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UK Retail Briefing - September 2012

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

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Table of contents

  1. Analyst Comment

    • The perils of vertical integration
      • It won’t happen – but …
        • One the great retail success stories of the last few years
          • But what happens if Apple loses that lead?
            • So what should the Apple stores be doing?
            • Headlines for the Month

              • Convenience stores
                • Grocers
                  • Other food specialists
                    • Clothing retailing
                      • Mixed goods retailing
                        • Department stores
                          • Music and video goods retailing
                            • Electrical retailing
                              • Furniture retailing
                                • Home shopping
                                  • Health and beauty retailing
                                    • Sports and leisure goods retailing
                                      • Garden centres
                                        • Economy
                                        • 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: DIY, Furniture, and Floorcoverings Specialists

                                                • Mintel’s Tracker survey
                                                  • Figure 6: Mintel consumer tracker: Trends in activities done and consider to do, Jun-Aug 2012
                                                  • Figure 7: Mintel consumer tracker: Agreement that extra money is spent on furniture/home improvements/décor, Nov 2009-Aug 2012
                                                • Retail sales and consumer spending
                                                    • Figure 8: Retail sales, 2007-12
                                                    • Figure 9: Furniture/floorcoverings/DIY specialists’ sales as % of all retail sales, 2007-12
                                                    • Figure 10: Consumer spending, 2007-12
                                                    • Figure 11: Floorcovering specialists: Share of consumer spending on floorcoverings, 2007-12
                                                  • Leading retailers
                                                    • Floorcoverings
                                                      • Furniture
                                                        • Figure 12: Leading furniture specialists by revenues, 2010/11-2011/12
                                                      • DIY
                                                        • Figure 13: Leading DIY specialists by revenues, 2010/11-2011/12
                                                    • News Analysis

                                                      • Convenience stores
                                                        • Costcutter
                                                          • …reports 4% rise in sales in H1
                                                            • …appoints former head of Clintons as new CEO
                                                              • Spar to roll out second phase of S Budget range
                                                                • Grocers
                                                                  • Asda
                                                                    • …announces small like-for-like sales rise
                                                                      • …launches baby site
                                                                        • …Asda and Sainsbury's see market growth
                                                                          • Booths begins roll-out of new store format
                                                                            • Iceland appoints new international business director
                                                                              • Morrisons
                                                                                • …launches new voucher scheme
                                                                                  • …sales figures expected to be down
                                                                                    • …reports 0.9% fall in like-for-likes
                                                                                      • …urges consistency in food labelling
                                                                                        • Tesco
                                                                                          • …acquires eBook platform provider
                                                                                            • …announces new food delivery offer
                                                                                              • …sale and leaseback deal
                                                                                                • …green light for new store and homes development
                                                                                                  • …launches in-store Disc-on-Demand service
                                                                                                    • …reveals improved food labelling
                                                                                                      • …secures planning consent for Norfolk store
                                                                                                        • Waitrose set for growth
                                                                                                          • Co-op profits tumble 16%
                                                                                                            • Other food specialists
                                                                                                              • Julian Graves disappears from the high street
                                                                                                                • Hotel Chocolat to open more stores
                                                                                                                  • Clothing retailing
                                                                                                                    • Jane Norman to close its London headquarters
                                                                                                                      • Ann Summers launches interactive lingerie app
                                                                                                                        • Aquascutum hunts for new London flagship
                                                                                                                          • Arcadia to change sourcing strategy
                                                                                                                            • Armani Exchange to open in Wales
                                                                                                                              • Barnardo’s introduces high fashion charity store
                                                                                                                                • Bestseller to open four new Jack & Jones stores in the UK
                                                                                                                                  • Blue Inc set for international expansion
                                                                                                                                    • Burberry opens new Regent Street store
                                                                                                                                      • Eileen Fisher plans to increase presence in UK
                                                                                                                                        • Fat Face reports 7% increase in sales and steadying profits
                                                                                                                                          • Fred Perry receives damages from Arcadia
                                                                                                                                            • H&M reports 2% rise in like-for-like sales
                                                                                                                                              • Hackett to re-launch e-commerce platform
                                                                                                                                                • J Crew in process of securing first UK store
                                                                                                                                                  • Jack Wills appoints former marketing boss of Vodafone for new role
                                                                                                                                                    • Jacques Vert to merge Irisa HQ with London head office
                                                                                                                                                      • Jaeger sales rise thanks to Better Capital
                                                                                                                                                        • New Look restarts hunt for chief executive
                                                                                                                                                          • Primark reports 17% boost in sales
                                                                                                                                                            • Rampant Sporting goes up for sale
                                                                                                                                                              • Reiss launches revamped website
                                                                                                                                                                • Republic attracts premium menswear brands in upmarket repositioning move
                                                                                                                                                                  • River Island set to launch accessories range designed by bloggers
                                                                                                                                                                    • Select to launch new label targeting mid-market
                                                                                                                                                                      • SuperGroup co-founder exits
                                                                                                                                                                        • The Original Factory Shop to add fashion and footwear to its online range
                                                                                                                                                                          • Topman in search for new managing director
                                                                                                                                                                            • Whistles buys back shares from Icelandic government
                                                                                                                                                                              • White Stuff
                                                                                                                                                                                • …pre-tax profits fall 81%
                                                                                                                                                                                  • …to launch new smart range
                                                                                                                                                                                    • Longchamp to open new store
                                                                                                                                                                                      • Footwear retailing
                                                                                                                                                                                        • Clarks to launch collection in Debenhams
                                                                                                                                                                                          • Kurt Geiger to close stores
                                                                                                                                                                                            • Mixed goods retailing
                                                                                                                                                                                              • Poundstretcher’s chief executive steps down after three months
                                                                                                                                                                                                • Poundworld takes store count to 200
                                                                                                                                                                                                  • Wilkinson
                                                                                                                                                                                                    • …reports 62.6% fall in pre-tax profit
                                                                                                                                                                                                      • …reveals new store format
                                                                                                                                                                                                        • …asks staff to take voluntary drop in hours
                                                                                                                                                                                                          • Multi-sector retailing
                                                                                                                                                                                                            • Matalan to invest in multichannel and ecommerce operations
                                                                                                                                                                                                              • Westfield’s H1 net profit boosted to £534.4 million
                                                                                                                                                                                                                • M&S
                                                                                                                                                                                                                  • …poaches senior House of Fraser executive
                                                                                                                                                                                                                    • …to sell wine and clothing with iPads
                                                                                                                                                                                                                      • …focuses on digital
                                                                                                                                                                                                                        • …introduces contactless payment in London stores
                                                                                                                                                                                                                          • Department stores
                                                                                                                                                                                                                            • Allders to close
                                                                                                                                                                                                                              • Debenhams
                                                                                                                                                                                                                                • …expands footwear range
                                                                                                                                                                                                                                  • …reports boost in homeware and furniture sales
                                                                                                                                                                                                                                    • John Lewis
                                                                                                                                                                                                                                      • …and M&S to open at new development in York
                                                                                                                                                                                                                                        • …announces further details for pop-up shop
                                                                                                                                                                                                                                          • …given the go ahead for new Essex store
                                                                                                                                                                                                                                            • …to open first flexible department store
                                                                                                                                                                                                                                              • M&Co welcomed by House of Fraser
                                                                                                                                                                                                                                                • Music and video goods retailing
                                                                                                                                                                                                                                                  • HMV
                                                                                                                                                                                                                                                    • …to become "portable entertainment" specialist through partnerships with digital firms
                                                                                                                                                                                                                                                      • …to launch web-based in-store service, myhmv
                                                                                                                                                                                                                                                        • …to open new format store with café and wi-fi
                                                                                                                                                                                                                                                          • Electrical retailing
                                                                                                                                                                                                                                                            • Carphone Warehouse
                                                                                                                                                                                                                                                              • …introduces mobile payments app
                                                                                                                                                                                                                                                                • …appoints new retail director
                                                                                                                                                                                                                                                                  • Dixons
                                                                                                                                                                                                                                                                    • …increases Pixmania stake
                                                                                                                                                                                                                                                                      • …reports positive first quarter results
                                                                                                                                                                                                                                                                        • Everything Everywhere strikes deal with Mastercard for mobile payments
                                                                                                                                                                                                                                                                          • Jessops appoints new Chief Operating Officer
                                                                                                                                                                                                                                                                            • Furniture retailing
                                                                                                                                                                                                                                                                              • Bathstore to be transformed into omnichannel business
                                                                                                                                                                                                                                                                                • Dwell focuses on multichannel offer with appointment of new director
                                                                                                                                                                                                                                                                                  • Jysk to expand in the UK
                                                                                                                                                                                                                                                                                    • Home shopping
                                                                                                                                                                                                                                                                                      • Amazon
                                                                                                                                                                                                                                                                                        • …2000+ jobs at new fulfilment centres
                                                                                                                                                                                                                                                                                          • …launches Amazon Local daily deals site
                                                                                                                                                                                                                                                                                            • …launches Appstore in Europe
                                                                                                                                                                                                                                                                                              • …to deliver parcels to corner shops and newsagents
                                                                                                                                                                                                                                                                                                • EBay reports 28.2% boost in sales volume
                                                                                                                                                                                                                                                                                                  • Farfetch.com signs two new stores as part of strategic growth plans
                                                                                                                                                                                                                                                                                                    • Ocado
                                                                                                                                                                                                                                                                                                      • …announces plan to stimulate growth through price war
                                                                                                                                                                                                                                                                                                        • …defends itself after analysts raise banking concerns
                                                                                                                                                                                                                                                                                                          • Play.com
                                                                                                                                                                                                                                                                                                            • …generates £2 million sales through Facebook
                                                                                                                                                                                                                                                                                                              • …to encourage consumer interaction with social media loyalty scheme
                                                                                                                                                                                                                                                                                                                • Social shopping expected to rise 44% by 2014
                                                                                                                                                                                                                                                                                                                  • Wiggle reports record week following British cycling success
                                                                                                                                                                                                                                                                                                                    • Health and beauty retailing
                                                                                                                                                                                                                                                                                                                      • Boots partners with Musgrave to launch new food offer
                                                                                                                                                                                                                                                                                                                        • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                          • UK: Discount bookseller reports sales growth
                                                                                                                                                                                                                                                                                                                            • UK: WHSmith’s full-year results expected to be at top end of market expectations
                                                                                                                                                                                                                                                                                                                              • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                • JD Sports to acquire OneTrueSaxon and dispose of Canterbury
                                                                                                                                                                                                                                                                                                                                  • JJB
                                                                                                                                                                                                                                                                                                                                    • …given two weeks to submit survival plan
                                                                                                                                                                                                                                                                                                                                      • …shareholder Dick's writes off investment
                                                                                                                                                                                                                                                                                                                                        • …up for sale
                                                                                                                                                                                                                                                                                                                                          • …is eyed by Jon Moulton's Better Capital
                                                                                                                                                                                                                                                                                                                                            • …second largest shareholder reduces stake in the business
                                                                                                                                                                                                                                                                                                                                              • …founder eyes 40 stores
                                                                                                                                                                                                                                                                                                                                                • …founder raises concerns over retailer’s future
                                                                                                                                                                                                                                                                                                                                                  • …Jon Moulton pulls out of the race to buy JJB
                                                                                                                                                                                                                                                                                                                                                    • …more than ten companies in the running for JJB
                                                                                                                                                                                                                                                                                                                                                      • Sports Direct sales reports strong sales
                                                                                                                                                                                                                                                                                                                                                        • Garden centres
                                                                                                                                                                                                                                                                                                                                                          • Next begins garden centre roll out
                                                                                                                                                                                                                                                                                                                                                            • Tesco’s Dobbies Garden Centres reports 22% sales boost
                                                                                                                                                                                                                                                                                                                                                              • Toys and games retailing
                                                                                                                                                                                                                                                                                                                                                                • The Entertainer reports 12.3% like-for-like sales boost
                                                                                                                                                                                                                                                                                                                                                                  • Miscellaneous specialist retailing
                                                                                                                                                                                                                                                                                                                                                                    • Mothercare
                                                                                                                                                                                                                                                                                                                                                                      • …unveils new revamped store
                                                                                                                                                                                                                                                                                                                                                                        • …welcomes Jools Oliver’s Little Bird range
                                                                                                                                                                                                                                                                                                                                                                          • Economy
                                                                                                                                                                                                                                                                                                                                                                            • BRC
                                                                                                                                                                                                                                                                                                                                                                              • …urges business rates freeze for 2013
                                                                                                                                                                                                                                                                                                                                                                                • …e-crime is largest emerging threat to retail
                                                                                                                                                                                                                                                                                                                                                                                  • …Q2 footfall figures show further decline
                                                                                                                                                                                                                                                                                                                                                                                    • …Sunday trading reform losing momentum
                                                                                                                                                                                                                                                                                                                                                                                      • …retail sales suffer during Olympics
                                                                                                                                                                                                                                                                                                                                                                                        • Government to invest £5.5 million in high street revival
                                                                                                                                                                                                                                                                                                                                                                                          • ONS
                                                                                                                                                                                                                                                                                                                                                                                            • …inflation rises to 2.6% in July
                                                                                                                                                                                                                                                                                                                                                                                              • …July retail sales up 0.5%
                                                                                                                                                                                                                                                                                                                                                                                                • …weak sales forecast despite encouraging June
                                                                                                                                                                                                                                                                                                                                                                                                  • July sees highest online growth of 2012
                                                                                                                                                                                                                                                                                                                                                                                                    • Small stores call for supermarket tax
                                                                                                                                                                                                                                                                                                                                                                                                      • Store total falls for first time in over a decade
                                                                                                                                                                                                                                                                                                                                                                                                        • Government called on to change current pricing laws
                                                                                                                                                                                                                                                                                                                                                                                                          • Vacancy rates rise to 14.6%
                                                                                                                                                                                                                                                                                                                                                                                                            • Use of Contactless Payment technology is gaining momentum

                                                                                                                                                                                                                                                                                                                                                                                                            Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                            • Aldi
                                                                                                                                                                                                                                                                                                                                                                                                            • Allders Croydon Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Alliance Boots
                                                                                                                                                                                                                                                                                                                                                                                                            • Amazon.com Inc
                                                                                                                                                                                                                                                                                                                                                                                                            • Ann Summers Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Apple, Inc
                                                                                                                                                                                                                                                                                                                                                                                                            • Aquascutum Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                            • Aquila Brands
                                                                                                                                                                                                                                                                                                                                                                                                            • Arcadia Group
                                                                                                                                                                                                                                                                                                                                                                                                            • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Associated British Foods Plc
                                                                                                                                                                                                                                                                                                                                                                                                            • Association of Convenience Stores
                                                                                                                                                                                                                                                                                                                                                                                                            • Barclaycard
                                                                                                                                                                                                                                                                                                                                                                                                            • Barclays Bank plc
                                                                                                                                                                                                                                                                                                                                                                                                            • Barnardo's
                                                                                                                                                                                                                                                                                                                                                                                                            • Bathstore.com Plc
                                                                                                                                                                                                                                                                                                                                                                                                            • Best Buy Co.
                                                                                                                                                                                                                                                                                                                                                                                                            • Bestseller
                                                                                                                                                                                                                                                                                                                                                                                                            • Biba
                                                                                                                                                                                                                                                                                                                                                                                                            • Blinkbox
                                                                                                                                                                                                                                                                                                                                                                                                            • British Broadcasting Corporation (BBC)
                                                                                                                                                                                                                                                                                                                                                                                                            • British Olympic Association
                                                                                                                                                                                                                                                                                                                                                                                                            • British Retail Consortium
                                                                                                                                                                                                                                                                                                                                                                                                            • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                            • C&J Clark Group
                                                                                                                                                                                                                                                                                                                                                                                                            • CBRE | Melody
                                                                                                                                                                                                                                                                                                                                                                                                            • Cheltenham & Gloucester plc
                                                                                                                                                                                                                                                                                                                                                                                                            • Citizens Advice Bureau
                                                                                                                                                                                                                                                                                                                                                                                                            • Clinton Cards Plc
                                                                                                                                                                                                                                                                                                                                                                                                            • Co-operative Group
                                                                                                                                                                                                                                                                                                                                                                                                            • Costa
                                                                                                                                                                                                                                                                                                                                                                                                            • Costcutter Supermarkets Group
                                                                                                                                                                                                                                                                                                                                                                                                            • CVC Capital Partners Limited
                                                                                                                                                                                                                                                                                                                                                                                                            • Debenhams (UK and Republic of Ireland)
                                                                                                                                                                                                                                                                                                                                                                                                            • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                                                                                                                                                            • Decathlon Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Department of Health
                                                                                                                                                                                                                                                                                                                                                                                                            • Dick's Sporting Goods, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                            • Dicks Sporting Goods Inc
                                                                                                                                                                                                                                                                                                                                                                                                            • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                            • Dobbies Garden Centres plc
                                                                                                                                                                                                                                                                                                                                                                                                            • Dwell
                                                                                                                                                                                                                                                                                                                                                                                                            • eBay Inc.
                                                                                                                                                                                                                                                                                                                                                                                                            • EH Booth & Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Everything Everywhere Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Facebook, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                            • Fat Face Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Fenwick Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Fred Perry Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • GE Consumer & Industrial
                                                                                                                                                                                                                                                                                                                                                                                                            • Giorgio Armani S.p.A.
                                                                                                                                                                                                                                                                                                                                                                                                            • Google, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                            • Groupon, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                            • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                                                            • Hackett Group
                                                                                                                                                                                                                                                                                                                                                                                                            • Harrods Group Total
                                                                                                                                                                                                                                                                                                                                                                                                            • HMV Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Homebase Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                            • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Invesco Perpetual
                                                                                                                                                                                                                                                                                                                                                                                                            • ITV plc
                                                                                                                                                                                                                                                                                                                                                                                                            • J. Crew Group, Inc
                                                                                                                                                                                                                                                                                                                                                                                                            • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                                                                                            • Jack Wills Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Jacques Vert Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Jaeger Company's Shops Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Jane Norman Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • JD Sports - Sports
                                                                                                                                                                                                                                                                                                                                                                                                            • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                                                                                                            • JJB Group
                                                                                                                                                                                                                                                                                                                                                                                                            • JJB Sports Plc
                                                                                                                                                                                                                                                                                                                                                                                                            • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                                                                                                            • Jones Apparel Group
                                                                                                                                                                                                                                                                                                                                                                                                            • Joules
                                                                                                                                                                                                                                                                                                                                                                                                            • Julian Graves Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Jysk
                                                                                                                                                                                                                                                                                                                                                                                                            • Kantar Media
                                                                                                                                                                                                                                                                                                                                                                                                            • Kiddicare
                                                                                                                                                                                                                                                                                                                                                                                                            • Kurt Geiger Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • La Senza Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Lidl (UK)
                                                                                                                                                                                                                                                                                                                                                                                                            • Lions Rampant
                                                                                                                                                                                                                                                                                                                                                                                                            • Lloyds Banking Group
                                                                                                                                                                                                                                                                                                                                                                                                            • Longchamp
                                                                                                                                                                                                                                                                                                                                                                                                            • Mamas & Papas Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                            • MasterCard UK
                                                                                                                                                                                                                                                                                                                                                                                                            • Matalan Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Mothercare Plc
                                                                                                                                                                                                                                                                                                                                                                                                            • Musgrave
                                                                                                                                                                                                                                                                                                                                                                                                            • NBTY (Europe)
                                                                                                                                                                                                                                                                                                                                                                                                            • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                            • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                            • Ocado
                                                                                                                                                                                                                                                                                                                                                                                                            • Ocado Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • ODL Securities Limited
                                                                                                                                                                                                                                                                                                                                                                                                            • Office for National Statistics
                                                                                                                                                                                                                                                                                                                                                                                                            • Peacock Group
                                                                                                                                                                                                                                                                                                                                                                                                            • Pentland Group PLC
                                                                                                                                                                                                                                                                                                                                                                                                            • Phelps Group (The)
                                                                                                                                                                                                                                                                                                                                                                                                            • Poundstretcher Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Poundworld Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Rakuten
                                                                                                                                                                                                                                                                                                                                                                                                            • Reiss Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Republic Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Richemont Group
                                                                                                                                                                                                                                                                                                                                                                                                            • River Island Clothing Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Select (Retail) Plc
                                                                                                                                                                                                                                                                                                                                                                                                            • Selfridges Group
                                                                                                                                                                                                                                                                                                                                                                                                            • Spar UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Sports Direct Plc
                                                                                                                                                                                                                                                                                                                                                                                                            • Sports Direct UK
                                                                                                                                                                                                                                                                                                                                                                                                            • Sportsworld Group
                                                                                                                                                                                                                                                                                                                                                                                                            • Streamline Foods Limited
                                                                                                                                                                                                                                                                                                                                                                                                            • SuperGroup Plc (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                            • Terra Firma Capital Partners Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Tesco (Japan)
                                                                                                                                                                                                                                                                                                                                                                                                            • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                                                            • The Carphone Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • The Carphone Warehouse Plc
                                                                                                                                                                                                                                                                                                                                                                                                            • The Edinburgh Woollen Mill Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • The Entertainer (Amersham) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • The Jessops Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • The Officers Club Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • The Original Factory Shop Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • The Works Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Thorntons Plc
                                                                                                                                                                                                                                                                                                                                                                                                            • Topman old
                                                                                                                                                                                                                                                                                                                                                                                                            • Topshop old
                                                                                                                                                                                                                                                                                                                                                                                                            • Twitter, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                            • UBS Financial Services Inc.
                                                                                                                                                                                                                                                                                                                                                                                                            • Universal Music Group
                                                                                                                                                                                                                                                                                                                                                                                                            • Visa Europe
                                                                                                                                                                                                                                                                                                                                                                                                            • Vodafone Group Plc (UK)
                                                                                                                                                                                                                                                                                                                                                                                                            • Waitrose
                                                                                                                                                                                                                                                                                                                                                                                                            • Walmart Stores (USA)
                                                                                                                                                                                                                                                                                                                                                                                                            • We7
                                                                                                                                                                                                                                                                                                                                                                                                            • Westfield Group
                                                                                                                                                                                                                                                                                                                                                                                                            • WH Smith PLC
                                                                                                                                                                                                                                                                                                                                                                                                            • Whistles Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • White Stuff Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Wigan Athletic Football Club
                                                                                                                                                                                                                                                                                                                                                                                                            • Wiggle
                                                                                                                                                                                                                                                                                                                                                                                                            • Wilkinson Hardware Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                            • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                            • Wolseley plc
                                                                                                                                                                                                                                                                                                                                                                                                            • Wyevale Garden Centres

                                                                                                                                                                                                                                                                                                                                                                                                            UK Retail Briefing - September 2012

                                                                                                                                                                                                                                                                                                                                                                                                            US $382.00 (Excl.Tax)