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European Retail Briefing - December 2010

Trading updates from both HMV and Game in the past week would suggest the gaming market in the UK was dying. But looking across Europe Gamestop, the leading retailer, is thriving. Why? What can one learn from the other? The key appears to be in integrating the stores and online offer.

Both Game and HMV have reaped the rewards of their presence in one of the most dynamic and fastest growing retail sectors during the boom years. However, both announced dreadful results this week. Game’s like for like sales dropped 12.2% in the 44 weeks to 4 December with total sales down 14.7%. HMV’s game sales fell 12% in the first half of their 2010/11 financial year. Both may point to the lack of major gaming launches in the year, and it is true that the recent launch of major titles and hardware should help boost trading over Christmas, but both figures are below our own estimates for performance in the market in 2010.

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Table of contents

  1. Analyst Comment

    • A tale of two games
      • Difficulties in the UK
        • Another way
          • The need for direction
          • Headlines for the Month

            • Food retailers
              • Clothing retailers
                • Department stores
                  • DIY stores
                    • Furniture retailing
                      • Home shopping
                        • Health and beauty
                          • Economy
                          • Retail Sales Review

                            • Key points
                              • France
                                • Figure 1: France: Retail sales trends, 2009-10
                              • Inflation
                                • Figure 2: France: Inflation, 2009-10
                              • Germany
                                • Figure 3: Germany: Retail sales trends, 2009-10
                              • Inflation
                                • Figure 4: Germany: Inflation, 2009-10
                              • Italy
                                • Figure 5: Italy: Retail sales trends, 2009-10
                              • Inflation
                                • Figure 6: Italy: Inflation, 2009-10
                              • Netherlands
                                • Figure 7: The Netherlands: Retail sales trends, 2009-10
                              • Inflation
                                • Figure 8: The Netherlands: Inflation, 2009-10
                              • Spain
                                • Figure 9: Spain: Retail sales trends, 2009-10
                              • Inflation
                                • Figure 10: Spain: Inflation, 2009-10
                              • UK
                                • Figure 11: Retail sales trends, 2009-10
                              • Inflation
                                • Figure 12: UK: Annual percentage change in Retail Price Index for selected product groups, 2009-10
                            • European Food Retailing

                                • Market in brief
                                  • Light at the end of some tunnels
                                    • Food retailers hard hit
                                      • Leading players
                                        • Rationalisation
                                          • Hard discounters
                                            • Expansion
                                              • Market shares
                                                • Figure 13: Europe: Leading retailers market shares, 2009
                                            • Edeka Group

                                              • News Analysis

                                                • Grocers
                                                  • Belgium: Colruyt meets first half targets
                                                    • Belgium: Delhaize
                                                      • …Group sees sales growth
                                                        • …keeps 2010 expectations as US improves
                                                          • Bulgaria: Lidl opens first Bulgarian stores
                                                            • Denmark: Dansk Supermarked sales rise 3%
                                                              • France: Carrefour
                                                                • …considers sale of Dia
                                                                  • …to test two convenience formats
                                                                    • …Brazilian operations' charges rise
                                                                      • France: Casino to buy Carrefour's Thai assets for €868m
                                                                        • Germany: Edeka introduces cash handling system
                                                                          • Germany: Rewe Group focuses on retailing, travel and tourism
                                                                            • Latvia: Maxima to give 2m litas in reimbursement for rising prices
                                                                              • Russian Federation: X5 acquires Kopeyka
                                                                                • UK: Asda
                                                                                  • …third quarter sales up
                                                                                    • …to create 7,500 new jobs
                                                                                      • UK: Co-op's £200m Christmas promotion
                                                                                        • UK: Marks & Spencer
                                                                                          • …and Waitrose gain food sales
                                                                                            • …achieves 70 of its Plan A targets
                                                                                              • UK: Morrisons denies rumours of Ocado bid
                                                                                                • UK: Sainsbury's
                                                                                                  • …blow as seniors defect
                                                                                                    • …sees busiest day of the year at new space
                                                                                                      • …to open six food colleges
                                                                                                        • UK: Tesco
                                                                                                          • …strong third quarter growth
                                                                                                            • …considers drive-thru launch at dotcom-only stores
                                                                                                              • UK: Waitrose
                                                                                                                • …sales up 10.6%
                                                                                                                  • …sees 'busiest day ever' despite snow
                                                                                                                    • …weekly sales up 11%
                                                                                                                      • Off-licences
                                                                                                                        • UK: Majestic profits rise 20%
                                                                                                                          • Clothing retailing
                                                                                                                            • Croatia: NKD expands in Croatia
                                                                                                                              • Denmark: IC Companys to reorganise brands
                                                                                                                                • Europe: TJX Europe slows expansion as third quarter profits fall 20%
                                                                                                                                  • Germany: KiK to open 200 new stores each year
                                                                                                                                    • Italy: Benetton 9-month net profit +5.5%
                                                                                                                                      • Sweden: H&M
                                                                                                                                        • …October sales in line
                                                                                                                                          • …reaches predicted revenue targets
                                                                                                                                            • UK: Alexon Group like-for-likes up 0.4%
                                                                                                                                              • UK: Arcadia profits rise 6.4%
                                                                                                                                                • UK: Burberry first-half profit up
                                                                                                                                                  • UK: Cortefiel prepares for international expansion
                                                                                                                                                    • UK: New Look gains Ex-Selfridges marketing boss
                                                                                                                                                      • UK: Fat Face reduce markdowns with product overhaul
                                                                                                                                                        • UK: Forever 21 opens its first UK store
                                                                                                                                                          • UK: French Connection like-for-like sales drop 6.1%
                                                                                                                                                            • UK: Gap
                                                                                                                                                              • …and Valentino collaboration launches tomorrow
                                                                                                                                                                • …international sales up 3% in third quarter
                                                                                                                                                                  • UK: H&M Lanvin collection launches today
                                                                                                                                                                    • UK: Moss Bros reports strong sales
                                                                                                                                                                      • UK: Mulberry interim profits rise
                                                                                                                                                                        • UK: New Look like-for-likes fall
                                                                                                                                                                          • UK: Primark
                                                                                                                                                                            • …Lakeside extends
                                                                                                                                                                              • …Oxford Street store sets sales record
                                                                                                                                                                                • UK: Suits You chain to be shut down
                                                                                                                                                                                  • UK: Ted Baker sales rise
                                                                                                                                                                                    • UK: TK Maxx to launch two new stores
                                                                                                                                                                                      • Footwear retailing
                                                                                                                                                                                        • UK: Barratts restructures management team
                                                                                                                                                                                          • UK: Office is closer to £150m deal with Silverfleet
                                                                                                                                                                                            • Multi-sector retailing
                                                                                                                                                                                              • Belgium: Colruyt meets first half targets
                                                                                                                                                                                                • Germany: Zooplus etail sales rise
                                                                                                                                                                                                  • Sweden: Bergendahl's full year profits drop
                                                                                                                                                                                                    • UK: Mothercare doubles international sales target
                                                                                                                                                                                                      • UK: Poundland looking to go online
                                                                                                                                                                                                        • UK: Richemont beats expectation with strong October growth
                                                                                                                                                                                                          • Department stores
                                                                                                                                                                                                            • Netherlands: Ahold only buyer left for Hema and has its doubts
                                                                                                                                                                                                              • Netherlands: Maxeda sells off de Bijenkorf to Selfridges
                                                                                                                                                                                                                • UK: Ex-Selfridges marketing boss joins New Look board
                                                                                                                                                                                                                  • UK: Fortnum & Mason reports first profit in six years
                                                                                                                                                                                                                    • UK: John Lewis
                                                                                                                                                                                                                      • …reports weekly sales of £100m
                                                                                                                                                                                                                        • …sees seasonal sales push up results
                                                                                                                                                                                                                          • …plans to launch in Middle East
                                                                                                                                                                                                                            • …sees record online and bumper Saturday sales
                                                                                                                                                                                                                              • UK: Johnlewis.com sales up 52%
                                                                                                                                                                                                                                • UK: Selfridges' footwear sales rise
                                                                                                                                                                                                                                  • DIY retailing
                                                                                                                                                                                                                                    • Germany: OBI launches online offer
                                                                                                                                                                                                                                      • UK: Focus in talks about store disposal
                                                                                                                                                                                                                                        • UK: Kingfisher reports third quarter retail profit up 8.2%
                                                                                                                                                                                                                                          • UK: Topps Tiles profits down for the fifth year running
                                                                                                                                                                                                                                            • Electrical retailing
                                                                                                                                                                                                                                              • France: PPR appoints new chief executive
                                                                                                                                                                                                                                                • UK: Comet suffers further losses
                                                                                                                                                                                                                                                  • UK: Dixons cuts interim losses
                                                                                                                                                                                                                                                    • UK: Game like-for-likes down
                                                                                                                                                                                                                                                      • UK: HMV like-for-likes fall 16% and losses widen
                                                                                                                                                                                                                                                        • UK: Phones4U deal likely to be below £700m
                                                                                                                                                                                                                                                          • Furniture retailing
                                                                                                                                                                                                                                                            • Europe: Permira looks to work with But to buy Conforama
                                                                                                                                                                                                                                                              • UK: Cath Kidston plans Far East as profits up
                                                                                                                                                                                                                                                                • Other specialist retailers
                                                                                                                                                                                                                                                                  • UK: Halfords
                                                                                                                                                                                                                                                                    • …launches transactional mobile site
                                                                                                                                                                                                                                                                      • …profits up, like-for-like sales down
                                                                                                                                                                                                                                                                        • Home shopping
                                                                                                                                                                                                                                                                          • France: Redcats acquires French plus-size etailer
                                                                                                                                                                                                                                                                            • Italy: Amazon launches Italian site
                                                                                                                                                                                                                                                                              • UK: Amazon imports Black Friday promotion to UK
                                                                                                                                                                                                                                                                                • UK: EBay takes record sales on Super Sunday
                                                                                                                                                                                                                                                                                  • UK: Groupon tempts Google with bargains
                                                                                                                                                                                                                                                                                    • UK: The Hut Group acquires Lookfantastic Group
                                                                                                                                                                                                                                                                                      • Health and beauty retailing
                                                                                                                                                                                                                                                                                        • Estonia: Watsons will leave Estonia despite strong country growth
                                                                                                                                                                                                                                                                                          • Germany: Celesio
                                                                                                                                                                                                                                                                                            • …retains full year outlook after third quarter profit rise
                                                                                                                                                                                                                                                                                              • …suffers from spending cuts with full year profits
                                                                                                                                                                                                                                                                                                • Hungary: Schlecker to leave Hungary
                                                                                                                                                                                                                                                                                                  • Book and stationery retailing
                                                                                                                                                                                                                                                                                                    • UK: Hobbycraft doubles profits
                                                                                                                                                                                                                                                                                                      • UK: WH Smiths sales fall
                                                                                                                                                                                                                                                                                                        • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                          • UK: JD Sports
                                                                                                                                                                                                                                                                                                            • …set to open first store in France
                                                                                                                                                                                                                                                                                                              • …recruits former Republic boss
                                                                                                                                                                                                                                                                                                                • UK: JJB Sports
                                                                                                                                                                                                                                                                                                                  • …issues profit warning
                                                                                                                                                                                                                                                                                                                    • …increasing debt
                                                                                                                                                                                                                                                                                                                      • …warns it may breach debt facilities
                                                                                                                                                                                                                                                                                                                        • Jewellers
                                                                                                                                                                                                                                                                                                                          • UK: Signet sees strong third quarter performance
                                                                                                                                                                                                                                                                                                                            • Economy
                                                                                                                                                                                                                                                                                                                              • Europe: Consumer confidence down in the UK but up for the rest of Europe
                                                                                                                                                                                                                                                                                                                                • Europe: EU consumer confidence at high
                                                                                                                                                                                                                                                                                                                                  • Germany: Germany retailers expect biggest Christmas sales
                                                                                                                                                                                                                                                                                                                                    • Latvia: Latvian VAT rate rise in 2011
                                                                                                                                                                                                                                                                                                                                      • UK: £250m for London shops on traffic free day
                                                                                                                                                                                                                                                                                                                                        • UK: BRC – retail sales still growing
                                                                                                                                                                                                                                                                                                                                          • UK: British Chamber of Commerce lowers growth expectations
                                                                                                                                                                                                                                                                                                                                            • UK: OFT warns retailers as shoppers lose out on 'billions' because of deceitful marketing
                                                                                                                                                                                                                                                                                                                                              • UK: ONS: Retail sales rising

                                                                                                                                                                                                                                                                                                                                              European Retail Briefing - December 2010

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