                                                                                                              • UK: Garden Centre Group acquired by Terra Firma
                                                                                                                                                                                                                                                                                                • Economy
                                                                                                                                                                                                                                                                                                  • UK: BRC director general Stephen Robertson exits
                                                                                                                                                                                                                                                                                                    • UK: Government launches Portas Plus plans
                                                                                                                                                                                                                                                                                                      • UK: Hammerson wins race for Croydon centre
                                                                                                                                                                                                                                                                                                        • UK: Kantar: Asda gains market share as Tesco loses out
                                                                                                                                                                                                                                                                                                          • UK: Land Securities to introduce wi-fi to all shopping centres
                                                                                                                                                                                                                                                                                                            • UK: Inflation continues to fall
                                                                                                                                                                                                                                                                                                              • UK: Minimum wage frozen for young, adult rate increase of 1.8%
                                                                                                                                                                                                                                                                                                                • UK: Olympics will provide Sunday trading boost for retailers
                                                                                                                                                                                                                                                                                                                  • UK: Retail administrations up 15% in Q1 on 2011
                                                                                                                                                                                                                                                                                                                    • UK: ONS: Retail sales fall in February
                                                                                                                                                                                                                                                                                                                      • UK: Scottish retail sales fall in February
                                                                                                                                                                                                                                                                                                                        • UK: Shop price inflation up, driven by food
                                                                                                                                                                                                                                                                                                                          • UK: Supermarkets prime targets for minimum alcohol pricing

                                                                                                                                                                                                                                                                                                                          Companies Covered

                                                                                                                                                                                                                                                                                                                          • Academy Music Group Ltd
                                                                                                                                                                                                                                                                                                                          • Advertising Standards Authority
                                                                                                                                                                                                                                                                                                                          • Aldi
                                                                                                                                                                                                                                                                                                                          • Alexon Group
                                                                                                                                                                                                                                                                                                                          • Alliance Boots
                                                                                                                                                                                                                                                                                                                          • Allied Irish Bank
                                                                                                                                                                                                                                                                                                                          • Amazon.com Inc
                                                                                                                                                                                                                                                                                                                          • Anglia Regional Co-operative Society Ltd - Food and Department stores
                                                                                                                                                                                                                                                                                                                          • Apple, Inc
                                                                                                                                                                                                                                                                                                                          • Aquascutum Group Plc
                                                                                                                                                                                                                                                                                                                          • Arcadia Group
                                                                                                                                                                                                                                                                                                                          • Argos
                                                                                                                                                                                                                                                                                                                          • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                          • Aurora Fashions
                                                                                                                                                                                                                                                                                                                          • Bain Capital LLC
                                                                                                                                                                                                                                                                                                                          • Bang & Olufsen
                                                                                                                                                                                                                                                                                                                          • Barclays Bank plc
                                                                                                                                                                                                                                                                                                                          • Baugur
                                                                                                                                                                                                                                                                                                                          • BC Partners Ltd
                                                                                                                                                                                                                                                                                                                          • Beale Plc
                                                                                                                                                                                                                                                                                                                          • Birthdays Ltd
                                                                                                                                                                                                                                                                                                                          • Blacks Outdoor Retail Ltd
                                                                                                                                                                                                                                                                                                                          • Bonmarché
                                                                                                                                                                                                                                                                                                                          • Bose Ltd
                                                                                                                                                                                                                                                                                                                          • Brand Alley
                                                                                                                                                                                                                                                                                                                          • British Retail Consortium
                                                                                                                                                                                                                                                                                                                          • Browns (South Molton St) Ltd
                                                                                                                                                                                                                                                                                                                          • Capcom Group
                                                                                                                                                                                                                                                                                                                          • Carlyle Group (The)
                                                                                                                                                                                                                                                                                                                          • Carpetright Plc
                                                                                                                                                                                                                                                                                                                          • Cherokee Inc.
                                                                                                                                                                                                                                                                                                                          • Clinton Cards Plc
                                                                                                                                                                                                                                                                                                                          • Co-operative Group
                                                                                                                                                                                                                                                                                                                          • Comet Group Ltd
                                                                                                                                                                                                                                                                                                                          • Costcutter Supermarkets Group
                                                                                                                                                                                                                                                                                                                          • Cotswold Outdoor Ltd
                                                                                                                                                                                                                                                                                                                          • Credit Suisse Group
                                                                                                                                                                                                                                                                                                                          • David Sands Ltd
                                                                                                                                                                                                                                                                                                                          • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                                                                          • Della Femina Rothschild Jeary and Partners
                                                                                                                                                                                                                                                                                                                          • Deloitte Touche Tohmatsu
                                                                                                                                                                                                                                                                                                                          • Department of Health
                                                                                                                                                                                                                                                                                                                          • Deutsche Bank AG
                                                                                                                                                                                                                                                                                                                          • DFS Furniture Holdings Plc
                                                                                                                                                                                                                                                                                                                          • Dick's Sporting Goods, Inc.
                                                                                                                                                                                                                                                                                                                          • Electronic Arts, Inc
                                                                                                                                                                                                                                                                                                                          • Eon Energy
                                                                                                                                                                                                                                                                                                                          • Ernst & Young
                                                                                                                                                                                                                                                                                                                          • Eveden Ltd
                                                                                                                                                                                                                                                                                                                          • Facebook, Inc.
                                                                                                                                                                                                                                                                                                                          • Feather And Black Limited
                                                                                                                                                                                                                                                                                                                          • Feelunique.com
                                                                                                                                                                                                                                                                                                                          • Fenn Wright & Manson Ltd
                                                                                                                                                                                                                                                                                                                          • Findel plc
                                                                                                                                                                                                                                                                                                                          • Firetrap
                                                                                                                                                                                                                                                                                                                          • French Connection (Retail)
                                                                                                                                                                                                                                                                                                                          • Game Group
                                                                                                                                                                                                                                                                                                                          • Gamestation Limited
                                                                                                                                                                                                                                                                                                                          • GameStop Corp
                                                                                                                                                                                                                                                                                                                          • Go Outdoors Ltd
                                                                                                                                                                                                                                                                                                                          • Google, Inc.
                                                                                                                                                                                                                                                                                                                          • Greggs Plc
                                                                                                                                                                                                                                                                                                                          • Groupon, Inc.
                                                                                                                                                                                                                                                                                                                          • Halfords Ltd
                                                                                                                                                                                                                                                                                                                          • Hammersmith Apollo
                                                                                                                                                                                                                                                                                                                          • Hammerson
                                                                                                                                                                                                                                                                                                                          • Hargreaves Lansdown Plc
                                                                                                                                                                                                                                                                                                                          • Harrods Group Total
                                                                                                                                                                                                                                                                                                                          • Harry Tuffin Ltd
                                                                                                                                                                                                                                                                                                                          • HMV Retail Ltd
                                                                                                                                                                                                                                                                                                                          • Hobbs Ltd
                                                                                                                                                                                                                                                                                                                          • Holland & Barrett Retail Ltd
                                                                                                                                                                                                                                                                                                                          • Home Retail Group
                                                                                                                                                                                                                                                                                                                          • Homebase Ltd
                                                                                                                                                                                                                                                                                                                          • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                          • HSBC Holdings plc
                                                                                                                                                                                                                                                                                                                          • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                          • IKEA
                                                                                                                                                                                                                                                                                                                          • International Game Technology
                                                                                                                                                                                                                                                                                                                          • J. Sainsbury
                                                                                                                                                                                                                                                                                                                          • Jacques Vert Group Ltd
                                                                                                                                                                                                                                                                                                                          • Jaeger Company's Shops Ltd
                                                                                                                                                                                                                                                                                                                          • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                          • JJB Sports Plc
                                                                                                                                                                                                                                                                                                                          • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                          • JPMorgan Invest LLC (BrownCo)
                                                                                                                                                                                                                                                                                                                          • Kantar Media
                                                                                                                                                                                                                                                                                                                          • Kiddicare
                                                                                                                                                                                                                                                                                                                          • Kingfisher France
                                                                                                                                                                                                                                                                                                                          • Kingfisher Group
                                                                                                                                                                                                                                                                                                                          • Kingfisher UK & Ireland
                                                                                                                                                                                                                                                                                                                          • Kleeneze plc
                                                                                                                                                                                                                                                                                                                          • Land Securities Group
                                                                                                                                                                                                                                                                                                                          • Landmark
                                                                                                                                                                                                                                                                                                                          • Landsbanki Islands Ltd
                                                                                                                                                                                                                                                                                                                          • Laura Ashley Group
                                                                                                                                                                                                                                                                                                                          • LG Electronics
                                                                                                                                                                                                                                                                                                                          • Lidl (UK)
                                                                                                                                                                                                                                                                                                                          • Lipsy
                                                                                                                                                                                                                                                                                                                          • Lloyds Banking Group
                                                                                                                                                                                                                                                                                                                          • Loewe
                                                                                                                                                                                                                                                                                                                          • LOVEFiLM International Ltd
                                                                                                                                                                                                                                                                                                                          • LVMH Moët Hennessy Louis Vuitton SA
                                                                                                                                                                                                                                                                                                                          • Marks & Spencer
                                                                                                                                                                                                                                                                                                                          • Matalan Ltd
                                                                                                                                                                                                                                                                                                                          • MFI Furniture Group Plc
                                                                                                                                                                                                                                                                                                                          • Midcounties Co-operative Ltd
                                                                                                                                                                                                                                                                                                                          • Millets Farm Garden Centre Ltd
                                                                                                                                                                                                                                                                                                                          • mmO2 plc
                                                                                                                                                                                                                                                                                                                          • Moss Bros Group Plc
                                                                                                                                                                                                                                                                                                                          • Mothercare Plc
                                                                                                                                                                                                                                                                                                                          • NBTY (Europe)
                                                                                                                                                                                                                                                                                                                          • Netto Foodstores Ltd
                                                                                                                                                                                                                                                                                                                          • Next Group
                                                                                                                                                                                                                                                                                                                          • Nielsen Media Research, Inc.
                                                                                                                                                                                                                                                                                                                          • Nintendo Co Ltd
                                                                                                                                                                                                                                                                                                                          • Oasis Fashions Ltd - UK
                                                                                                                                                                                                                                                                                                                          • Ocado
                                                                                                                                                                                                                                                                                                                          • Oddbins Ltd
                                                                                                                                                                                                                                                                                                                          • Office for National Statistics
                                                                                                                                                                                                                                                                                                                          • Office of Fair Trading
                                                                                                                                                                                                                                                                                                                          • Peacock Group
                                                                                                                                                                                                                                                                                                                          • Phase Eight Ltd
                                                                                                                                                                                                                                                                                                                          • Phones 4U Ltd
                                                                                                                                                                                                                                                                                                                          • Porsche Design Management GmbH & Co KG
                                                                                                                                                                                                                                                                                                                          • Poundland Ltd
                                                                                                                                                                                                                                                                                                                          • PricewaterhouseCoopers
                                                                                                                                                                                                                                                                                                                          • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                          • Renown
                                                                                                                                                                                                                                                                                                                          • River Island Clothing Co Ltd
                                                                                                                                                                                                                                                                                                                          • Robert Dyas Holdings
                                                                                                                                                                                                                                                                                                                          • Royal Bank of Scotland Group plc
                                                                                                                                                                                                                                                                                                                          • Sainsbury's Local
                                                                                                                                                                                                                                                                                                                          • Samsung Electronics
                                                                                                                                                                                                                                                                                                                          • Screwfix UK
                                                                                                                                                                                                                                                                                                                          • Snow & Rock Sports Ltd
                                                                                                                                                                                                                                                                                                                          • Sony BMG Music Entertainment
                                                                                                                                                                                                                                                                                                                          • Sony Corporation of America
                                                                                                                                                                                                                                                                                                                          • Sports Direct Plc
                                                                                                                                                                                                                                                                                                                          • Sun Capital Partners, Inc.
                                                                                                                                                                                                                                                                                                                          • Superdrug Stores Plc
                                                                                                                                                                                                                                                                                                                          • Ted Baker
                                                                                                                                                                                                                                                                                                                          • Terra Firma Capital Partners Ltd
                                                                                                                                                                                                                                                                                                                          • Tesco Express (UK)
                                                                                                                                                                                                                                                                                                                          • Tesco Plc
                                                                                                                                                                                                                                                                                                                          • The Edinburgh Woollen Mill Ltd
                                                                                                                                                                                                                                                                                                                          • The Hut Group Ltd
                                                                                                                                                                                                                                                                                                                          • The London Organising Committee of the Olympic Games and Paralympic Games Limited
                                                                                                                                                                                                                                                                                                                          • The Prince's Trust
                                                                                                                                                                                                                                                                                                                          • Timpson Group
                                                                                                                                                                                                                                                                                                                          • TJ Hughes Plc
                                                                                                                                                                                                                                                                                                                          • Toshiba Corporation
                                                                                                                                                                                                                                                                                                                          • USC
                                                                                                                                                                                                                                                                                                                          • VION Food Group
                                                                                                                                                                                                                                                                                                                          • Vodafone Group Plc (UK)
                                                                                                                                                                                                                                                                                                                          • Waitrose
                                                                                                                                                                                                                                                                                                                          • Warehouse Ltd
                                                                                                                                                                                                                                                                                                                          • Westfield Group
                                                                                                                                                                                                                                                                                                                          • WH Smith PLC
                                                                                                                                                                                                                                                                                                                          • Wilkinson Hardware Stores Ltd
                                                                                                                                                                                                                                                                                                                          • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                          • Woolworths Group plc
                                                                                                                                                                                                                                                                                                                          • World Design & Trade Retail Ltd
                                                                                                                                                                                                                                                                                                                          • Wyevale Garden Centres

                                                                                                                                                                                                                                                                                                                          UK Retail Briefing - April 2012

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