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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

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • 99p Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Abel & Cole
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Aldi
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • All Saints
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Alliance Boots
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Alliance Boots UK Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Amazon.com Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Apax Partners
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Apple Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Apple, Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Arcadia Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Argos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • ASOS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • ASOS (International retail sales)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • ASOS (UK retail sales)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Aunt Bessie's
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Aurora Fashions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • B&M Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Barclays Bank plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • BC Partners Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ben Sherman
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Best Buy Co.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Blacks Outdoor Division Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bluewater Shopping Centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bridgepoint Capital
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • British Broadcasting Corporation (BBC)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • British Retail Consortium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Burton old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • C&J Clark Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Calvin Klein, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Carlson Companies Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Carpetright Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Carpetright Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Chanel Ltd (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Cinven Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Co-operative Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Comet Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • CoolBrands International Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Currys
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Darty France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Darty Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dash Ireland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dawson International PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Debenhams (UK and Republic of Ireland)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Deloitte Touche Tohmatsu
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • DFS Furniture Holdings Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Diesel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dorothy Perkins old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dreams Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dune Footwear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dune Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • eBay Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • EH Booth & Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Esprit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Exponent Private Equity LLP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Facebook, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Farepak Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fenwick Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial Times Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Firetrap
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fresh & Easy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Gerry Weber
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Greggs Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Grupo Inditex
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Guess
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Habitat
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Hackett Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Harrods Group Total
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Harvey Nichols UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • HBOS plc (Halifax Bank of Scotland)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • HMV Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Hobbs Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Home Retail Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Homebase Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • IKEA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Jack Wills Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Jacques Vert Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Jaeger Company's Shops Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • JJB Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • JJB Sports Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Joules
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kantar Media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kingfisher Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kingfisher UK & Ireland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lakeland Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Land Securities Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • LEGO Company
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Liberty Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lion Capital
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lipsy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Little Waitrose
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lloyds Banking Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Longchamp
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • LOVEFiLM International Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • LVMH Moët Hennessy Louis Vuitton SA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Maplin Electronics Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Marks & Spencer (UK) clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Matalan Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • McColl's Retail Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Moss Bros Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mothercare Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mulberry Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • My-Wardrobe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • N Brown Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Nectar
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • NFU Mutual
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • O2 / Telefonica UK (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Oasis Fashions Ltd - UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ocado
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ocado Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Office for National Statistics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Office Holdings Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Pandora Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Paperchase Products Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • PC World (DSG UK Computing)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Pets at Home Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Phase Eight Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Phillips-Van Heusen Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Pied a Terre Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • PizzaExpress Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • PricewaterhouseCoopers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Procter & Gamble Company (The)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Rakuten
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Reuters Group PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Richemont Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Royal Bank of Scotland Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Russell & Bromley Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Screwfix UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sears Holdings Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Selfridges Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Selfridges Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Shop Direct Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Spar UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sports Direct Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sports Direct UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Staples, Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • SuperGroup Plc (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tesco Express (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Booksellers Association
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Dreyfus Corporation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Entertainer (Amersham) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Hut Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Original Factory Shop Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The TJX Companies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Thomas Pink
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Thorntons Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • TJ Morris Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Toolstation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Toys R Us
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Travis Perkins PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Victoria's Secret
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Waitrose
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Walmart Stores (USA)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Warnaco Group Inc., The
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Westfield Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • WH Smith PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Whistles Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • White Stuff Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Whole Foods Market (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Wickes Building Supplies Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Wiggle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Wilkies Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • William Jackson & Son Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Wren Kitchens

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                UK Retail Briefing - November 2012

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                US $366.54 (Excl.Tax)