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UK Retail Briefing - March 2011

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

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Table of contents

  1. Analyst Comment

    • Taxing success
      • or just finding another way to sting consumers?
        • Larger stores succeed because people prefer them
          • A tax on consumers
          • Headlines for the Month

            • Grocers
              • Off-licences
                • Clothing retailing
                  • Footwear retailing
                    • Multi-sector retailing
                      • Department stores
                        • DIY retailing
                          • Electrical retailing
                            • Music and video goods retailing
                              • Furniture retailing
                                • Dunelm’s chief plans multichannel push as profits rise.
                                  • Home shopping
                                    • Health and beauty retailing
                                      • Book and stationery retailing
                                        • Sports and leisure goods retailing
                                          • Jewellers
                                            • Toys and games retailing
                                            • Retail Sales – Background and Outlook

                                              • Key points
                                                • Retail sales trends
                                                  • Figure 1: Retail sales trends, 2010 and Jan 2011
                                                • BRC and ONS telling different stories again
                                                  • Figure 2: UK retail sales y/y growth, BRC vs ONS, 2009-11
                                                • John Lewis
                                                  • Figure 3: John Lewis: Year-on-year growth, 2010-11
                                                • Inflation and wages
                                                  • Figure 4: RPI vs Average weekly earnings growth, 2005-11
                                                • Inflation remains uncomfortably high
                                                  • Figure 5: Annual percentage change in the Consumer Price Index for selected product groups, 2010-11
                                                • Retail sales – the pattern for the next few months
                                                  • Looking forward
                                                  • Sector Focus – Furniture, Carpets and DIY

                                                      • Sector relatives
                                                        • Figure 6: Furniture specialists: sales as % of all retail sales, 2001-10
                                                        • Figure 7: Carpets specialists: sales as % of all retail sales, 2001-10
                                                        • Figure 8: DIY specialists: sales as % of all retail sales, 2001-10
                                                      • Consumer confidence
                                                        • Figure 9: GFK NOP Consumer confidence index, Jan 2007-Dec 2010
                                                      • Housing market
                                                        • Figure 10: Number of housing transactions, 2006-10
                                                        • Figure 11: UK: % year-on-year change in house Prices, Jan 2007-Dec 2010
                                                        • Figure 12: UK: Average house Prices, Jan 1991-Dec 2010
                                                      • Retail sales data
                                                        • Figure 13: Value retail sales growth for furniture, carpets and DIY, 2008-09
                                                      • Furniture
                                                        • Figure 14: Furniture & lighting specialists, sales trends, 2000-10
                                                      • Carpets
                                                        • Figure 15: Carpet specialists, sales trends, 2000-10
                                                      • DIY
                                                        • Figure 16: DIY specialists, sales trends, 2000-10
                                                      • Consumer prices inflation
                                                        • Figure 17: Indices of retail prices for product categories (household goods), Jan 2005-11
                                                        • Figure 18: Year-on-year CPI for selected categories, June 2010-Jan 2011
                                                      • Consumer expenditure
                                                        • Figure 19: Consumer expenditure on selected product categories, 2006-10
                                                      • Leading retailers
                                                        • Furniture retailers
                                                          • Figure 20: Furniture retailers – Leading specialists, 2009/10
                                                        • Carpets
                                                          • Figure 21: Carpet retailers – Leading specialists, 2009/10
                                                        • DIY
                                                          • Figure 22: DIY retailers – Leading specialists, 2009/10
                                                      • News Analysis

                                                        • Grocers
                                                          • Asda ‘outperforms' as sales and profits rise
                                                            • Asda receives the all-clear for Netto takeover
                                                              • Asda slammed for breaching alcohol industry's packaging rules
                                                                • Asda staff receive £26.9m bonus pot
                                                                  • Asda Income Tracker: family spending power fell by £9 a week in January
                                                                    • Co-op disposals spark convenience space race
                                                                      • Co-op has store in every postcode with Strand opening
                                                                        • Co-op launches multi-channel campaign to convey green credentials
                                                                          • Co-op to create 1,700 store management jobs
                                                                            • Iceland to pay £200m dividend
                                                                              • Morrisons annual profit up
                                                                                • Morrisons buys Kiddicare for £70m
                                                                                  • Morrisons to develop 'store of the future'
                                                                                    • Morrisons to return £1bn to shareholders
                                                                                      • Sainsbury's aims to double Fairtrade business over next 5 years
                                                                                        • Sainsbury's and Morrisons outperform, while Tesco and Asda lag
                                                                                          • Sainsbury's chief executive sells mass of shares
                                                                                            • Sainsbury's to source all Fairtrade cotton from supplier in India
                                                                                              • Tesco completes sale and leaseback of 21 shops
                                                                                                • Tesco social media yields £1.5m in sales
                                                                                                  • Tesco ups its stakes in the Asda price war
                                                                                                    • Tesco F&F sponsors LFW designer Mark Fast
                                                                                                      • Total UK re-launches customer loyalty programme
                                                                                                        • Waitrose invests £10m in online operations
                                                                                                          • Waitrose to continue stocking Innocent Vitamins range
                                                                                                            • Off-licences
                                                                                                              • Bargain Booze owner considers sale
                                                                                                                • Oddbins to shut 39 outlets
                                                                                                                  • Clothing retailing
                                                                                                                    • All Saints up for sale
                                                                                                                      • Arcadia joins return to UK sourcing
                                                                                                                        • Crew targets 50% online sales rise
                                                                                                                          • Fenchurch in administration due to cotton prices
                                                                                                                            • Jack Wills to expand further overseas
                                                                                                                              • Karen Millen targets £500m sales as it splits from Aurora
                                                                                                                                • La Senza to roll out new ad campaign in run up to National Cleavage Day
                                                                                                                                  • New Look gains former Primark boss to revamp product offer
                                                                                                                                    • New Look valuation halved by private equity owner
                                                                                                                                      • Primark reports increasingly tough trading
                                                                                                                                        • TK Maxx to open Haymarket store despite faltering performance
                                                                                                                                          • Victoria's Secret in talks to buy La Senza
                                                                                                                                            • Footwear retailing
                                                                                                                                              • Schuh launches an iPhone app
                                                                                                                                                • Multi-sector retailing
                                                                                                                                                  • Alworths' future is unclear
                                                                                                                                                    • Cash Converters reports record profits as retail sales rise
                                                                                                                                                      • Halfords appoints ex-House of Fraser director
                                                                                                                                                        • Home Retail Group lowers profit forecast
                                                                                                                                                          • Marks & Spencer hires Inditex man to lead international expansion
                                                                                                                                                            • Marks & Spencer to open largest ever Outlet store
                                                                                                                                                              • Marks & Spencer to open most sustainable store to date
                                                                                                                                                                • Thorntons plans store portfolio reshape after falling profits
                                                                                                                                                                  • Touchwood shopping centre sees sales rise
                                                                                                                                                                    • Westfield shopping centre sees sales rise
                                                                                                                                                                      • Woolworths site debuts art supplies offer
                                                                                                                                                                        • Department stores
                                                                                                                                                                          • Debenhams opens first pop-up store
                                                                                                                                                                            • House of Fraser considers Biba roll out
                                                                                                                                                                              • John Lewis chief warns against interest rate rises
                                                                                                                                                                                • John Lewis first foray into Australia and the US
                                                                                                                                                                                  • John Lewis Pension Trust sells Ocado stake
                                                                                                                                                                                    • John Lewis sees 6.5% rise in gross sales and 20.5% rise in group operating profit
                                                                                                                                                                                      • John Lewis to expand into Europe
                                                                                                                                                                                        • John Lewis to open new store in Birmingham
                                                                                                                                                                                          • John Lewis to roll out new security system
                                                                                                                                                                                            • Selfridges to revamp womenswear floor
                                                                                                                                                                                              • DIY retailing
                                                                                                                                                                                                • B&Q announces plans to invest £35m in multichannel operations
                                                                                                                                                                                                  • Focus sells 6 stores to Asda
                                                                                                                                                                                                    • Homebase's Unipart deal to create 200 jobs
                                                                                                                                                                                                      • Kingfisher expects profits to be at top end of expectations
                                                                                                                                                                                                        • Wickes online sales up 70% with upgraded sites
                                                                                                                                                                                                          • Wickes sees flat like-for-likes but gains market share
                                                                                                                                                                                                            • Electrical retailing
                                                                                                                                                                                                              • Best Buy international operations cut but expects UK growth
                                                                                                                                                                                                                • Dixons plans to open second Black store in central London
                                                                                                                                                                                                                  • Everything Everywhere reports revenues up
                                                                                                                                                                                                                    • Everything Everywhere to test stores under own name
                                                                                                                                                                                                                      • Phones 4U sale process resumes
                                                                                                                                                                                                                        • Music and video goods retailing
                                                                                                                                                                                                                          • HMV expected to consider emergency rights issue
                                                                                                                                                                                                                            • HMV sales rise after Brits
                                                                                                                                                                                                                              • HMV to close Brent Cross store
                                                                                                                                                                                                                                • HMV warns on profits
                                                                                                                                                                                                                                  • Spotify reaches one million listeners
                                                                                                                                                                                                                                    • Furniture retailing
                                                                                                                                                                                                                                      • Carpetright shuts Irish branches as sales drop over 50%
                                                                                                                                                                                                                                        • Dunelm chief plans multichannel push as profits rise
                                                                                                                                                                                                                                          • Land of Leather up for sale
                                                                                                                                                                                                                                            • Tile Depot planning another 15 stores
                                                                                                                                                                                                                                              • Home shopping
                                                                                                                                                                                                                                                • Asos launches Fashion Finder site
                                                                                                                                                                                                                                                  • Confetti to expand with party products
                                                                                                                                                                                                                                                    • Findel reports £80.5m fundraising
                                                                                                                                                                                                                                                      • Findel to restructure in bid to lift performance
                                                                                                                                                                                                                                                        • Net-a-Porter launches digital TV station
                                                                                                                                                                                                                                                          • Net-a-Porter menswear site launches
                                                                                                                                                                                                                                                            • Ocado acquires new plot for DC in Wimbledon
                                                                                                                                                                                                                                                              • Ocado expands to meet increased demand and better compete with Waitrose
                                                                                                                                                                                                                                                                • Ocado sees continued growth in 2011
                                                                                                                                                                                                                                                                  • Ocado shares fall as John Lewis sells stake
                                                                                                                                                                                                                                                                    • Health and beauty retailing
                                                                                                                                                                                                                                                                      • Shanghai Pharmaceuticals considering buying stake in Celesio
                                                                                                                                                                                                                                                                        • Book and stationery retailing
                                                                                                                                                                                                                                                                          • Clinton Cards to place Birthdays Ireland into liquidation
                                                                                                                                                                                                                                                                            • Foyles plans new Charing Cross flagship
                                                                                                                                                                                                                                                                              • WHSmith chief sells 27% of shares
                                                                                                                                                                                                                                                                                • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                  • Blacks Leisure chief executive Gillis resigns
                                                                                                                                                                                                                                                                                    • Blacks Leisure outgoing chief exec faces disqualification over Farepak collapse
                                                                                                                                                                                                                                                                                      • JJB Sports set for fight with landlords over second CVA
                                                                                                                                                                                                                                                                                        • JJB Sports confirms plans for CVA
                                                                                                                                                                                                                                                                                          • JJB Sports gets backing for £31.5m fundraising
                                                                                                                                                                                                                                                                                            • Sports Direct no longer under investigation – and completes re-financing project
                                                                                                                                                                                                                                                                                              • Sports Direct retail sales up 13.8%
                                                                                                                                                                                                                                                                                                • Jewellers
                                                                                                                                                                                                                                                                                                  • Albermarle & Bond retail sales drop
                                                                                                                                                                                                                                                                                                    • Ollie & Nic rescued from administration by former Principles boss
                                                                                                                                                                                                                                                                                                      • Toys and games retailing
                                                                                                                                                                                                                                                                                                        • Game new strategy aims to triple digital revenue
                                                                                                                                                                                                                                                                                                          • Game signs deal with Microsoft to sell downloads in store
                                                                                                                                                                                                                                                                                                            • Game to invest £15m in three year multi-channel strategy
                                                                                                                                                                                                                                                                                                              • Economy
                                                                                                                                                                                                                                                                                                                • BRC: UK retail sales values down 0.4%
                                                                                                                                                                                                                                                                                                                  • BRC: penalising successful retailers will damage Northern Ireland's reputation for retail
                                                                                                                                                                                                                                                                                                                    • CBI reports slow retail growth as prices rise to 1991 levels
                                                                                                                                                                                                                                                                                                                      • Government to introduce plain packaging for cigarettes and ban on retail displays
                                                                                                                                                                                                                                                                                                                        • Network Rail posts promising Q4 retail sales results
                                                                                                                                                                                                                                                                                                                          • ONS reports strong January sales figures
                                                                                                                                                                                                                                                                                                                            • Shop vacancy rates rise in 2010

                                                                                                                                                                                                                                                                                                                            Companies Covered

                                                                                                                                                                                                                                                                                                                            • Accessorize France
                                                                                                                                                                                                                                                                                                                            • Albemarle & Bond PLC
                                                                                                                                                                                                                                                                                                                            • Aldi
                                                                                                                                                                                                                                                                                                                            • Alexon Group Plc
                                                                                                                                                                                                                                                                                                                            • All Saints
                                                                                                                                                                                                                                                                                                                            • Alliance Boots
                                                                                                                                                                                                                                                                                                                            • Apax Partners
                                                                                                                                                                                                                                                                                                                            • Apple, Inc
                                                                                                                                                                                                                                                                                                                            • Arcadia Group
                                                                                                                                                                                                                                                                                                                            • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                            • ASOS
                                                                                                                                                                                                                                                                                                                            • Associated British Foods Plc
                                                                                                                                                                                                                                                                                                                            • Aurora Fashions
                                                                                                                                                                                                                                                                                                                            • B&Q Plc
                                                                                                                                                                                                                                                                                                                            • Bargain Booze Ltd
                                                                                                                                                                                                                                                                                                                            • BC Partners Ltd
                                                                                                                                                                                                                                                                                                                            • BDO Stoy Hayward
                                                                                                                                                                                                                                                                                                                            • Best Buy Co.
                                                                                                                                                                                                                                                                                                                            • Bhs Limited
                                                                                                                                                                                                                                                                                                                            • Biba
                                                                                                                                                                                                                                                                                                                            • Birthdays Ltd
                                                                                                                                                                                                                                                                                                                            • Blacks Outdoor Retail Ltd
                                                                                                                                                                                                                                                                                                                            • Blackstone Group (The)
                                                                                                                                                                                                                                                                                                                            • British Retail Consortium
                                                                                                                                                                                                                                                                                                                            • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                            • Carrefour
                                                                                                                                                                                                                                                                                                                            • Cash Converters Ltd
                                                                                                                                                                                                                                                                                                                            • Clinton Cards Plc
                                                                                                                                                                                                                                                                                                                            • Co-operative Group
                                                                                                                                                                                                                                                                                                                            • Confederation of British Industry
                                                                                                                                                                                                                                                                                                                            • Confetti
                                                                                                                                                                                                                                                                                                                            • Crew Clothing Co. Ltd
                                                                                                                                                                                                                                                                                                                            • Currys
                                                                                                                                                                                                                                                                                                                            • Debenhams Total
                                                                                                                                                                                                                                                                                                                            • Deloitte Touche Tohmatsu
                                                                                                                                                                                                                                                                                                                            • Deutsche Telekom AG
                                                                                                                                                                                                                                                                                                                            • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                            • Dunelm Group plc
                                                                                                                                                                                                                                                                                                                            • ECI Ventures
                                                                                                                                                                                                                                                                                                                            • Everything Everywhere Ltd
                                                                                                                                                                                                                                                                                                                            • Facebook, Inc.
                                                                                                                                                                                                                                                                                                                            • Farepak Ltd
                                                                                                                                                                                                                                                                                                                            • Fenchurch International Ltd
                                                                                                                                                                                                                                                                                                                            • Financial Times Group
                                                                                                                                                                                                                                                                                                                            • Findel plc
                                                                                                                                                                                                                                                                                                                            • Focus
                                                                                                                                                                                                                                                                                                                            • France Telecom SA
                                                                                                                                                                                                                                                                                                                            • Game Group plc
                                                                                                                                                                                                                                                                                                                            • Google, Inc.
                                                                                                                                                                                                                                                                                                                            • Grupo Inditex
                                                                                                                                                                                                                                                                                                                            • Halfords Ltd
                                                                                                                                                                                                                                                                                                                            • Harrods Group Total
                                                                                                                                                                                                                                                                                                                            • Harvey Nichols UK
                                                                                                                                                                                                                                                                                                                            • HMV Group
                                                                                                                                                                                                                                                                                                                            • Homebase Ltd
                                                                                                                                                                                                                                                                                                                            • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                            • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                            • Icelandic Group
                                                                                                                                                                                                                                                                                                                            • Institute of Grocery Distribution
                                                                                                                                                                                                                                                                                                                            • J Sainsbury
                                                                                                                                                                                                                                                                                                                            • Jack Wills Ltd
                                                                                                                                                                                                                                                                                                                            • Jaeger Company's Shops Ltd
                                                                                                                                                                                                                                                                                                                            • Jasper Conran
                                                                                                                                                                                                                                                                                                                            • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                            • JJB Sports Plc
                                                                                                                                                                                                                                                                                                                            • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                            • John Lewis Plc
                                                                                                                                                                                                                                                                                                                            • Joseph Group
                                                                                                                                                                                                                                                                                                                            • Kantar Media
                                                                                                                                                                                                                                                                                                                            • Karen Millen
                                                                                                                                                                                                                                                                                                                            • Kiddicare
                                                                                                                                                                                                                                                                                                                            • Kingfisher Group
                                                                                                                                                                                                                                                                                                                            • Krispy Kreme Doughnuts Inc.
                                                                                                                                                                                                                                                                                                                            • La Senza Ltd
                                                                                                                                                                                                                                                                                                                            • Land of Leather Ltd
                                                                                                                                                                                                                                                                                                                            • LG Electronics
                                                                                                                                                                                                                                                                                                                            • Lidl (UK)
                                                                                                                                                                                                                                                                                                                            • Limited Brands Inc
                                                                                                                                                                                                                                                                                                                            • Lion Capital
                                                                                                                                                                                                                                                                                                                            • Marks & Spencer
                                                                                                                                                                                                                                                                                                                            • Microsoft Corporation
                                                                                                                                                                                                                                                                                                                            • Monsoon Plc
                                                                                                                                                                                                                                                                                                                            • Morleys Stores Ltd
                                                                                                                                                                                                                                                                                                                            • Net-A-Porter Ltd
                                                                                                                                                                                                                                                                                                                            • New Look Group Plc
                                                                                                                                                                                                                                                                                                                            • Oasis Stores Ltd
                                                                                                                                                                                                                                                                                                                            • Ocado Ltd
                                                                                                                                                                                                                                                                                                                            • Oddbins Ltd
                                                                                                                                                                                                                                                                                                                            • Office for National Statistics
                                                                                                                                                                                                                                                                                                                            • Office of Fair Trading
                                                                                                                                                                                                                                                                                                                            • Ollie & Nic
                                                                                                                                                                                                                                                                                                                            • Orange plc (UK)
                                                                                                                                                                                                                                                                                                                            • Orange SA
                                                                                                                                                                                                                                                                                                                            • Paul Smith Ltd
                                                                                                                                                                                                                                                                                                                            • PC World (DSG UK Computing)
                                                                                                                                                                                                                                                                                                                            • Permira Advisers Ltd
                                                                                                                                                                                                                                                                                                                            • Phones 4U Ltd
                                                                                                                                                                                                                                                                                                                            • PizzaExpress Limited
                                                                                                                                                                                                                                                                                                                            • Prada (I Pellettieri d'Italia S.p.A.)
                                                                                                                                                                                                                                                                                                                            • Pret A Manger
                                                                                                                                                                                                                                                                                                                            • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                            • Ralph Lauren Ltd
                                                                                                                                                                                                                                                                                                                            • Richemont Group
                                                                                                                                                                                                                                                                                                                            • Rubicon
                                                                                                                                                                                                                                                                                                                            • Screwfix
                                                                                                                                                                                                                                                                                                                            • Selfridges Group
                                                                                                                                                                                                                                                                                                                            • Shop Direct Group
                                                                                                                                                                                                                                                                                                                            • Somerfield
                                                                                                                                                                                                                                                                                                                            • Sports Direct international
                                                                                                                                                                                                                                                                                                                            • Starbucks Corporation
                                                                                                                                                                                                                                                                                                                            • T-Mobile (UK) Ltd
                                                                                                                                                                                                                                                                                                                            • Tesco Personal Finance Limited
                                                                                                                                                                                                                                                                                                                            • Tesco Plc
                                                                                                                                                                                                                                                                                                                            • The Carphone Warehouse Ltd
                                                                                                                                                                                                                                                                                                                            • The Fairtrade Foundation
                                                                                                                                                                                                                                                                                                                            • The Hut.com
                                                                                                                                                                                                                                                                                                                            • The Jessops Group Ltd
                                                                                                                                                                                                                                                                                                                            • The TJX Companies
                                                                                                                                                                                                                                                                                                                            • Thorntons Plc
                                                                                                                                                                                                                                                                                                                            • Tile Depot
                                                                                                                                                                                                                                                                                                                            • Touchwood Shopping Centre
                                                                                                                                                                                                                                                                                                                            • Travis Perkins PLC
                                                                                                                                                                                                                                                                                                                            • Travis Perkins Retail
                                                                                                                                                                                                                                                                                                                            • Twitter, Inc.
                                                                                                                                                                                                                                                                                                                            • Urban Outfitters
                                                                                                                                                                                                                                                                                                                            • Victoria's Secret
                                                                                                                                                                                                                                                                                                                            • W&G Foyle Ltd
                                                                                                                                                                                                                                                                                                                            • Waitrose Ltd
                                                                                                                                                                                                                                                                                                                            • Walmart Stores (USA)
                                                                                                                                                                                                                                                                                                                            • Warehouse Ltd
                                                                                                                                                                                                                                                                                                                            • Waterstones Booksellers
                                                                                                                                                                                                                                                                                                                            • Westfield Group
                                                                                                                                                                                                                                                                                                                            • WH Smith PLC
                                                                                                                                                                                                                                                                                                                            • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                            • Woolworths Group plc
                                                                                                                                                                                                                                                                                                                            • YouTube, Inc.

                                                                                                                                                                                                                                                                                                                            UK Retail Briefing - March 2011

                                                                                                                                                                                                                                                                                                                            £295.00 (Excl.Tax)