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UK Retail Briefing - November 2012

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

    • Morrisons – Still the smallest and weakest
      • Zero-sum game
        • But what about Morrisons?
          • Taking the management’s eye off the ball
            • Some progress
              • Still to do
                • The low point?
                • Retail Sales – Background and Outlook

                  • Key points
                    • Retail sales trends
                      • Figure 1: Retail sales trends, 2011-12
                    • BRC data for August
                      • Figure 2: UK retail sales y/y growth, BRC vs ONS, 2010-12
                    • John Lewis
                      • Figure 3: John Lewis: Year-on-year growth, 2011-12
                    • Inflation and wages
                      • Figure 4: RPI vs average weekly earnings growth, 2008-12
                    • Inflation
                      • Figure 5: Annual percentage change in the consumer price index for selected product groups, 2011-12
                    • Looking forward
                    • Sector Focus – Electrical Goods Specialists

                        • Mintel’s Tracker survey
                          • Figure 6: Mintel’s Tracker survey: Trends in activities done and consider to do, Jul-Oct 2012
                          • Figure 7: Trends in what extra money is spent on, Nov 2009-Oct 2012
                        • Retail sales and consumer spending
                            • Figure 8: Retail sales (inc vat), 2007-12
                            • Figure 9: Consumer spending (inc vat), 2007-11
                            • Figure 10: Year-on-year growth in consumer spending, Q1 and Q2 2012
                          • Comet’s administration: what happened?
                            • So what does Comet’s demise mean for the electrical specialists sector?
                              • Figure 11: Leading electrical goods specialists’ market shares, 2010 and 2011
                              • Figure 12: Leading electrical goods specialists’ revenues (excl vat), 2010-11
                          • Headlines for the Month

                            • Grocers
                              • Other food specialists
                                • Clothing retailing
                                  • Footwear retailing
                                    • Mixed goods retailing
                                      • Department stores
                                        • DIY retailing
                                          • Electrical retailing
                                            • Furniture retailing
                                              • Home shopping
                                                • Shopping centres
                                                  • Economy
                                                  • New Analysis

                                                    • Convenience stores
                                                      • UK: SPAR trials new look store
                                                        • Co-ops
                                                          • UK: Co-op
                                                            • …to close six more stores
                                                              • …launches Christmas savings scheme trust
                                                                • Grocers
                                                                  • UK: Asda
                                                                    • …to launch click-and-collect service
                                                                      • … to launch customer insight engine
                                                                        • UK: Booths reports fall in pre-tax profits
                                                                          • UK: Food labelling to be revised
                                                                            • UK: George takes 70% space at new 840,000 distribution centre
                                                                              • UK: Morrisons
                                                                                • …launches Morrisons Cellar online
                                                                                  • …reports fall in Q3 sales
                                                                                    • UK: Sainsbury's
                                                                                      • …grabs entertainment share from rivals
                                                                                        • …to manage hospital pharmacies
                                                                                          • …launches new scan and shop app
                                                                                            • …to trial mobile phone shop-in-shops
                                                                                              • …records strong market share growth
                                                                                                • UK: Tesco
                                                                                                  • …invests £25m in UK farming
                                                                                                    • …named top UK retailer on climate change
                                                                                                      • …sells Fresh & Easy products in UK stores
                                                                                                        • …targets on-the-go shoppers with online commuter zone
                                                                                                          • …Tesco trials new delivery system
                                                                                                            • …to deliver Clubcard rewards digitally
                                                                                                              • UK: Waitrose
                                                                                                                • …achieve zero food waste to landfill aim ahead of target
                                                                                                                  • …looks to expand loyalty scheme
                                                                                                                    • …to donate £1 million to charity
                                                                                                                      • …grabs highest grocery market share in its history
                                                                                                                        • UK: Whole Foods Market opens in Cheltenham
                                                                                                                          • Other food specialists
                                                                                                                            • UK: Greggs releases interim results
                                                                                                                              • UK: Thorntons reports 1.7% decline in like-for-like sales
                                                                                                                                • Clothing retailing
                                                                                                                                  • UK: All Saints profits plunge
                                                                                                                                    • UK: Alfred Dunhill appoints new CEO
                                                                                                                                      • UK: Arcadia increases use of UK factories
                                                                                                                                        • UK: Aurora Fashions to launch 60-minute delivery option in 2013
                                                                                                                                          • UK: Ben Sherman's chief executive to depart
                                                                                                                                            • UK: Blue Inc expects Christmas cheer as full-year profits soar
                                                                                                                                              • UK: Burberry
                                                                                                                                                • …posts profit rise
                                                                                                                                                  • …reports 8% rise in sales
                                                                                                                                                    • UK: Calvin Klein brands to be reunited
                                                                                                                                                      • UK: Chanel acquires Barrie Knitwear
                                                                                                                                                        • UK: Diesel confirms appointment of new creative director
                                                                                                                                                          • UK: Esprit plans brand revival
                                                                                                                                                            • UK: Fashion will dominate in the eastern Oxford St revamp
                                                                                                                                                              • UK: Firetrap team awaits news on job losses
                                                                                                                                                                • UK: Guess? appoints new managing director
                                                                                                                                                                  • UK: H&M reports 6% boost in September sales
                                                                                                                                                                    • UK: Hackett reports 30% rise in profits
                                                                                                                                                                      • UK: Hobbs looks to target office workers with pop-up shops
                                                                                                                                                                        • UK: Jack Wills to axe sister brand
                                                                                                                                                                          • UK: Jacques Vert
                                                                                                                                                                            • …boss Paul Allen to stand down
                                                                                                                                                                              • …to axe brands
                                                                                                                                                                                • UK: Jaeger makes Stewart Binnie executive chairman
                                                                                                                                                                                  • UK: Joules returns to profit
                                                                                                                                                                                    • UK: LVMH
                                                                                                                                                                                      • …to sell fastest-growing fashion brands
                                                                                                                                                                                        • …reports increase in revenue
                                                                                                                                                                                          • UK: Longchamp opens eighth Hong Kong store
                                                                                                                                                                                            • UK: Matalan appoints new chairman
                                                                                                                                                                                              • UK: Michael Kors to open store in Covent Garden
                                                                                                                                                                                                • UK: Moss Bros appoints new non-exec director
                                                                                                                                                                                                  • UK: Mulberry issues profit warning
                                                                                                                                                                                                    • UK: New Look inform suppliers financial position is healthy
                                                                                                                                                                                                      • UK: Next 3rd quarter trading figures
                                                                                                                                                                                                        • UK: Primark reports 15% boost in revenue
                                                                                                                                                                                                          • UK: SuperGroup experiences sales boost
                                                                                                                                                                                                            • UK: Thomas Pink introduces one-touch technology
                                                                                                                                                                                                              • UK: TJX UK announces 62% drop in pre-tax profit
                                                                                                                                                                                                                • UK: Victoria’s Secret to open UK stores outside of London
                                                                                                                                                                                                                  • UK: Whistles plans new flagship store
                                                                                                                                                                                                                    • UK: White Stuff chief executive steps downs
                                                                                                                                                                                                                      • UK: Wilkies secured through management buy-out
                                                                                                                                                                                                                        • Footwear retailing
                                                                                                                                                                                                                          • UK: Clarks’ online kids’ shoes offer proves successful
                                                                                                                                                                                                                            • UK: Dune Group reports 13% rise in sales
                                                                                                                                                                                                                              • UK: Office to open first out of town store
                                                                                                                                                                                                                                • UK: Russell & Bromley reports rise in profits
                                                                                                                                                                                                                                  • UK: Ugg to open new concept store
                                                                                                                                                                                                                                    • Multi-sector retailers
                                                                                                                                                                                                                                      • UK: Marks & Spencer
                                                                                                                                                                                                                                        • …slides again
                                                                                                                                                                                                                                          • …first-half profits fall
                                                                                                                                                                                                                                            • …launches in-store next day delivery service
                                                                                                                                                                                                                                              • Mixed goods retailing
                                                                                                                                                                                                                                                • UK: Argos
                                                                                                                                                                                                                                                  • …expected to accelerate store closures
                                                                                                                                                                                                                                                    • …to leave catalogue heritage behind
                                                                                                                                                                                                                                                      • UK: B&M attracts private equity bids
                                                                                                                                                                                                                                                        • UK: Home Bargains reports 42% rise in pre-tax profit
                                                                                                                                                                                                                                                          • UK: The Original Factory Shop
                                                                                                                                                                                                                                                            • …reports 30% rise in pre-tax profits
                                                                                                                                                                                                                                                              • …sees earnings drop despite revenue growth
                                                                                                                                                                                                                                                                • Department stores
                                                                                                                                                                                                                                                                  • UK: Debenhams
                                                                                                                                                                                                                                                                    • …sees strong full-year results
                                                                                                                                                                                                                                                                      • …to open store in Wandsworth, London
                                                                                                                                                                                                                                                                        • UK: Fenwick reports fall in profits and turnover
                                                                                                                                                                                                                                                                          • UK: Harrods opens new distribution centre
                                                                                                                                                                                                                                                                            • UK: Harvey Nichols opens pop-up shop in Liverpool
                                                                                                                                                                                                                                                                              • UK: House of Fraser plans to double turnover from multichannel division
                                                                                                                                                                                                                                                                                • UK: John Lewis opens its first full line flexible department store
                                                                                                                                                                                                                                                                                  • UK: Liberty’s head accessories buyer exits
                                                                                                                                                                                                                                                                                    • UK: Selfridges
                                                                                                                                                                                                                                                                                      • …appoints director of multichannel
                                                                                                                                                                                                                                                                                        • …sales break through £1 billion barrier
                                                                                                                                                                                                                                                                                          • DIY retailing
                                                                                                                                                                                                                                                                                            • UK: B&Q sublets store to Asda
                                                                                                                                                                                                                                                                                              • UK: Homebase to close 40 stores in next five years
                                                                                                                                                                                                                                                                                                • UK: Kingfisher to invest £60 million in multi-channel retailing
                                                                                                                                                                                                                                                                                                  • UK: Travis Perkins reports sales slump
                                                                                                                                                                                                                                                                                                    • Electrical retailing
                                                                                                                                                                                                                                                                                                      • UK: Apple retail boss in shock departure
                                                                                                                                                                                                                                                                                                        • UK: Comet
                                                                                                                                                                                                                                                                                                          • …launches personalised e-gift card service
                                                                                                                                                                                                                                                                                                            • …likely to file for administration
                                                                                                                                                                                                                                                                                                              • …management confirms plan to enter administration next week
                                                                                                                                                                                                                                                                                                                • …owner OpCapita among its creditors
                                                                                                                                                                                                                                                                                                                  • …to accept gift cards again
                                                                                                                                                                                                                                                                                                                    • …to launch Clearance Sale
                                                                                                                                                                                                                                                                                                                      • UK: Dixons to recruit over 3,000 Christmas workers
                                                                                                                                                                                                                                                                                                                        • UK: Maplin secures £20 million to fund expansion
                                                                                                                                                                                                                                                                                                                          • Carpet retailing
                                                                                                                                                                                                                                                                                                                            • UK: Carpetright sees like-for-likes steadily increase
                                                                                                                                                                                                                                                                                                                              • Furniture retailing
                                                                                                                                                                                                                                                                                                                                • UK: DFS reports record results
                                                                                                                                                                                                                                                                                                                                  • UK: Dreams' chairman steps down
                                                                                                                                                                                                                                                                                                                                    • UK: Ikea sees sales surge in the UK
                                                                                                                                                                                                                                                                                                                                      • Home shopping
                                                                                                                                                                                                                                                                                                                                        • UK: Abel & Cole
                                                                                                                                                                                                                                                                                                                                          • …nears sale
                                                                                                                                                                                                                                                                                                                                            • …sale confirmed
                                                                                                                                                                                                                                                                                                                                              • UK: Amazon
                                                                                                                                                                                                                                                                                                                                                • …considers bid for Asos
                                                                                                                                                                                                                                                                                                                                                  • …introduces collection lockers to Martin McColl stores
                                                                                                                                                                                                                                                                                                                                                    • UK: Asos
                                                                                                                                                                                                                                                                                                                                                      • …faces staff departures
                                                                                                                                                                                                                                                                                                                                                        • …hires former M&S retail chief
                                                                                                                                                                                                                                                                                                                                                          • …reports 31.7% rise in pre-tax profits
                                                                                                                                                                                                                                                                                                                                                            • …shares fall as directors sell £50m of shares
                                                                                                                                                                                                                                                                                                                                                              • …to launch local language sites in Russia and China
                                                                                                                                                                                                                                                                                                                                                                • UK: eBay relaunches website
                                                                                                                                                                                                                                                                                                                                                                  • UK: My-Wardrobe to focus on womenswear
                                                                                                                                                                                                                                                                                                                                                                    • UK: N Brown reports 4.5% fall in profits
                                                                                                                                                                                                                                                                                                                                                                      • UK: Ocado
                                                                                                                                                                                                                                                                                                                                                                        • …close to covenants breach
                                                                                                                                                                                                                                                                                                                                                                          • …head of non-food business set to leave
                                                                                                                                                                                                                                                                                                                                                                            • UK: Play.com launches online marketplace
                                                                                                                                                                                                                                                                                                                                                                              • UK: Shop Direct reduce pre-tax losses by 37%
                                                                                                                                                                                                                                                                                                                                                                                • UK: Simply Be look to recruit empathetic staff size 14 and over
                                                                                                                                                                                                                                                                                                                                                                                  • UK: The Hut Group acquires Morrisons finance boss
                                                                                                                                                                                                                                                                                                                                                                                    • UK: Wiggle reports 23% profit boost
                                                                                                                                                                                                                                                                                                                                                                                      • Health and beauty retailing
                                                                                                                                                                                                                                                                                                                                                                                        • UK: Boots to trial use of iPads in 30 stores
                                                                                                                                                                                                                                                                                                                                                                                          • Music and video goods retailing
                                                                                                                                                                                                                                                                                                                                                                                            • UK: HMV
                                                                                                                                                                                                                                                                                                                                                                                              • …appoints business relationships managers
                                                                                                                                                                                                                                                                                                                                                                                                • …trials online marketplace
                                                                                                                                                                                                                                                                                                                                                                                                  • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Paperchase opens first airport store
                                                                                                                                                                                                                                                                                                                                                                                                      • UK: WH Smith
                                                                                                                                                                                                                                                                                                                                                                                                        • …CEO to step down
                                                                                                                                                                                                                                                                                                                                                                                                          • …to introduce new travel store format
                                                                                                                                                                                                                                                                                                                                                                                                            • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                                                                                              • UK: JD Sports announces new JD Pro format
                                                                                                                                                                                                                                                                                                                                                                                                                • UK: JJB stores targeted by value retailers
                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Sports Direct
                                                                                                                                                                                                                                                                                                                                                                                                                    • …refuses to assist Firetrap stockists
                                                                                                                                                                                                                                                                                                                                                                                                                      • …reports Q2 sales boost
                                                                                                                                                                                                                                                                                                                                                                                                                        • Jewellers
                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Pandora reports boost in Q3 revenue
                                                                                                                                                                                                                                                                                                                                                                                                                            • Toys and games retailing
                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: LEGO to open 10th UK store
                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: The Entertainer announces 24.2% rise in pre-tax profit
                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Toys R Us UK profits halve as it opens stores
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Miscellaneous specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Mothercare warns international targets will be 'a challenge'
                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: 02 to franchise a quarter of company-owned stores
                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Pets at Home reports profit rise
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Shopping centres
                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Eagle One receives planning permission for retail and outdoor lifestyle shopping centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Westfield Stratford reports sales of £896 million in first year
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Bluewater reports 6.6% rise in sales in September
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: BRC
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • …reports weakest sales growth in 11 months
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • …October shop price inflation jumps
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • …retailers argue case against business rates rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • …lambastes business rate rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Disposable income continues to rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: ONS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • …UK economy returns to growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …UK retail sales up 0.6% in September
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Retailers push for extended Sunday Christmas trading
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Retail employment shows record growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Scotland records 1% rise in total sales in September
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Senior representatives from the Distressed Retail Property Taskforce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: 32 shops close in Britain each day

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                UK Retail Briefing - November 2012

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