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UK Retail Briefing - February 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

    • The Internet and the High street
      • Problems at HMV
        • Credit insurance
          • Poor trading
            • The internet has all the advantages
              • Lessons for other sectors
                • Where next
                  • So why all the interest in buying the HMV business?
                    • Retailing is a constantly changing business
                    • Headlines for the Month

                      • Grocers
                        • Food specialists
                          • Clothing retailers
                            • Footwear
                              • Multi-sector retailing
                                • Miscellaneous specialists
                                  • Department stores
                                    • Mixed goods retailers
                                      • DIY
                                        • Electricals
                                          • Music and video
                                            • Home shopping
                                              • Health and beauty
                                                • Books and stationery
                                                  • Sports and leisure goods
                                                    • Jewellers
                                                      • Toys and games
                                                        • Economy
                                                        • Retail Sales – Background and Outlook

                                                            • Retail sales trends
                                                              • Figure 1: Retail sales trends, 2010
                                                            • BRC and Christmas trade
                                                                • Figure 2: UK retail sales y/y growth, BRC vs ONS, 2009-2011
                                                              • John Lewis
                                                                • Figure 3: John Lewis: Year-on-year growth, 2009-11
                                                              • Inflation and wages
                                                                • Figure 4: RPI vs Average weekly earnings growth, 2008-11
                                                              • Inflation remains uncomfortably high
                                                                • Figure 5: Annual percentage change in the Consumer Price Index for selected product groups, 2010-11
                                                              • The pattern of retail sales growth in early 2011
                                                                • Looking forward
                                                                • Sector Focus – Food Retailers

                                                                    • Retail sales trends
                                                                      • Figure 6: Food retailers, sales trends, 2006-10
                                                                      • Figure 7: Food retailers’ sales as % of all retail sales, 2005-10
                                                                    • Subsectors
                                                                      • Figure 8: Breakdown of Food retailers’ sales, by sub-sector, 2006-2010
                                                                    • Consumer prices inflation
                                                                      • Figure 9: Indices of retail prices for key product categories, 2006-10
                                                                    • Consumer expenditure
                                                                      • Figure 10: Consumer expenditure on selected product categories, 2005-09
                                                                      • Figure 11: Consumer expenditure on selected product categories, Q1-3 2009 – Q1-3 2010
                                                                    • Leading food retailers
                                                                      • Figure 13: Food Retailers: Leading retailers’ share of food retailers’ sales, 2009/10
                                                                      • Figure 8: Estimated non-retail share of sales, 2009/10
                                                                  • News Analysis

                                                                    • Grocers
                                                                      • Asda Income Tracker: average family's spending power falls
                                                                        • Asda sells 39 Netto stores as part of OFT disposal deal
                                                                          • M&S appoints Tesco's Laura Wade-Gery
                                                                            • Morrisons
                                                                              • …in talks with George Davies
                                                                                • …retail boss to step down
                                                                                  • …sees like-for-likes up 1%
                                                                                    • …to complain about Asda's ads
                                                                                      • Nisa Today’s Group
                                                                                        • …reports strong Christmas trading figures
                                                                                          • …reports double digit growth
                                                                                            • Sainsbury's
                                                                                              • …abandons plans to move headquarters to King's Cross
                                                                                                • …appoints non-exec from Google
                                                                                                  • …market share up, but Morrisons' falls
                                                                                                    • …opens Fresh Kitchen
                                                                                                      • …reports Christmas high
                                                                                                        • …to source all Fairtrade cotton from supplier in India
                                                                                                          • Tesco
                                                                                                            • …completes sale and leaseback of 21 shops
                                                                                                              • …launches 20% off sale
                                                                                                                • …launches daily dozen price campaign
                                                                                                                  • …reports slight Christmas growth
                                                                                                                    • …to open new DC for dotcom and Express
                                                                                                                      • The Co-op
                                                                                                                        • …appoints Gill Bar as marketing director
                                                                                                                          • …sales fall due to bad weather
                                                                                                                            • …to create 1,700 store management jobs
                                                                                                                              • Waitrose
                                                                                                                                • …reaches £5bn sales
                                                                                                                                  • …to introduce 'Little' stores
                                                                                                                                    • Food specialists
                                                                                                                                      • Thorntons' sales fall in cold weather
                                                                                                                                        • Clothing retailing
                                                                                                                                          • Alexon sales up but issues profit warning
                                                                                                                                            • Aquascutum narrows losses
                                                                                                                                              • Aurora to outsource distribution and IT functions
                                                                                                                                                • Bestseller increases Asos stake to over 20%
                                                                                                                                                  • Burberry
                                                                                                                                                    • …launches evolving spring ad campaign
                                                                                                                                                      • …to move into Regent Street Habitat store
                                                                                                                                                        • French Connection
                                                                                                                                                          • …opens Facebook store
                                                                                                                                                            • …pre-tax profits expected to rise
                                                                                                                                                              • H&M to launch sustainable clothing range
                                                                                                                                                                • Hermes increases forecast for 2010
                                                                                                                                                                  • Hobbs secures £14m investment
                                                                                                                                                                    • Jack Wills to expand further overseas
                                                                                                                                                                      • Jacques Vert festive sales rise
                                                                                                                                                                        • Matalan Christmas like-for-likes decline 4.5%
                                                                                                                                                                          • Moss Bros sells Hugo Boss franchise for £16.5m
                                                                                                                                                                            • Mulberry Christmas like-for-likes up 70%
                                                                                                                                                                              • New Look sales fall over Christmas
                                                                                                                                                                                • Peacocks Group sales and profits rise
                                                                                                                                                                                  • Phase Eight potentially bought out by private equity firm
                                                                                                                                                                                    • Primark Christmas sales up
                                                                                                                                                                                      • Reiss on track for 40% sales rise
                                                                                                                                                                                        • Republic gains Andy Bond as new chairman
                                                                                                                                                                                          • SuperGroup
                                                                                                                                                                                            • …buys European franchisee to push international growth
                                                                                                                                                                                              • …Christmas sales rise
                                                                                                                                                                                                • …sees strong third quarter sales
                                                                                                                                                                                                  • Ted Baker sales rise 7.6%
                                                                                                                                                                                                    • Topshop plans to 'double' sales
                                                                                                                                                                                                      • Footwear retailing
                                                                                                                                                                                                        • Barratts Priceless posts £6.1m profit
                                                                                                                                                                                                          • Dune creates IT platform for expansion plans
                                                                                                                                                                                                            • Jimmy Choo backers opt for sale
                                                                                                                                                                                                              • Jones Bootmaker in £40m sale
                                                                                                                                                                                                                • Multi-Sector Retailing
                                                                                                                                                                                                                  • Marks & Spencer to open store in Champs-Elysees
                                                                                                                                                                                                                    • Home Retail reports better than expected Christmas
                                                                                                                                                                                                                      • Marks & Spencer
                                                                                                                                                                                                                        • …appoints Tesco's Laura Wade-Gery
                                                                                                                                                                                                                          • …posts 2.8% Christmas like-for-like rise
                                                                                                                                                                                                                            • …to focus on clothing arm
                                                                                                                                                                                                                              • …top mCommerce league
                                                                                                                                                                                                                                • Mixed goods retailing
                                                                                                                                                                                                                                  • Argos to partner with PayPal
                                                                                                                                                                                                                                    • Poundworld to roll out multi-price store format
                                                                                                                                                                                                                                      • The Original Factory Shop reports Christmas like-for-likes up 5%
                                                                                                                                                                                                                                        • Miscellaneous specialists
                                                                                                                                                                                                                                          • Halfords' retail sales drop over Christmas
                                                                                                                                                                                                                                            • Kiddicare plans to repeat business
                                                                                                                                                                                                                                              • Pets Corner profits up as it plans expansion
                                                                                                                                                                                                                                                • Laura Ashley FY profits to be "significantly higher" than expected
                                                                                                                                                                                                                                                  • Bathstore receive bids from Change Capital
                                                                                                                                                                                                                                                    • Carpetright sales fall and it warns on profits
                                                                                                                                                                                                                                                      • Cath Kidston sales rise 52%
                                                                                                                                                                                                                                                        • Dunelm Christmas like-for-likes fall
                                                                                                                                                                                                                                                          • Department Stores
                                                                                                                                                                                                                                                            • Beales narrows losses by a third
                                                                                                                                                                                                                                                              • Debenhams like-for-likes slow
                                                                                                                                                                                                                                                                • Fortnum & Mason reports record Christmas
                                                                                                                                                                                                                                                                  • Harrods breaks £1bn sales mark
                                                                                                                                                                                                                                                                    • House of Fraser
                                                                                                                                                                                                                                                                      • …appoints director of ecommerce
                                                                                                                                                                                                                                                                        • …lose Landsbanki stake
                                                                                                                                                                                                                                                                          • …sees strong Christmas trading
                                                                                                                                                                                                                                                                            • John Lewis
                                                                                                                                                                                                                                                                              • …appoints new buying director
                                                                                                                                                                                                                                                                                • …sees continuing strong trade
                                                                                                                                                                                                                                                                                  • …sees weekly sales fall
                                                                                                                                                                                                                                                                                    • …to open in-store spas
                                                                                                                                                                                                                                                                                      • Selfridges finalises de Bijenkorf deal
                                                                                                                                                                                                                                                                                        • DIY retailing
                                                                                                                                                                                                                                                                                          • Kingfisher's trade chain Screwfix opens to public
                                                                                                                                                                                                                                                                                            • Topps Tiles' Christmas sales up
                                                                                                                                                                                                                                                                                              • Electrical retailing
                                                                                                                                                                                                                                                                                                • Best Buy Europe sees two more senior departures
                                                                                                                                                                                                                                                                                                  • Best Buy UK online boss to leave
                                                                                                                                                                                                                                                                                                    • Carphone Warehouse sees like-for-likes rise over Christmas
                                                                                                                                                                                                                                                                                                      • Comet
                                                                                                                                                                                                                                                                                                        • …begins redundancy consultations as it consolidates service centres
                                                                                                                                                                                                                                                                                                          • …directors leave after dire trading
                                                                                                                                                                                                                                                                                                            • …like-for-likes down 7.3%
                                                                                                                                                                                                                                                                                                              • Dixons sees sales suffer in snow
                                                                                                                                                                                                                                                                                                                • Everything Everywhere to test stores under own name
                                                                                                                                                                                                                                                                                                                  • Jessops Christmas like-for-likes up 3%
                                                                                                                                                                                                                                                                                                                    • O2 Retail to close 40 stores in 2011
                                                                                                                                                                                                                                                                                                                      • Music and Video Goods Retailing
                                                                                                                                                                                                                                                                                                                        • HMV
                                                                                                                                                                                                                                                                                                                          • …appoints KPMG amid bank concerns
                                                                                                                                                                                                                                                                                                                            • …begins to close stores
                                                                                                                                                                                                                                                                                                                              • …sees buyers circling
                                                                                                                                                                                                                                                                                                                                • …suppliers hit by credit insurance cut
                                                                                                                                                                                                                                                                                                                                  • Music Sales: 98% of singles now purchased online
                                                                                                                                                                                                                                                                                                                                    • Furniture retailing
                                                                                                                                                                                                                                                                                                                                      • Habitat to exit Regent Street
                                                                                                                                                                                                                                                                                                                                        • Homestyle profits down but Reid acquisition boosts turnover
                                                                                                                                                                                                                                                                                                                                          • The Conran Shop sales rise over pre-VAT period
                                                                                                                                                                                                                                                                                                                                            • Home Shopping
                                                                                                                                                                                                                                                                                                                                              • Amazon
                                                                                                                                                                                                                                                                                                                                                • …acquires LoveFilm
                                                                                                                                                                                                                                                                                                                                                  • …boosts fashion offer with lingerie launch
                                                                                                                                                                                                                                                                                                                                                    • Asos sales up 59%
                                                                                                                                                                                                                                                                                                                                                      • Ebay reports strong Christmas due to fashion division
                                                                                                                                                                                                                                                                                                                                                        • Figleaves.com expands delivery options and drop boxes
                                                                                                                                                                                                                                                                                                                                                          • Flying Brands warns on profits
                                                                                                                                                                                                                                                                                                                                                            • Ideal Shopping Direct improves 2010 sales
                                                                                                                                                                                                                                                                                                                                                              • M and M Direct sees sales rise
                                                                                                                                                                                                                                                                                                                                                                • N Brown
                                                                                                                                                                                                                                                                                                                                                                  • …acquires Slimma and Splendour
                                                                                                                                                                                                                                                                                                                                                                    • …sees Christmas sales up
                                                                                                                                                                                                                                                                                                                                                                      • Ocado
                                                                                                                                                                                                                                                                                                                                                                        • …ends year with strong Christmas trading sales
                                                                                                                                                                                                                                                                                                                                                                          • …reports profit and reduces full year losses
                                                                                                                                                                                                                                                                                                                                                                            • …shares rise as bid speculation increases
                                                                                                                                                                                                                                                                                                                                                                              • Shop Direct Christmas sales up 5%
                                                                                                                                                                                                                                                                                                                                                                                • The Hut sales up 70% in 2010
                                                                                                                                                                                                                                                                                                                                                                                  • Health and Beauty retailing
                                                                                                                                                                                                                                                                                                                                                                                    • Boots UK like-for-likes up in December
                                                                                                                                                                                                                                                                                                                                                                                      • Feelunique.com sales up 50% over Christmas
                                                                                                                                                                                                                                                                                                                                                                                        • Holland & Barrett like-for-likes up 2.3% in December
                                                                                                                                                                                                                                                                                                                                                                                          • Superdrug like-for-likes up 1.7% over Christmas
                                                                                                                                                                                                                                                                                                                                                                                            • The Perfume Shop Christmas like-for-likes up 2%
                                                                                                                                                                                                                                                                                                                                                                                              • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                                                                                                • British Bookshops & Stationers
                                                                                                                                                                                                                                                                                                                                                                                                  • …axes 40 staff
                                                                                                                                                                                                                                                                                                                                                                                                    • …becomes first retail casualty of 2011
                                                                                                                                                                                                                                                                                                                                                                                                      • Foyles to open first shop outside London in 70 years
                                                                                                                                                                                                                                                                                                                                                                                                        • Office Depot ties up with Dixons for PC World shop-in-shops
                                                                                                                                                                                                                                                                                                                                                                                                          • The Book Depository sees strong first half
                                                                                                                                                                                                                                                                                                                                                                                                            • Waterstone's to close 11 shops on Sunday
                                                                                                                                                                                                                                                                                                                                                                                                              • WH Smith
                                                                                                                                                                                                                                                                                                                                                                                                                • …like-for-likes fall 5%
                                                                                                                                                                                                                                                                                                                                                                                                                  • …buys 22 British Bookshops & Stationers shops
                                                                                                                                                                                                                                                                                                                                                                                                                    • Sports and Leisure Goods Retailing
                                                                                                                                                                                                                                                                                                                                                                                                                      • JD Sports acquires Champion Sports
                                                                                                                                                                                                                                                                                                                                                                                                                        • Blacks
                                                                                                                                                                                                                                                                                                                                                                                                                          • …sale talks break down
                                                                                                                                                                                                                                                                                                                                                                                                                            • …sees two bidders remain
                                                                                                                                                                                                                                                                                                                                                                                                                              • Go Outdoors reveals record year
                                                                                                                                                                                                                                                                                                                                                                                                                                • JD Sports
                                                                                                                                                                                                                                                                                                                                                                                                                                  • …considers buying JJB
                                                                                                                                                                                                                                                                                                                                                                                                                                    • …invests £1m in Kukri purchase
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kitbag sales rise to record over Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Snow + Rock appoints Neil McCausland as non-exec chairman
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Jewellers
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Aurum reports 'outstanding' Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                              • HPJ Jewellers bought out of administration
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Signet UK sales fall over Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Toys and Games Retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Game
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …like-for-likes improve over Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • …signs deal with Microsoft to sell downloads in store
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Games Workshop sees sales fall
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Hamleys
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • …potentially bought by Qataris
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • …up for sale
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • BRC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …reports retail like-for-likes up 2.3% in January
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • …reports retail sector like-for-likes fell 0.3% in December
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer confidence rises in fourth quarter
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Consumer price inflation rises to 3.7% in December
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • ONS show strong retail sales for December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Scottish Q4 retail sales outgrow rest of Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Shop price inflation rises to 2.5%

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  UK Retail Briefing - February 2011

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