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UK Retail Briefing - October 2010

There’s an old saying that “retail is detail” and it’s true. A great retailer gets the majority of things right most of the time. And perhaps it’s that consistency that marks out the truly great.

Another favourite quote is that:

“Happy families are all alike; every unhappy family is unhappy in its own way.”

– Anna Karenina – Tolstoy

And that applies to retailers as well. Tesco’s recent performance has sparked these thoughts because Tesco is a truly great retailer. But it has modelled itself on other equally successful retailers (in their time), such as Sainsbury’s and Carrefour.

It’s always hard to write about good companies – it’s always easier to stick the knife into bad ones – but there are two aspects of Tesco that we want to highlight.

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Table of contents

  1. Analyst Comment

    • What makes a great retailer?
      • 1. Management
        • 2. Strategy and planning
        • Headlines of the Month

          • Food retailers
            • Clothing retailers
              • Footwear
                • Multi-sector
                  • Department stores
                    • Electricals
                      • DIY retailing
                        • Furniture
                          • Home shopping
                            • Sports and leisure
                              • Toys and games
                                • Economy
                                • Retail Sales – Background and Outlook

                                  • Key points
                                    • Retail sales trends
                                      • Figure 1: Retail sales trends, 2009-10
                                    • BRC and ONS back into line
                                      • Figure 2: UK retail sales y/y growth, BRC vs ONS, 2009-10
                                    • John Lewis
                                      • Figure 3: John Lewis: Year-on-year growth, 2009-10
                                    • Inflation and wages
                                      • Figure 4: RPI vs Average weekly earnings growth, 2008-10
                                    • Inflation remains uncomfortably high
                                      • Figure 5: Annual percentage change in the Consumer Price Index for selected product groups, 2009-10
                                    • Looking forward
                                    • Sector Focus – Mixed Goods

                                        • Sales trends
                                          • Figure 6: Mixed goods retailers relative to all retail sales, 1999-2009
                                          • Figure 7: Mixed goods retail sales index: Percentage change on the same month a year earlier, 2010
                                          • Figure 8: Mixed goods retailers, sales trends, 2000-09
                                        • Retail price inflation
                                          • Consumer expenditure
                                            • Figure 9: Consumer expenditure on selected product categories (£m), 2005-09
                                          • Leading retailers
                                            • Figure 10: Mixed goods retailers – Leading operators, 2009/10
                                        • News Analysis

                                          • Grocers
                                            • Aldi posts £54 million loss
                                              • Asda
                                                • … invests £100 million in own-brand
                                                  • … loses grocery share
                                                    • … in the clear for takeover of Netto
                                                      • Grocers fight for Netto stores
                                                        • Iceland founder offers £1 billion to regain company
                                                          • Sainsbury’s
                                                            • … plans Chinese expansion
                                                              • … like-for-likes up 2.9%
                                                                • … expands Taste the Difference
                                                                  • … opens largest UK store
                                                                    • Tesco
                                                                      • … advances in Carrefour auction
                                                                        • … chief makes China vow
                                                                          • … profits climb 12.5%
                                                                            • … targets online expansion
                                                                              • … targets record Halloween
                                                                                • … to launch Baby World
                                                                                  • Waitrose
                                                                                    • … introduces eco-friendly packaging
                                                                                      • … to match Tesco
                                                                                        • Clothing retailing
                                                                                          • Sales grow for Inditex
                                                                                            • Alexon posts profit rise
                                                                                              • Confetti finds a buyer
                                                                                                • Evans launches Style369
                                                                                                  • Fashion retailers face cotton price pressure
                                                                                                    • Forever 21 to make UK debut
                                                                                                      • French Connection ‘back on track’
                                                                                                        • GIVe exits Regent Street
                                                                                                          • H&M
                                                                                                            • … delays growth
                                                                                                              • … opens online shop
                                                                                                                • Jaeger expands to Italy
                                                                                                                  • Kate Spade to make UK retail debut
                                                                                                                    • Laura Ashley plans standalone fashion
                                                                                                                      • Matalan chief exec to stand down
                                                                                                                        • Moss Bros sees losses soar
                                                                                                                          • New Look delays public offering
                                                                                                                            • Next
                                                                                                                              • … agrees Sears deal
                                                                                                                                • … meets profit forecasts
                                                                                                                                  • Peacocks calls off sale
                                                                                                                                    • Primark raises sales forecast
                                                                                                                                      • Ralph Lauren to open its first Rugby store in the UK
                                                                                                                                        • River Island
                                                                                                                                          • … family trust pays out £611 million dividend
                                                                                                                                            • … sees profits fall
                                                                                                                                              • Supergroup posts strong sales
                                                                                                                                                • Ted Baker sees profits rise
                                                                                                                                                  • To Let – London Designer Outlet
                                                                                                                                                    • Uniqlo expects profit fall
                                                                                                                                                      • White Stuff records sales rise
                                                                                                                                                        • Footwear retailing
                                                                                                                                                          • Brantano unveils growth plans
                                                                                                                                                            • Kurt Geiger sees profits soar
                                                                                                                                                              • Office attracts potential buyers
                                                                                                                                                                • Mixed goods retailing
                                                                                                                                                                  • Home Bargains warns of tough times ahead
                                                                                                                                                                    • Multi-sector retailing
                                                                                                                                                                      • Boots
                                                                                                                                                                        • … begins loyalty venture
                                                                                                                                                                          • … to axe 900 jobs
                                                                                                                                                                            • M&S reports like-for-like sales rise
                                                                                                                                                                              • Whitbread head given Kesa role
                                                                                                                                                                                • Department stores
                                                                                                                                                                                  • Beales posts like-for-like sales decline
                                                                                                                                                                                    • Debenhams forecasts higher profits
                                                                                                                                                                                      • Harrods boosts profits
                                                                                                                                                                                        • House of Fraser
                                                                                                                                                                                          • … considers new openings
                                                                                                                                                                                            • … posts sales rise
                                                                                                                                                                                              • John Lewis
                                                                                                                                                                                                • … extends price-matching policy
                                                                                                                                                                                                  • … posts strong sales and earnings
                                                                                                                                                                                                    • … sees sales rise
                                                                                                                                                                                                      • … to launch mobile phone website
                                                                                                                                                                                                        • DIY retailing
                                                                                                                                                                                                          • Kingfisher
                                                                                                                                                                                                            • … aims for overseas growth
                                                                                                                                                                                                              • … sees 23% profit rise
                                                                                                                                                                                                                • Topps Tiles forecasts sales rise
                                                                                                                                                                                                                  • Wickes like-for-likes grow 0.6%
                                                                                                                                                                                                                    • Electrical retailing
                                                                                                                                                                                                                      • Best Buy plans new stores
                                                                                                                                                                                                                        • Comet posts sales surge
                                                                                                                                                                                                                          • Phones4U attracts interest
                                                                                                                                                                                                                            • Blockbuster UK profits up
                                                                                                                                                                                                                              • Game posts £18 million loss
                                                                                                                                                                                                                                • Furniture retailing
                                                                                                                                                                                                                                  • IKEA posts sales rise
                                                                                                                                                                                                                                    • Homewares retailing
                                                                                                                                                                                                                                      • Dunelm
                                                                                                                                                                                                                                        • … posts sales growth
                                                                                                                                                                                                                                          • … reports profit rise
                                                                                                                                                                                                                                            • Home shopping
                                                                                                                                                                                                                                              • Amazon bids for Lovefilm
                                                                                                                                                                                                                                                • Findel appoints new chief executive
                                                                                                                                                                                                                                                  • Ideal Shopping returns to black
                                                                                                                                                                                                                                                    • JP Boden reports sales rise
                                                                                                                                                                                                                                                      • Park Group reports strong sales
                                                                                                                                                                                                                                                        • Book and stationery retailing
                                                                                                                                                                                                                                                          • Card Factory appoints development director
                                                                                                                                                                                                                                                            • Sports and leisure goods retailing
                                                                                                                                                                                                                                                              • JD Sports Fashion posts profit rise
                                                                                                                                                                                                                                                                • JJB Sports cuts losses
                                                                                                                                                                                                                                                                  • LGV Capital buys Snow & Rock
                                                                                                                                                                                                                                                                    • Toys and games retailing
                                                                                                                                                                                                                                                                      • Toy retailers sweep up
                                                                                                                                                                                                                                                                        • Specialist retailing
                                                                                                                                                                                                                                                                          • Halfords profits to rise 12%
                                                                                                                                                                                                                                                                            • Economy
                                                                                                                                                                                                                                                                              • Consumer confidence down
                                                                                                                                                                                                                                                                                • Food inflation hits 15-month high
                                                                                                                                                                                                                                                                                  • High street sales rise in September
                                                                                                                                                                                                                                                                                    • Retail sales decline in August
                                                                                                                                                                                                                                                                                      • Retailers plan VAT rise
                                                                                                                                                                                                                                                                                        • Retailers warn against business rate rises

                                                                                                                                                                                                                                                                                        UK Retail Briefing - October 2010

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