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UK Retail Briefing - July 2012

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

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Table of contents

  1. Analyst Comment

    • What’s wrong with M&S?
      • What is being done about it?
      • Headlines for the month

        • Grocers
          • Off-licences
            • Clothing retailing
              • Mixed goods retailing
                • DIY Retailing
                  • Electrical Goods Retailing
                    • Carpet Retailing
                      • Furniture Retailing
                        • Homewares Retailing
                          • Home Shopping
                            • Health and Beauty Retailing
                              • Multi-Sector Retailing
                                • Sports and Leisure Goods Retailing
                                  • Toys and Games Retailing
                                    • Books and Stationery
                                      • Economy
                                      • Retail Sales – Background and Outlook

                                        • Key points
                                          • Retail sales trends
                                            • Figure 1: Retail sales trends, 2011-12
                                          • The BRC data for June
                                            • Figure 2: UK retail sales y/y growth, BRC vs ONS, 2010-12
                                          • John Lewis
                                            • Figure 3: John Lewis: Year-on-Year Growth, 2011-12
                                          • Inflation and wages
                                            • Figure 4: RPI vs Average Weekly earnings growth, 2008-2012
                                          • Inflation
                                            • Figure 5: Annual percentage change in the consumer price index for selected product groups, 2011-12
                                          • Looking forward
                                          • Sector Focus: Clothing and footwear specialists

                                              • Mintel’s Tracker survey
                                                • Figure 6: Mintel Tracker: Trends in what extra money is spent on, May 2010 – May 2012
                                                • Figure 7: Mintel Tracker: Percentage of consumers spending extra money on jewellery/ clothing/ personal items, May 2010 – May 2012
                                              • Sector relatives
                                                • Figure 8: Clothing and footwear specialists’ sales as percentage of all retail sales, 2007-11
                                                • Figure 9: Clothing/footwear specialists’ shares of all consumer spending on clothing/footwear, 2007-11
                                              • Retail sales data
                                                • Figure 10: Clothing and footwear specialists’ sales and forecast, 2007-12
                                              • Consumer spending
                                                • Figure 11: Consumer spending on selected categories, 2007-11
                                              • Inflation
                                                • Figure7: Clothing and footwear: Consumer prices index, annual % change, May 2011 – May 2012
                                                • Figure 8: Year-on-year change in average global cotton prices, Jan 2011 – Jun 2012
                                              • Leading specialists
                                                • Figure 9: Leading clothing specialists, by revenues 2010/11
                                                • Figure 10: Leading footwear specialists, by revenues 2010/11
                                            • UK News Analysis

                                              • Grocers
                                                • Aldi to improve and extend own-label offering
                                                  • Asda
                                                    • …opens George pop-up shop
                                                      • …opens its first George franchise
                                                        • …signs deal to support rapid growth of Asda Direct
                                                          • …to launch financial services
                                                            • Booker acquires Makro UK
                                                              • Iceland
                                                                • …reports 18.5% rise in profits
                                                                  • …to present findings of customer feedback programme
                                                                    • Morrisons
                                                                      • …explores opportunities to expand convenience stores
                                                                        • …to lose group finance director
                                                                          • Sainsbury’s
                                                                            • …purchases HMV’s stake in e-book business
                                                                              • …reports sales boost
                                                                                • Spar to be new supplier to People's Supermarket
                                                                                  • Tesco
                                                                                    • …and Dobbies submit plans for joint store
                                                                                      • …buys WE7 digital music platform
                                                                                        • …looks for UK commercial director
                                                                                          • …reports decline in sales
                                                                                            • …reshuffles clothing business again
                                                                                              • …to open 24 hours on Sundays during Olympics
                                                                                                • …to use Clubcard data for online strategy
                                                                                                  • …works with Facebook on promotion
                                                                                                    • The Co-operative
                                                                                                      • …completes roll out of replenishment system
                                                                                                        • …launches tie-up with Amazon lockers
                                                                                                          • Whole Foods UK reports increasing losses
                                                                                                            • Off-licences
                                                                                                              • Majestic Wine reports profit and sales boost
                                                                                                                • Clothing retailing
                                                                                                                  • Bhs poaches M&S menswear trading director
                                                                                                                    • Boux Avenue plans overseas expansion
                                                                                                                      • Cecil Gee to leave the high street
                                                                                                                        • Coast opens doors on London flagship
                                                                                                                          • Dalvey looks to expand store portfolio
                                                                                                                            • Gio Goi closes all high street stores
                                                                                                                              • H&M launches pop-up sportswear shops
                                                                                                                                • Inditex buys UK flagship store for Zara
                                                                                                                                  • Issa London to launch ecommerce site
                                                                                                                                    • Jaeger poaches Aurora Fashions former president
                                                                                                                                      • Jigsaw takes over a third of Kew 159’s store portfolio
                                                                                                                                        • Kookaï lose sales but reduce losses
                                                                                                                                          • Matalan reports falling EBITDA
                                                                                                                                            • Mulberry
                                                                                                                                              • …expected to report 50% increase in profit
                                                                                                                                                • …reports 54% rise in profits
                                                                                                                                                  • New Look
                                                                                                                                                    • …extends refinancing
                                                                                                                                                      • Radley to open first pop-up shop
                                                                                                                                                        • Republic to boost footwear offer with dedicated areas
                                                                                                                                                          • Superdry to boost e-commerce site and launch mobile app
                                                                                                                                                            • Ted Baker reports revenue boost
                                                                                                                                                              • The Kooples backs out of UK property deals
                                                                                                                                                                • Tom Ford to open first UK standalone store
                                                                                                                                                                  • Topshop
                                                                                                                                                                    • …appoints former Burberry vice-president of PR as chief marketing officer
                                                                                                                                                                      • …to collaborate with JW Anderson
                                                                                                                                                                        • Weird Fish seeks to boost presence
                                                                                                                                                                          • Footwear retailing
                                                                                                                                                                            • Dr Martens
                                                                                                                                                                              • …hopes for £200 million bidder.
                                                                                                                                                                                • …may be acquired by Russian billionaire
                                                                                                                                                                                  • Jimmy Choo reports pre-tax profits rise
                                                                                                                                                                                    • Jones Group to expand in Europe
                                                                                                                                                                                      • Multi-Sector Retailing
                                                                                                                                                                                        • Home Retail Group post mixed quarterly results
                                                                                                                                                                                          • Laura Ashley records 5.4% growth in like-for-likes
                                                                                                                                                                                            • Marks & Spencer
                                                                                                                                                                                              • …Bostock to leave
                                                                                                                                                                                                • …confirms Bostock's departure and reports sales down in Q1
                                                                                                                                                                                                  • Next to open second superstore
                                                                                                                                                                                                    • Miscellaneous specialists
                                                                                                                                                                                                      • Halfords looks to explore fast-delivery options
                                                                                                                                                                                                        • Kiddicare receives new design concept
                                                                                                                                                                                                          • Lonely Planet to open first UK store
                                                                                                                                                                                                            • Mothercare UK retail head to exit
                                                                                                                                                                                                              • The Garden Centre Group to develop more concessions
                                                                                                                                                                                                                • Thorntons needs to change strategy, says former chairman
                                                                                                                                                                                                                  • Mixed goods retailers
                                                                                                                                                                                                                    • Poundland
                                                                                                                                                                                                                      • …reports record results
                                                                                                                                                                                                                        • …tests contactless payment
                                                                                                                                                                                                                          • Wellchester to close down
                                                                                                                                                                                                                            • Department Stores
                                                                                                                                                                                                                              • Allders fall into administration
                                                                                                                                                                                                                                • Debenhams
                                                                                                                                                                                                                                  • …reports sales rise as margins are hit
                                                                                                                                                                                                                                    • …to introduce next day delivery in 2013
                                                                                                                                                                                                                                      • …to launch free in-store wifi
                                                                                                                                                                                                                                        • Fenwick’s Bond Street store managing director passes away
                                                                                                                                                                                                                                          • Fortnum & Mason hires new retail director
                                                                                                                                                                                                                                            • Harvey Nichols to expand ecommerce
                                                                                                                                                                                                                                              • John Lewis looks to extend its click-and-collect service by partnering with corner shops
                                                                                                                                                                                                                                                • DIY retailing
                                                                                                                                                                                                                                                  • B&Q launches new services as part of Energy Saving initiative
                                                                                                                                                                                                                                                    • Topps Tiles
                                                                                                                                                                                                                                                      • …reports like-for-like sales up 2.1%
                                                                                                                                                                                                                                                        • …to launch new flagship
                                                                                                                                                                                                                                                          • Wickes to invest £10 million to lower prices
                                                                                                                                                                                                                                                            • Electrical Goods Retailing
                                                                                                                                                                                                                                                              • Dixons reports rising profits and new strategic priorities
                                                                                                                                                                                                                                                                • Maplin invests £40m into business
                                                                                                                                                                                                                                                                  • Phones 4u reports boost in sales, but fall in earnings
                                                                                                                                                                                                                                                                    • Music and Video Goods Retailing
                                                                                                                                                                                                                                                                      • Digital video sales overtake Blu-ray
                                                                                                                                                                                                                                                                        • Carpet retailing
                                                                                                                                                                                                                                                                          • Carpetright reports fall in profit
                                                                                                                                                                                                                                                                            • United Carpets commences store closure review
                                                                                                                                                                                                                                                                              • Furniture retailing
                                                                                                                                                                                                                                                                                • BrightHouse EBITDA up 12.8%
                                                                                                                                                                                                                                                                                  • DFS reports market share growth but sales fall
                                                                                                                                                                                                                                                                                    • Oka reports rising profits
                                                                                                                                                                                                                                                                                      • Homewares retailing
                                                                                                                                                                                                                                                                                        • Cath Kidston expands its UK store portfolio
                                                                                                                                                                                                                                                                                          • Clas Ohlson opens UK transactional website
                                                                                                                                                                                                                                                                                            • Dunelm reports like-for-like sales rise
                                                                                                                                                                                                                                                                                              • Home Shopping
                                                                                                                                                                                                                                                                                                • Asos
                                                                                                                                                                                                                                                                                                  • …sales up 31% in Q1
                                                                                                                                                                                                                                                                                                    • …to lose Superdry clothing brand from site
                                                                                                                                                                                                                                                                                                      • Boodles launches new e-commerce site for international distribution
                                                                                                                                                                                                                                                                                                        • Celtic Sheepskin to launch international websites
                                                                                                                                                                                                                                                                                                          • eBay appoints Sainsbury’s digital and cross channel director as vice president
                                                                                                                                                                                                                                                                                                            • Findel enjoys increase in pre-tax profit
                                                                                                                                                                                                                                                                                                              • IndiaCoco launched as new online kidswear store
                                                                                                                                                                                                                                                                                                                • N Brown sees womenswear sales hit due to wet weather
                                                                                                                                                                                                                                                                                                                  • Ocado
                                                                                                                                                                                                                                                                                                                    • …reports 12% increase in sales
                                                                                                                                                                                                                                                                                                                      • …to launch category-specific general merchandise sites
                                                                                                                                                                                                                                                                                                                        • Shop Direct acquires banking boss as new chief executive
                                                                                                                                                                                                                                                                                                                          • The Hut reports 71% increase in sales
                                                                                                                                                                                                                                                                                                                            • Zalando hopes for strong growth
                                                                                                                                                                                                                                                                                                                              • Health and Beauty retailing
                                                                                                                                                                                                                                                                                                                                • Boots
                                                                                                                                                                                                                                                                                                                                  • …and Walgreens global strategic partnership
                                                                                                                                                                                                                                                                                                                                    • …to return to UK stock market
                                                                                                                                                                                                                                                                                                                                      • Chanel to open pop-up fragrance and beauty store
                                                                                                                                                                                                                                                                                                                                        • Holland & Barrett reports rising profit as Julian Graves goes under
                                                                                                                                                                                                                                                                                                                                          • Savers looks to be back in black after turnaround
                                                                                                                                                                                                                                                                                                                                            • Books and stationery retailing
                                                                                                                                                                                                                                                                                                                                              • Clinton Cards
                                                                                                                                                                                                                                                                                                                                                • …to be revamped
                                                                                                                                                                                                                                                                                                                                                  • …to lose 122 stores
                                                                                                                                                                                                                                                                                                                                                    • UK: WHSmith reports decline in sales
                                                                                                                                                                                                                                                                                                                                                      • Sports and Leisure Goods Retailing
                                                                                                                                                                                                                                                                                                                                                        • JD Sports expects Black losses to total £10 million for 2012
                                                                                                                                                                                                                                                                                                                                                          • JJB Sports
                                                                                                                                                                                                                                                                                                                                                            • …sales fall as Euro 2012 fails to increase spending
                                                                                                                                                                                                                                                                                                                                                              • …signs exclusive deal with Tekkers
                                                                                                                                                                                                                                                                                                                                                                • Pentland Group boosted by international sales
                                                                                                                                                                                                                                                                                                                                                                  • Toys and Games Retailing
                                                                                                                                                                                                                                                                                                                                                                    • Disney Store reports further losses
                                                                                                                                                                                                                                                                                                                                                                      • Hamleys close to Ludendo purchase
                                                                                                                                                                                                                                                                                                                                                                        • Economy
                                                                                                                                                                                                                                                                                                                                                                          • BRC: June retail sales boosted by Jubilee
                                                                                                                                                                                                                                                                                                                                                                            • Co-op economy outperforms UK’s for fourth consecutive year
                                                                                                                                                                                                                                                                                                                                                                              • Consumer confidence flat in June despite Jubilee expectations
                                                                                                                                                                                                                                                                                                                                                                                • Government fuel duty freeze "helpful" for retailers
                                                                                                                                                                                                                                                                                                                                                                                  • Olympics to boost economy by £5.33bn
                                                                                                                                                                                                                                                                                                                                                                                    • ONS: Retail sales values and volumes increase in May
                                                                                                                                                                                                                                                                                                                                                                                      • Rate of inflation fell in May
                                                                                                                                                                                                                                                                                                                                                                                        • Shop price inflation falls to lowest rate in over two years
                                                                                                                                                                                                                                                                                                                                                                                          • Supermarkets to launch mobile police stations
                                                                                                                                                                                                                                                                                                                                                                                            • Tesco and Morrisons continue to lose out on market share
                                                                                                                                                                                                                                                                                                                                                                                              • Three quarters of retailers begin summer Sale
                                                                                                                                                                                                                                                                                                                                                                                                • Welsh Retail Consortium launched

                                                                                                                                                                                                                                                                                                                                                                                                Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                • A. S. Watson (Europe)
                                                                                                                                                                                                                                                                                                                                                                                                • Aldi
                                                                                                                                                                                                                                                                                                                                                                                                • Allders Croydon Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Alliance Boots
                                                                                                                                                                                                                                                                                                                                                                                                • Amazon.com Inc
                                                                                                                                                                                                                                                                                                                                                                                                • American Greetings Corporation
                                                                                                                                                                                                                                                                                                                                                                                                • Apple, Inc
                                                                                                                                                                                                                                                                                                                                                                                                • Aquascutum Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                • Arcadia Group
                                                                                                                                                                                                                                                                                                                                                                                                • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • ASOS (UK retail sales)
                                                                                                                                                                                                                                                                                                                                                                                                • Aurora Fashions
                                                                                                                                                                                                                                                                                                                                                                                                • Baillie Gifford & Co
                                                                                                                                                                                                                                                                                                                                                                                                • Bain Capital LLC
                                                                                                                                                                                                                                                                                                                                                                                                • Barclays Bank plc
                                                                                                                                                                                                                                                                                                                                                                                                • Baugur
                                                                                                                                                                                                                                                                                                                                                                                                • BC Partners Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Bhs Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Blacks Outdoor Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Booker Cash & Carry Limited
                                                                                                                                                                                                                                                                                                                                                                                                • Boux Avenue
                                                                                                                                                                                                                                                                                                                                                                                                • Brighthouse
                                                                                                                                                                                                                                                                                                                                                                                                • British Retail Consortium
                                                                                                                                                                                                                                                                                                                                                                                                • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                • Carpetright UK
                                                                                                                                                                                                                                                                                                                                                                                                • Cath Kidston Group
                                                                                                                                                                                                                                                                                                                                                                                                • Chanel Ltd (UK)
                                                                                                                                                                                                                                                                                                                                                                                                • Christian Dior
                                                                                                                                                                                                                                                                                                                                                                                                • Clas Ohlson
                                                                                                                                                                                                                                                                                                                                                                                                • Clinton Cards Plc
                                                                                                                                                                                                                                                                                                                                                                                                • Co-operative Group
                                                                                                                                                                                                                                                                                                                                                                                                • Costcutter Supermarkets Group
                                                                                                                                                                                                                                                                                                                                                                                                • Currys
                                                                                                                                                                                                                                                                                                                                                                                                • Debenhams (UK and Republic of Ireland)
                                                                                                                                                                                                                                                                                                                                                                                                • Dekabank Deutsche Girozentrale
                                                                                                                                                                                                                                                                                                                                                                                                • Della Femina Rothschild Jeary and Partners
                                                                                                                                                                                                                                                                                                                                                                                                • Dentsu Inc.
                                                                                                                                                                                                                                                                                                                                                                                                • DFS Furniture Holdings Plc
                                                                                                                                                                                                                                                                                                                                                                                                • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                • Dobbies Garden Centres plc
                                                                                                                                                                                                                                                                                                                                                                                                • Dunelm (Soft Furnishings) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • eBay Inc.
                                                                                                                                                                                                                                                                                                                                                                                                • Electra Partners Europe
                                                                                                                                                                                                                                                                                                                                                                                                • Ernst & Young
                                                                                                                                                                                                                                                                                                                                                                                                • Facebook, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                • Fenwick Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Figleaves Global Trading Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Findel plc
                                                                                                                                                                                                                                                                                                                                                                                                • Fortnum & Mason Plc
                                                                                                                                                                                                                                                                                                                                                                                                • Fresh & Easy
                                                                                                                                                                                                                                                                                                                                                                                                • Gfk NOP
                                                                                                                                                                                                                                                                                                                                                                                                • Google, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                • Grupo Inditex
                                                                                                                                                                                                                                                                                                                                                                                                • Gucci Group N.V.
                                                                                                                                                                                                                                                                                                                                                                                                • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                                                • Halfords Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Hamleys of London Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • HarperCollins Publishers Inc.
                                                                                                                                                                                                                                                                                                                                                                                                • Harrods Group Total
                                                                                                                                                                                                                                                                                                                                                                                                • Harvey Nichols UK
                                                                                                                                                                                                                                                                                                                                                                                                • High and Mighty
                                                                                                                                                                                                                                                                                                                                                                                                • HMV Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Holland & Barrett Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                • Hugo Boss
                                                                                                                                                                                                                                                                                                                                                                                                • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • J. Choo Limited
                                                                                                                                                                                                                                                                                                                                                                                                • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                                                                                • Jaeger Company's Shops Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                                                                                                • Jigsaw
                                                                                                                                                                                                                                                                                                                                                                                                • JJB Sports Plc
                                                                                                                                                                                                                                                                                                                                                                                                • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                                                                                                • Jones Apparel Group
                                                                                                                                                                                                                                                                                                                                                                                                • Julian Graves Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Kantar Media
                                                                                                                                                                                                                                                                                                                                                                                                • Kew 159 Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Kiddicare
                                                                                                                                                                                                                                                                                                                                                                                                • Kingfisher Group
                                                                                                                                                                                                                                                                                                                                                                                                • Kingfisher UK & Ireland
                                                                                                                                                                                                                                                                                                                                                                                                • Kookaï
                                                                                                                                                                                                                                                                                                                                                                                                • Kurt Geiger Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Land Securities Group
                                                                                                                                                                                                                                                                                                                                                                                                • Landsbanki Islands Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Laura Ashley Group
                                                                                                                                                                                                                                                                                                                                                                                                • Lidl (UK)
                                                                                                                                                                                                                                                                                                                                                                                                • Lombard Direct
                                                                                                                                                                                                                                                                                                                                                                                                • Londis (Holdings) Ltd - retail sales
                                                                                                                                                                                                                                                                                                                                                                                                • Lonely Planet Publications
                                                                                                                                                                                                                                                                                                                                                                                                • Majestic Wine Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Mamas & Papas Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Maplin Electronics Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                • Matalan Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Metro Group (retail)
                                                                                                                                                                                                                                                                                                                                                                                                • Mothercare Plc
                                                                                                                                                                                                                                                                                                                                                                                                • Mulberry Group
                                                                                                                                                                                                                                                                                                                                                                                                • N Brown Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                • NBTY (Europe)
                                                                                                                                                                                                                                                                                                                                                                                                • Net-A-Porter Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                • Nielsen Media Research, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                • Nine West USA
                                                                                                                                                                                                                                                                                                                                                                                                • Nisa
                                                                                                                                                                                                                                                                                                                                                                                                • Nisa (fascia) incl. Loco
                                                                                                                                                                                                                                                                                                                                                                                                • O2 / Telefonica UK (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                • Ocado
                                                                                                                                                                                                                                                                                                                                                                                                • Office for National Statistics
                                                                                                                                                                                                                                                                                                                                                                                                • Oka Direct
                                                                                                                                                                                                                                                                                                                                                                                                • One Stop
                                                                                                                                                                                                                                                                                                                                                                                                • PC World (DSG UK Computing)
                                                                                                                                                                                                                                                                                                                                                                                                • Pentland Group PLC
                                                                                                                                                                                                                                                                                                                                                                                                • Pets at Home Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Phones 4U Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Poundland Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Poundstretcher Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • PricewaterhouseCoopers
                                                                                                                                                                                                                                                                                                                                                                                                • R Griggs Group
                                                                                                                                                                                                                                                                                                                                                                                                • Radley
                                                                                                                                                                                                                                                                                                                                                                                                • Random House, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                • Republic Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Robinson Webster (Holdings) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Royal Bank of Scotland Group plc
                                                                                                                                                                                                                                                                                                                                                                                                • Ryman Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Sandpiper CI
                                                                                                                                                                                                                                                                                                                                                                                                • Savers Health and Beauty Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Schuh Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Selfridges Group
                                                                                                                                                                                                                                                                                                                                                                                                • Shop Direct Group
                                                                                                                                                                                                                                                                                                                                                                                                • Somerfield
                                                                                                                                                                                                                                                                                                                                                                                                • Spar UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Sunderland Association Football Club Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Superdrug Stores Plc
                                                                                                                                                                                                                                                                                                                                                                                                • SuperGroup Plc (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                • Ted Baker
                                                                                                                                                                                                                                                                                                                                                                                                • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                                                • The Disney Store Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • The Hut Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • The Kooples
                                                                                                                                                                                                                                                                                                                                                                                                • The Nutri Centre
                                                                                                                                                                                                                                                                                                                                                                                                • The Penguin Group
                                                                                                                                                                                                                                                                                                                                                                                                • The People's Supermarket
                                                                                                                                                                                                                                                                                                                                                                                                • Thorntons Plc
                                                                                                                                                                                                                                                                                                                                                                                                • Topps Tiles
                                                                                                                                                                                                                                                                                                                                                                                                • Topps Tiles (UK)
                                                                                                                                                                                                                                                                                                                                                                                                • Topps Tiles Plc
                                                                                                                                                                                                                                                                                                                                                                                                • Topshop old
                                                                                                                                                                                                                                                                                                                                                                                                • United Carpets Group plc
                                                                                                                                                                                                                                                                                                                                                                                                • Visa Europe
                                                                                                                                                                                                                                                                                                                                                                                                • Waitrose
                                                                                                                                                                                                                                                                                                                                                                                                • Walgreen Co
                                                                                                                                                                                                                                                                                                                                                                                                • Walt Disney Company, The
                                                                                                                                                                                                                                                                                                                                                                                                • Watermark Group
                                                                                                                                                                                                                                                                                                                                                                                                • Westfield Group
                                                                                                                                                                                                                                                                                                                                                                                                • WH Smith PLC
                                                                                                                                                                                                                                                                                                                                                                                                • Whole Foods Market (UK)
                                                                                                                                                                                                                                                                                                                                                                                                • Whole Foods Market Inc
                                                                                                                                                                                                                                                                                                                                                                                                • Wickes Building Supplies Ltd
                                                                                                                                                                                                                                                                                                                                                                                                • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                • Woolworths
                                                                                                                                                                                                                                                                                                                                                                                                • Zalando
                                                                                                                                                                                                                                                                                                                                                                                                • Zavvi

                                                                                                                                                                                                                                                                                                                                                                                                UK Retail Briefing - July 2012

                                                                                                                                                                                                                                                                                                                                                                                                US $366.54 (Excl.Tax)