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UK Retail Briefing - July 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

    • Second best is not good enough – especially in recession
      • Failures
        • TJs
          • Jane Norman
            • No-one wants furniture
              • What else do these businesses have in common?
                • Second best
                  • Invest or die
                  • Headlines for the Month

                    • Grocers
                      • Food and drink specialists
                        • Clothing retailers
                          • Footwear retailing
                            • Multi-sector retailing
                              • Miscellaneous specialists
                                • Department stores
                                  • Furniture retailing
                                  • Retail Sales – Background and Outlook

                                    • Key points
                                      • Retail sales trends
                                        • Figure 1: Retail sales trends, 2010-11
                                      • June – the indications are poor
                                        • Figure 2: UK retail sales y/y growth, BRC vs ONS, 2010-11
                                      • John Lewis
                                        • Figure 3: John Lewis: Year-on-year growth, 2010-11
                                      • Inflation and wages
                                        • Figure 4: RPI vs Average weekly earnings growth, 2005-11
                                      • Inflation remains uncomfortably high
                                        • Figure 5: Annual percentage change in the Consumer Price Index for selected product groups, 2010-11
                                      • Looking forward
                                      • Sector Focus – Clothing and Footwear Retailers

                                          • Sector relatives
                                            • Figure 6: Clothing & footwear specialists’ retail sales as % of all retail sales, 2006-June 2011
                                            • Figure 7: Clothing & footwear specialists’ retail sales as % of consumer spending on clothing & footwear, 2006-Q1 2011
                                          • Retail sales data
                                              • Figure 8: Clothing & footwear specialists’ retail sales, 2006-11
                                              • Figure 9: Year-on-year growth in clothing & footwear specialists’ retail sales, Jul 2010-Jun 2011
                                              • Figure 10: Clothing & footwear specialists’ retail sales growth in current and constant prices, 2006-Q1 2011
                                            • Consumer prices inflation
                                              • Figure 11: Indices of retail prices for clothing & footwear, Jan 2009-Jun 2011
                                              • Figure 12: Consumer prices index for clothing & footwear, Jan 2010-Jun 2011
                                            • Mintel’s Tracker Survey
                                                • Figure 13: Mintel Tracker Survey: Agreement with statements on what extra money is spent on, Jul 2010-Jun 2011
                                              • Consumer expenditure
                                                • Figure 14: Consumer spending on clothing & footwear, 2006-Q1 2011
                                              • Leading retailers
                                                • Footwear
                                                    • Figure 15: Leading footwear specialists’ sales, 2009/10-2010/11
                                                  • Clothing
                                                      • Figure 16: Leading clothing specialists’ sales, 2009/10-2010/11
                                                  • News Analysis

                                                    • Grocers
                                                      • Asda
                                                        • …achieves £1bn ethical and local produce sales
                                                          • …COO exits
                                                            • …former boss sets up investment vehicle
                                                              • …reports consumers starting to ration
                                                                • Iceland trials Greggs Foods
                                                                  • Haldanes files for administration
                                                                    • Iceland profits rise 20%
                                                                      • Morrisons
                                                                        • …buys wholesale florist
                                                                          • …to open first c-store chain
                                                                            • Sainsbury's
                                                                              • …reports strong sales in challenging market
                                                                                • …strengthens online team
                                                                                  • Tesco
                                                                                    • …launches Back to School campaign
                                                                                      • …reports strong group sales growth
                                                                                        • …signs agreement that signals further expansion into Chinese market
                                                                                          • …to add double glazing to portfolio
                                                                                            • Waitrose
                                                                                              • …targets London for convenience store format
                                                                                                • Off-licences
                                                                                                  • Majestic Wines profits up 27%
                                                                                                    • Other food specialists
                                                                                                      • Holland & Barrett's profits up
                                                                                                        • Thorntons to cut number of stores
                                                                                                          • Clothing retailing
                                                                                                            • Abercrombie bid for SuperGroup speculations
                                                                                                              • Alexon like-for-likes remain flat, leading to new finance options explored
                                                                                                                • Aquascutum to open stores in Milan and Rome
                                                                                                                  • Aurora management team vie to buy Jane Norman
                                                                                                                    • Ben Sherman seals suit licence deal and invites Nickleson bids
                                                                                                                      • Bonmarché future boss named, if sale goes through
                                                                                                                        • Burberry triggers potential revolt over pay
                                                                                                                          • East pre-tax profits up 9.5%
                                                                                                                            • Forever 21 flagship to open at Lakeside
                                                                                                                              • Hobbs secures £46.5m funding to accelerate expansion
                                                                                                                                • Jacques Vert's pre-tax profits up 3.1%
                                                                                                                                  • Jane Norman
                                                                                                                                    • …enters new private equity rescue talks
                                                                                                                                      • …in administration
                                                                                                                                        • Edinburgh Woollen Mill acquires 31 Jane Norman stores but 35 to shut
                                                                                                                                          • Life & Style closes 22 stores, axing 300 jobs
                                                                                                                                            • Matalan EBITDA falls due to snow in Q4
                                                                                                                                              • Missoni to open second UK standalone store
                                                                                                                                                • Moss Bros like-for-likes up 13.4% with disposal of Cecil Gee
                                                                                                                                                  • Mulberry full-year profits rise
                                                                                                                                                    • Next sells customer service business for £65m
                                                                                                                                                      • Phase Eight reports 42% rise in pre-tax profits
                                                                                                                                                        • Polo Ralph Lauren denim line to open franchise stores
                                                                                                                                                          • SuperGroup reports business 'on track'
                                                                                                                                                            • Ted Baker sales rise ahead of expectations
                                                                                                                                                              • Uniqlo sees 31% sales surge
                                                                                                                                                                • Vera Wang opens shop-in-shop with Browns
                                                                                                                                                                  • Footwear retailing
                                                                                                                                                                    • Brantano back in black
                                                                                                                                                                      • Schuh sold to US retailer for £125m
                                                                                                                                                                        • Mixed goods retailing
                                                                                                                                                                          • 99p Stores sees profits rise amid international plans
                                                                                                                                                                            • B&M Bargains reports strong year
                                                                                                                                                                              • Multi-sector retailing
                                                                                                                                                                                • Marks & Spencer launches earlier summer Sale
                                                                                                                                                                                  • Miscellaneous specialists
                                                                                                                                                                                    • Cath Kidston opens in St Pancras
                                                                                                                                                                                      • Pets at Home profits rise
                                                                                                                                                                                        • Halfords trials smaller high street bike shops
                                                                                                                                                                                          • Mamas & Papas aims for 30 more UK stores
                                                                                                                                                                                            • Carpetright profits fall in face of weak consumer demand
                                                                                                                                                                                              • Department stores
                                                                                                                                                                                                • Beales reports loss
                                                                                                                                                                                                  • Debenhams
                                                                                                                                                                                                    • …reports like-for-likes rise
                                                                                                                                                                                                      • …tables bid for Jane Norman
                                                                                                                                                                                                        • John Lewis to open home store in Ashford
                                                                                                                                                                                                          • TJ Hughes
                                                                                                                                                                                                            • …puts administrators on standby
                                                                                                                                                                                                              • …in administration
                                                                                                                                                                                                                • …acquired by GA Europe
                                                                                                                                                                                                                  • DIY retailing
                                                                                                                                                                                                                    • Focus creditors will not be paid
                                                                                                                                                                                                                      • Kingfisher gets go-ahead on Focus stores deal
                                                                                                                                                                                                                        • Electrical retailing
                                                                                                                                                                                                                          • Best Buy
                                                                                                                                                                                                                            • …may halt UK expansion plans
                                                                                                                                                                                                                              • …reportedly considering Dixons bid
                                                                                                                                                                                                                                • …UK big boxes lose £62m in first year
                                                                                                                                                                                                                                  • Comet to close 17 stores
                                                                                                                                                                                                                                    • Dixons
                                                                                                                                                                                                                                      • …planning second Black store
                                                                                                                                                                                                                                        • …sees balance sheet hit
                                                                                                                                                                                                                                          • Music and video goods retailing
                                                                                                                                                                                                                                            • Game appoints new boss of UK and northern Europe
                                                                                                                                                                                                                                              • HMV
                                                                                                                                                                                                                                                • …chiefs outline new vision after bad year
                                                                                                                                                                                                                                                  • ….profits down 61%
                                                                                                                                                                                                                                                    • Furniture and furnishings retailing
                                                                                                                                                                                                                                                      • BrightHouse EBITDA rises
                                                                                                                                                                                                                                                        • BrightHouse to launch transactional website
                                                                                                                                                                                                                                                          • Conran and Radice to launch new department store concept
                                                                                                                                                                                                                                                            • CSL sales up as it plots South East expansion
                                                                                                                                                                                                                                                              • DFS posts profits rise
                                                                                                                                                                                                                                                                • Dreams increases market share but profits fall
                                                                                                                                                                                                                                                                  • Home Retail
                                                                                                                                                                                                                                                                    • …in talks to buy Habitat
                                                                                                                                                                                                                                                                      • …confirms Habitat UK deal
                                                                                                                                                                                                                                                                        • Homeform
                                                                                                                                                                                                                                                                          • …unites brands for Sale push
                                                                                                                                                                                                                                                                            • …files notice to appoint administration
                                                                                                                                                                                                                                                                              • …closes Moben, Dolphin and Kitchens Direct
                                                                                                                                                                                                                                                                                • Homebase interested in failed Moben and Dolphin
                                                                                                                                                                                                                                                                                  • Sun European acquires parts of Homeform
                                                                                                                                                                                                                                                                                    • Magnet reaches out to customers of Moben and Kitchens Direct
                                                                                                                                                                                                                                                                                      • Lombok cautious on concession roll-out
                                                                                                                                                                                                                                                                                        • Dunelm sees sales and market share rise
                                                                                                                                                                                                                                                                                          • Home shopping
                                                                                                                                                                                                                                                                                            • Amazon to buy The Book Depository
                                                                                                                                                                                                                                                                                              • Argos launches TV shopping channel
                                                                                                                                                                                                                                                                                                • Asos marketplace to work with global sellers
                                                                                                                                                                                                                                                                                                  • EBay hires Cocosa marketing director
                                                                                                                                                                                                                                                                                                    • JML to focus on growth through supply division
                                                                                                                                                                                                                                                                                                      • My-Wardrobe targets Middle East
                                                                                                                                                                                                                                                                                                        • N Brown reports like-for-like rise
                                                                                                                                                                                                                                                                                                          • Ocado posts pre-tax profit and deal with Carrefour
                                                                                                                                                                                                                                                                                                            • Park Group pre-tax profits rise
                                                                                                                                                                                                                                                                                                              • Shop Direct hires Very boss
                                                                                                                                                                                                                                                                                                                • The Hut drafts in IPO advisers
                                                                                                                                                                                                                                                                                                                  • Health and beauty retailing
                                                                                                                                                                                                                                                                                                                    • Superdrug back in black in 2010
                                                                                                                                                                                                                                                                                                                      • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                        • Foyles to open in Westfield
                                                                                                                                                                                                                                                                                                                          • Waterstone's sold to Mamut
                                                                                                                                                                                                                                                                                                                            • WH Smith sales fall
                                                                                                                                                                                                                                                                                                                              • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                • JD Sports acquires Cecil Gee and Sprinter
                                                                                                                                                                                                                                                                                                                                  • Pentland Group sales and profits rise
                                                                                                                                                                                                                                                                                                                                    • Sports Direct acquires USC and Cruise
                                                                                                                                                                                                                                                                                                                                      • Jewellers
                                                                                                                                                                                                                                                                                                                                        • Theo Fennell sales rise 15%
                                                                                                                                                                                                                                                                                                                                          • Garden centres
                                                                                                                                                                                                                                                                                                                                            • Garden Centre Group is up for sale
                                                                                                                                                                                                                                                                                                                                              • Economy
                                                                                                                                                                                                                                                                                                                                                • Asda Income Tracker: weekly spending power's largest decline
                                                                                                                                                                                                                                                                                                                                                  • BRC: Food inflation up 5.7%
                                                                                                                                                                                                                                                                                                                                                    • Discounters increase market share, while Asda loses out
                                                                                                                                                                                                                                                                                                                                                      • Inflation unchanged at 4.5% in May
                                                                                                                                                                                                                                                                                                                                                        • Retail sales values up, but volumes flat

                                                                                                                                                                                                                                                                                                                                                        Companies Covered

                                                                                                                                                                                                                                                                                                                                                        • 7digital
                                                                                                                                                                                                                                                                                                                                                        • 99p Stores Ltd
                                                                                                                                                                                                                                                                                                                                                        • Abercrombie & Fitch Co
                                                                                                                                                                                                                                                                                                                                                        • Aldi
                                                                                                                                                                                                                                                                                                                                                        • Alexon Brands
                                                                                                                                                                                                                                                                                                                                                        • Alexon Group
                                                                                                                                                                                                                                                                                                                                                        • All Saints
                                                                                                                                                                                                                                                                                                                                                        • Amazon.com Inc
                                                                                                                                                                                                                                                                                                                                                        • Anglia Regional Co-operative Society Ltd - Food and Department stores
                                                                                                                                                                                                                                                                                                                                                        • Aquascutum Group Plc
                                                                                                                                                                                                                                                                                                                                                        • Argos
                                                                                                                                                                                                                                                                                                                                                        • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                        • ASOS
                                                                                                                                                                                                                                                                                                                                                        • Aurora Fashions
                                                                                                                                                                                                                                                                                                                                                        • Austin Reed Group Ltd (Retail)
                                                                                                                                                                                                                                                                                                                                                        • Baird Textile Holdings Ltd
                                                                                                                                                                                                                                                                                                                                                        • Barclays Bank plc
                                                                                                                                                                                                                                                                                                                                                        • Beale Plc
                                                                                                                                                                                                                                                                                                                                                        • Ben Sherman
                                                                                                                                                                                                                                                                                                                                                        • Berghaus Ltd
                                                                                                                                                                                                                                                                                                                                                        • Best Buy Co.
                                                                                                                                                                                                                                                                                                                                                        • Bhs Ltd
                                                                                                                                                                                                                                                                                                                                                        • Bluewater Shopping Centre
                                                                                                                                                                                                                                                                                                                                                        • Bonmarché
                                                                                                                                                                                                                                                                                                                                                        • BP p.l.c.
                                                                                                                                                                                                                                                                                                                                                        • Brantano (Group)
                                                                                                                                                                                                                                                                                                                                                        • Brighthouse
                                                                                                                                                                                                                                                                                                                                                        • British Fashion Council
                                                                                                                                                                                                                                                                                                                                                        • British Sky Broadcasting Group plc (BSkyB)
                                                                                                                                                                                                                                                                                                                                                        • Browns (South Molton St) Ltd
                                                                                                                                                                                                                                                                                                                                                        • Bullring
                                                                                                                                                                                                                                                                                                                                                        • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                                                        • C&J Clark Group
                                                                                                                                                                                                                                                                                                                                                        • Carpetright Plc
                                                                                                                                                                                                                                                                                                                                                        • Carrefour
                                                                                                                                                                                                                                                                                                                                                        • Cath Kidston Group
                                                                                                                                                                                                                                                                                                                                                        • Co-operative Group
                                                                                                                                                                                                                                                                                                                                                        • Comet Group Ltd
                                                                                                                                                                                                                                                                                                                                                        • Conforama
                                                                                                                                                                                                                                                                                                                                                        • Conran Holdings
                                                                                                                                                                                                                                                                                                                                                        • Currys
                                                                                                                                                                                                                                                                                                                                                        • Darty Group
                                                                                                                                                                                                                                                                                                                                                        • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                                                                                                        • Deloitte Touche Tohmatsu
                                                                                                                                                                                                                                                                                                                                                        • DFS Furniture Holdings Plc
                                                                                                                                                                                                                                                                                                                                                        • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                                                        • Dolphin
                                                                                                                                                                                                                                                                                                                                                        • Dreams Plc
                                                                                                                                                                                                                                                                                                                                                        • Duke Street Capital
                                                                                                                                                                                                                                                                                                                                                        • Dunelm (Soft Furnishings) Ltd
                                                                                                                                                                                                                                                                                                                                                        • East Ltd
                                                                                                                                                                                                                                                                                                                                                        • eBay Inc.
                                                                                                                                                                                                                                                                                                                                                        • Ellesse Ltd
                                                                                                                                                                                                                                                                                                                                                        • Ernst & Young
                                                                                                                                                                                                                                                                                                                                                        • Ethel Austin Ltd
                                                                                                                                                                                                                                                                                                                                                        • Fast Retailing Co. Ltd
                                                                                                                                                                                                                                                                                                                                                        • Focus Group
                                                                                                                                                                                                                                                                                                                                                        • Forever 21 Inc.
                                                                                                                                                                                                                                                                                                                                                        • Fresh & Easy
                                                                                                                                                                                                                                                                                                                                                        • FreshDirect Inc
                                                                                                                                                                                                                                                                                                                                                        • Game Group
                                                                                                                                                                                                                                                                                                                                                        • Genesco Inc
                                                                                                                                                                                                                                                                                                                                                        • Goldman Sachs Group, Inc., The
                                                                                                                                                                                                                                                                                                                                                        • Google, Inc.
                                                                                                                                                                                                                                                                                                                                                        • Grazia
                                                                                                                                                                                                                                                                                                                                                        • Greggs Plc
                                                                                                                                                                                                                                                                                                                                                        • Habitat
                                                                                                                                                                                                                                                                                                                                                        • Halfords Ltd
                                                                                                                                                                                                                                                                                                                                                        • HarperCollins Publishers Inc.
                                                                                                                                                                                                                                                                                                                                                        • Harrods Group Total
                                                                                                                                                                                                                                                                                                                                                        • Harvey Nichols UK
                                                                                                                                                                                                                                                                                                                                                        • HBOS plc (Halifax Bank of Scotland)
                                                                                                                                                                                                                                                                                                                                                        • Henleys Ltd
                                                                                                                                                                                                                                                                                                                                                        • High and Mighty
                                                                                                                                                                                                                                                                                                                                                        • HMV Retail Ltd
                                                                                                                                                                                                                                                                                                                                                        • Hobbs Ltd
                                                                                                                                                                                                                                                                                                                                                        • Holland & Barrett Retail Ltd
                                                                                                                                                                                                                                                                                                                                                        • Home Retail Group
                                                                                                                                                                                                                                                                                                                                                        • Homebase Ltd
                                                                                                                                                                                                                                                                                                                                                        • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                        • Hugo Boss
                                                                                                                                                                                                                                                                                                                                                        • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                                                        • ICI Paints in North America
                                                                                                                                                                                                                                                                                                                                                        • IKEA
                                                                                                                                                                                                                                                                                                                                                        • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                                        • Jacques Vert Group Ltd
                                                                                                                                                                                                                                                                                                                                                        • Jane Norman Ltd
                                                                                                                                                                                                                                                                                                                                                        • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                                                        • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                                                        • Jones Bootmaker
                                                                                                                                                                                                                                                                                                                                                        • Kantar Media
                                                                                                                                                                                                                                                                                                                                                        • Kiddicare
                                                                                                                                                                                                                                                                                                                                                        • Kingfisher Group
                                                                                                                                                                                                                                                                                                                                                        • Kingfisher UK & Ireland
                                                                                                                                                                                                                                                                                                                                                        • Kohlberg Kravis Roberts & Co.
                                                                                                                                                                                                                                                                                                                                                        • Lacoste
                                                                                                                                                                                                                                                                                                                                                        • Lakeside Shopping Centre
                                                                                                                                                                                                                                                                                                                                                        • Landsbanki Islands Ltd
                                                                                                                                                                                                                                                                                                                                                        • Laura Ashley Group
                                                                                                                                                                                                                                                                                                                                                        • Lidl (UK)
                                                                                                                                                                                                                                                                                                                                                        • Lloyds Banking Group
                                                                                                                                                                                                                                                                                                                                                        • Lombok Ltd
                                                                                                                                                                                                                                                                                                                                                        • LOVEFiLM International Ltd
                                                                                                                                                                                                                                                                                                                                                        • Macintosh Retail Group
                                                                                                                                                                                                                                                                                                                                                        • Magnet Ltd
                                                                                                                                                                                                                                                                                                                                                        • Majestic Wine Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                        • Mamas & Papas Ltd
                                                                                                                                                                                                                                                                                                                                                        • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                        • Matalan Ltd
                                                                                                                                                                                                                                                                                                                                                        • Missoni S.p.A
                                                                                                                                                                                                                                                                                                                                                        • Moben
                                                                                                                                                                                                                                                                                                                                                        • Mobile Phone House Ltd
                                                                                                                                                                                                                                                                                                                                                        • Moss Bros Group Plc
                                                                                                                                                                                                                                                                                                                                                        • Mothercare Plc
                                                                                                                                                                                                                                                                                                                                                        • Mulberry Group
                                                                                                                                                                                                                                                                                                                                                        • My-Wardrobe
                                                                                                                                                                                                                                                                                                                                                        • N Brown Group Plc
                                                                                                                                                                                                                                                                                                                                                        • Next Group
                                                                                                                                                                                                                                                                                                                                                        • Nisa
                                                                                                                                                                                                                                                                                                                                                        • Nokia Corporation
                                                                                                                                                                                                                                                                                                                                                        • Oasis Fashions Ltd - UK
                                                                                                                                                                                                                                                                                                                                                        • Ocado Ltd
                                                                                                                                                                                                                                                                                                                                                        • Office for National Statistics
                                                                                                                                                                                                                                                                                                                                                        • Office of Fair Trading
                                                                                                                                                                                                                                                                                                                                                        • Park Group plc
                                                                                                                                                                                                                                                                                                                                                        • PC World (DSG UK Computing)
                                                                                                                                                                                                                                                                                                                                                        • Peacock Group
                                                                                                                                                                                                                                                                                                                                                        • Pentland Group PLC
                                                                                                                                                                                                                                                                                                                                                        • Pets at Home Group Ltd
                                                                                                                                                                                                                                                                                                                                                        • Phase Eight Ltd
                                                                                                                                                                                                                                                                                                                                                        • Polo Ralph Lauren Corporation
                                                                                                                                                                                                                                                                                                                                                        • PPG Industries Inc.
                                                                                                                                                                                                                                                                                                                                                        • PricewaterhouseCoopers
                                                                                                                                                                                                                                                                                                                                                        • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                                                        • Ralph Lauren Ltd
                                                                                                                                                                                                                                                                                                                                                        • Republic Retail Ltd
                                                                                                                                                                                                                                                                                                                                                        • Research In Motion Limited
                                                                                                                                                                                                                                                                                                                                                        • Roomes Stores Ltd
                                                                                                                                                                                                                                                                                                                                                        • Royal Bank of Scotland Group plc
                                                                                                                                                                                                                                                                                                                                                        • Safeway Inc
                                                                                                                                                                                                                                                                                                                                                        • Schuh Ltd
                                                                                                                                                                                                                                                                                                                                                        • Scotts Miracle-Gro Co.
                                                                                                                                                                                                                                                                                                                                                        • Selfridges Retail Ltd
                                                                                                                                                                                                                                                                                                                                                        • Sharps
                                                                                                                                                                                                                                                                                                                                                        • Shop Direct Group
                                                                                                                                                                                                                                                                                                                                                        • Simon Carter
                                                                                                                                                                                                                                                                                                                                                        • Speedo International Ltd
                                                                                                                                                                                                                                                                                                                                                        • Sun Capital Partners, Inc.
                                                                                                                                                                                                                                                                                                                                                        • Superdrug Stores Plc
                                                                                                                                                                                                                                                                                                                                                        • SuperGroup Plc (Retail)
                                                                                                                                                                                                                                                                                                                                                        • Ted Baker
                                                                                                                                                                                                                                                                                                                                                        • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                        • The Book Depository Ltd
                                                                                                                                                                                                                                                                                                                                                        • The Carphone Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                        • The Carphone Warehouse Plc
                                                                                                                                                                                                                                                                                                                                                        • The Edinburgh Woollen Mill Ltd
                                                                                                                                                                                                                                                                                                                                                        • The HomeForm Group
                                                                                                                                                                                                                                                                                                                                                        • The Hut Group Ltd
                                                                                                                                                                                                                                                                                                                                                        • Theo Fennell Plc
                                                                                                                                                                                                                                                                                                                                                        • Thorntons Plc
                                                                                                                                                                                                                                                                                                                                                        • TJ Hughes Plc
                                                                                                                                                                                                                                                                                                                                                        • Uniqlo UK Ltd
                                                                                                                                                                                                                                                                                                                                                        • Vera Wang
                                                                                                                                                                                                                                                                                                                                                        • Vivienne Westwood Ltd
                                                                                                                                                                                                                                                                                                                                                        • Vodafone Group Plc (UK)
                                                                                                                                                                                                                                                                                                                                                        • W&G Foyle Ltd
                                                                                                                                                                                                                                                                                                                                                        • Waitrose
                                                                                                                                                                                                                                                                                                                                                        • Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                        • Waterstones Booksellers
                                                                                                                                                                                                                                                                                                                                                        • Westfield Group
                                                                                                                                                                                                                                                                                                                                                        • WH Smith PLC
                                                                                                                                                                                                                                                                                                                                                        • Wiggle
                                                                                                                                                                                                                                                                                                                                                        • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                                                        • Wyevale Garden Centres
                                                                                                                                                                                                                                                                                                                                                        • Zavvi

                                                                                                                                                                                                                                                                                                                                                        UK Retail Briefing - July 2011

                                                                                                                                                                                                                                                                                                                                                        £295.00 (Excl.Tax)