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European Retail Briefing - May 2013

This report is the European Retail Briefing - but we should not be geographical purists. And we think it is worth looking beyond Europe to the self-inflicted troubles at US-based JCPenney under recently-departed Chief Exec Ron Johnson and in particular to the parallels to the abandoned turnaround strategy at Carrefour under former CEO Lars Olofsson.

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Table of contents

  1. Analyst Comment

    • Learning the dangers of repositioning – JCPenney and Carrefour Planet
      • JCP straying from its roots
        • Figure 1: JCPenney’s Levis’s denim bar, 2012-13
        • Figure 2: JCPenney: Year-on-year net revenue growth, Q1 2011-Q1 2013
      • Carrefour’s Planet repositioning
        • Figure 3: Carrefour Planet, 2012
        • Figure 4: Carrefour France: Year-on-year revenue growth, Q1 2011-Q1 2013
      • Backtracking
        • Lessons learnt
        • European Retail Sales

          • Key points
            • Retail sales
                • Figure 5: Major European economies: Year on year retail sales value growth, 2012-13
                • Figure 6: Major European economies: Year on year retail sales volume growth, 2012-13
              • Inflation
                • Figure 7: Major European economies: All items CPI, 2012-13
                • Figure 8: Major European economies: Food price inflation, 2012-13
            • Apple Retail

                • What we think
                  • Growth levelling off?
                    • Trouble at the top
                      • Stores integral to brand equity
                        • Company background
                          • Company performance
                            • UK sales
                              • Figure 9: Apple Retail UK: Group financial performance, 2006/07-2011/12
                              • Figure 10: Apple Retail UK: Outlet data, 2006/07-2011/12
                              • Figure 11: Apple Retail: European stores, 2012 and 2013
                            • Retail offering
                            • Headlines for the Month

                              • Convenience stores
                                • Grocers
                                  • Clothing retailing
                                    • Multi-sector retailing
                                      • Department stores
                                        • Electrical retailing
                                          • Music and video goods retailing
                                            • Furniture retailing
                                              • Home shopping
                                                • Health and beauty retailing
                                                • News Analysis

                                                  • Bakers
                                                    • UK: Greggs issues profit warning
                                                      • Convenience stores
                                                        • Spain: Eroski trials new convenience store
                                                          • UK: Asda to invest £700 million in new ‘convenience’ services
                                                            • UK: Musgrave Group reports 11% growth in turnover
                                                              • UK: Spar launches forecourt offer
                                                                • Grocers
                                                                  • Belgium: Delhaize Group posts first quarter trading results
                                                                    • France: Auchan to boost investment in Vietnamese business
                                                                      • France: Carrefour
                                                                        • …builds new distribution centre
                                                                          • …reduces majority stake in Turkish business
                                                                            • …introduces discount section to hypermarkets
                                                                              • …reports strong sales growth in Latin America
                                                                                • France: Casino reports revenue growth of 33.7% in Q1
                                                                                  • France: DIA to introduce Fresh store format in France
                                                                                    • Germany: Edeka reports 3.8% growth
                                                                                      • Germany: Rewe Group regrets underestimating e-commerce
                                                                                        • Portugal: Lidl to invest €45 million in its Portuguese business
                                                                                          • Spain: DIA sells Turkish business for €136 million
                                                                                            • Switzerland: Migros Switzerland and Migros Ticaret report sales rise
                                                                                              • UK: Farmfoods posts 2012 financial results
                                                                                                • UK: Lidl doubles the number of “healthy tills”
                                                                                                  • UK: Morrisons
                                                                                                    • …nears deal with Ocado
                                                                                                      • …posts Q1 trading results
                                                                                                        • …puts 700 jobs at risk with cash-handling technology
                                                                                                          • …questions Tesco’s Price Promise claims
                                                                                                            • …scraps chief executive bonus
                                                                                                              • …adds 200,000 sq. ft. of retail space
                                                                                                                • UK: Sainsbury’s
                                                                                                                  • …Justin King denies rumours he is quitting
                                                                                                                    • …posts full year results
                                                                                                                      • …puts London HQ up for lease
                                                                                                                        • UK: Tesco
                                                                                                                          • …opens mobile app office in Shoreditch
                                                                                                                            • …profits plunge 13% as it confirms US exit
                                                                                                                              • …revamps Clubcard website
                                                                                                                                • …sees slowest sales growth in nine months
                                                                                                                                  • …to unveil revival plans
                                                                                                                                    • …trials new shopping model
                                                                                                                                      • UK: Waitrose
                                                                                                                                        • …begins year with 11% sales growth
                                                                                                                                          • …to open first farm shop
                                                                                                                                            • …to supply food to Eurostar trains
                                                                                                                                              • Other food specialists
                                                                                                                                                • UK: Thorntons posts encouraging Q3 results
                                                                                                                                                  • UK: Whittard reports strong performance
                                                                                                                                                    • Clothing retailing
                                                                                                                                                      • France: LVMH posts disappointing Q1 results
                                                                                                                                                        • Germany: Adler urges shareholders to reject takeover bid
                                                                                                                                                          • Germany: Hugo Boss sees sales slip
                                                                                                                                                            • UK: Abercrombie & Fitch to open first European outlet store
                                                                                                                                                              • UK: Ann Summers to boost wholesale after £1.2 million profit increase
                                                                                                                                                                • UK: Aurora
                                                                                                                                                                  • …credit insurance reduced amid restructuring process
                                                                                                                                                                    • …and Karen Millen outsource property functions
                                                                                                                                                                      • …seeks rent reduction from landlords
                                                                                                                                                                        • UK: Burberry posts sales increase
                                                                                                                                                                          • UK: Crombie to launch made-to-measure service
                                                                                                                                                                            • UK: French Connection
                                                                                                                                                                              • …group director leaves after 12 years
                                                                                                                                                                                • …appoints new finance director
                                                                                                                                                                                  • UK: Guess appoints new chief design officer
                                                                                                                                                                                    • UK: H&M
                                                                                                                                                                                      • …March sales drop as spring delayed by cold weather
                                                                                                                                                                                        • …to dress the 2016 Swedish Olympic team
                                                                                                                                                                                          • UK: Hackett looks at buying Regent Street Ferrari store
                                                                                                                                                                                            • UK: Internacionale signs on to British Land in Hull
                                                                                                                                                                                              • UK: J Crew looks for menswear only store
                                                                                                                                                                                                • UK: Jaeger launches space for emerging talent
                                                                                                                                                                                                  • UK: Joules considers selling minority stake
                                                                                                                                                                                                    • UK: Karen Millen appoints new CFO
                                                                                                                                                                                                      • UK: Kookai to exit UK market
                                                                                                                                                                                                        • UK: New Look
                                                                                                                                                                                                          • …to reduce debt burden through £800m bond issue
                                                                                                                                                                                                            • …footwear buying director steps down
                                                                                                                                                                                                              • UK: Next
                                                                                                                                                                                                                • …cautious over rise in sales
                                                                                                                                                                                                                  • …chief executive to share bonus
                                                                                                                                                                                                                    • UK: Oasis launches personalisation service
                                                                                                                                                                                                                      • UK: Primark
                                                                                                                                                                                                                        • …plots French stores
                                                                                                                                                                                                                          • …reports profit growth
                                                                                                                                                                                                                            • UK: River Island to launch second Rihanna collaboration
                                                                                                                                                                                                                              • UK: Select searching for 200 new stores over next five years
                                                                                                                                                                                                                                • UK: Superdry looks at luxury retailers
                                                                                                                                                                                                                                  • UK: SuperGroup
                                                                                                                                                                                                                                    • …hire new logistics boss
                                                                                                                                                                                                                                      • …to open new distribution centre
                                                                                                                                                                                                                                        • …strong results as it eyes expansion
                                                                                                                                                                                                                                          • UK: T.M. Lewin
                                                                                                                                                                                                                                            • …boosts international portfolio with 5-year expansion plan
                                                                                                                                                                                                                                              • …eyes Nigeria, India and Philippines for international expansion
                                                                                                                                                                                                                                                • UK: Victoria’s Secret poaches Aurora omni-channel director
                                                                                                                                                                                                                                                  • Footwear retailing
                                                                                                                                                                                                                                                    • UK: Dune launches in-store technology
                                                                                                                                                                                                                                                      • UK: Jane Shilton results show £1.9 million loss
                                                                                                                                                                                                                                                        • UK: Mascotte to open first UK store
                                                                                                                                                                                                                                                          • UK: Sole Trader profits plummet
                                                                                                                                                                                                                                                            • Mixed goods retailing
                                                                                                                                                                                                                                                              • UK: 99p Stores: Scotland expansion
                                                                                                                                                                                                                                                                • Multi-sector retailing
                                                                                                                                                                                                                                                                  • Germany: Metro AG considers withdrawal from foreign operations
                                                                                                                                                                                                                                                                    • Netherlands: Marks & Spencer opens interactive store in Amsterdam
                                                                                                                                                                                                                                                                      • UK: Argos
                                                                                                                                                                                                                                                                        • …rivals Amazon
                                                                                                                                                                                                                                                                          • …like-for-likes up for first time in five years
                                                                                                                                                                                                                                                                            • UK: M&S
                                                                                                                                                                                                                                                                              • …formal menswear buyer joins John Lewis
                                                                                                                                                                                                                                                                                • …considered purchasing Jaeger
                                                                                                                                                                                                                                                                                  • …lingerie and beauty buyer exits
                                                                                                                                                                                                                                                                                    • …overhauls womenswear team
                                                                                                                                                                                                                                                                                      • …posts encouraging Q4 results
                                                                                                                                                                                                                                                                                        • …hires new director of Lingerie
                                                                                                                                                                                                                                                                                          • Department stores
                                                                                                                                                                                                                                                                                            • France: Printemps to be taken over by Qataris for €1.6bn
                                                                                                                                                                                                                                                                                              • UK: Debenhams
                                                                                                                                                                                                                                                                                                • …posts a fall in pre-tax profits
                                                                                                                                                                                                                                                                                                  • …reports increase in cookware sales
                                                                                                                                                                                                                                                                                                    • …seeks reduced lead times
                                                                                                                                                                                                                                                                                                      • …set to become the latest cold weather casualty
                                                                                                                                                                                                                                                                                                        • UK: Harvey Nichols boss denies exit rumours
                                                                                                                                                                                                                                                                                                          • UK: House of Fraser
                                                                                                                                                                                                                                                                                                            • …eyed by Qataris
                                                                                                                                                                                                                                                                                                              • …poaches new executives
                                                                                                                                                                                                                                                                                                                • …to boost premium credentials
                                                                                                                                                                                                                                                                                                                  • UK: John Lewis
                                                                                                                                                                                                                                                                                                                    • …looks at broadband market
                                                                                                                                                                                                                                                                                                                      • …launches sofa reuse scheme
                                                                                                                                                                                                                                                                                                                        • …to begin At Home store in Kent next week
                                                                                                                                                                                                                                                                                                                          • …to offer degree-equivalent qualifications
                                                                                                                                                                                                                                                                                                                            • UK: Selfridges
                                                                                                                                                                                                                                                                                                                              • …fee from suppliers for early payment
                                                                                                                                                                                                                                                                                                                                • …restructures senior buying roles
                                                                                                                                                                                                                                                                                                                                  • …to launch click-and-collect
                                                                                                                                                                                                                                                                                                                                    • DIY retailing
                                                                                                                                                                                                                                                                                                                                      • UK: Kingfisher announces expansion into Romania
                                                                                                                                                                                                                                                                                                                                        • Electrical retailing
                                                                                                                                                                                                                                                                                                                                          • Europe: Dixons disposes of Webhallen
                                                                                                                                                                                                                                                                                                                                            • France: Darty
                                                                                                                                                                                                                                                                                                                                              • …denies change of majority ownership
                                                                                                                                                                                                                                                                                                                                                • …new chief executive to start early
                                                                                                                                                                                                                                                                                                                                                  • Switzerland: Media-Saturn-Holding withdraws Saturn from Switzerland
                                                                                                                                                                                                                                                                                                                                                    • Music and video goods retailing
                                                                                                                                                                                                                                                                                                                                                      • Ireland: Xtra-vision video rentals falls into receivership
                                                                                                                                                                                                                                                                                                                                                        • UK: HMV retains market share
                                                                                                                                                                                                                                                                                                                                                          • UK: Rough Trade reports 25% sales growth in Q1
                                                                                                                                                                                                                                                                                                                                                            • Carpet retailing
                                                                                                                                                                                                                                                                                                                                                              • UK: Carpetright
                                                                                                                                                                                                                                                                                                                                                                • …announces management reshuffle
                                                                                                                                                                                                                                                                                                                                                                  • …sales spurred by refurbs and cold weather
                                                                                                                                                                                                                                                                                                                                                                    • Furniture retailing
                                                                                                                                                                                                                                                                                                                                                                      • Sweden: Ikea’s plans for India approved
                                                                                                                                                                                                                                                                                                                                                                        • UK: Barker & Stonehouse opens first London store
                                                                                                                                                                                                                                                                                                                                                                          • UK: Ikea
                                                                                                                                                                                                                                                                                                                                                                            • …unveils plans for new Sheffield store
                                                                                                                                                                                                                                                                                                                                                                              • …opens pop-up shops in London stations
                                                                                                                                                                                                                                                                                                                                                                                • UK: The Range plots Scottish expansion
                                                                                                                                                                                                                                                                                                                                                                                  • Homewares retailing
                                                                                                                                                                                                                                                                                                                                                                                    • UK: Dunelm posts third quarter results
                                                                                                                                                                                                                                                                                                                                                                                      • UK: Williams-Sonoma opens first store in UK
                                                                                                                                                                                                                                                                                                                                                                                        • Home shopping
                                                                                                                                                                                                                                                                                                                                                                                          • Germany: Otto Group re-launches Quelle.de as online store
                                                                                                                                                                                                                                                                                                                                                                                            • Russian Federation: Amazon to expand into Russia
                                                                                                                                                                                                                                                                                                                                                                                              • UK: Amazon posts Q1 results
                                                                                                                                                                                                                                                                                                                                                                                                • UK: Asos
                                                                                                                                                                                                                                                                                                                                                                                                  • …posts H1 results
                                                                                                                                                                                                                                                                                                                                                                                                    • …senior director to step down
                                                                                                                                                                                                                                                                                                                                                                                                      • …to launch value fashion line
                                                                                                                                                                                                                                                                                                                                                                                                        • UK: Debenhams rated top for mobile retail
                                                                                                                                                                                                                                                                                                                                                                                                          • UK: EBook growth drives total UK book sales
                                                                                                                                                                                                                                                                                                                                                                                                            • UK: Iceland Foods trials new e-commerce site
                                                                                                                                                                                                                                                                                                                                                                                                              • UK: John Lewis online sales hit £1 billion
                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Littlewoods launches Facebook shopping tool
                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: N Brown Group posts strong full year results
                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Ocado reconfirms that it will not be acquired by Morrisons
                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Waterstones founder to launch online books offer
                                                                                                                                                                                                                                                                                                                                                                                                                        • Health and beauty retailing
                                                                                                                                                                                                                                                                                                                                                                                                                          • Germany: DM Drogerie Markt reports double digit growth for H1 2013
                                                                                                                                                                                                                                                                                                                                                                                                                            • Germany: Rossmann reports double digit growth for 2012
                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Lush’s pre-tax profits rise by 22.5%
                                                                                                                                                                                                                                                                                                                                                                                                                                • Book and stationery retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Clintons reports sales growth under new owner American Greetings
                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: WH Smith
                                                                                                                                                                                                                                                                                                                                                                                                                                      • …announces new chairman
                                                                                                                                                                                                                                                                                                                                                                                                                                        • …profits up, sales down
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sports and leisure goods retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: JD Sports profits fall by 18.3%
                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Sports Direct
                                                                                                                                                                                                                                                                                                                                                                                                                                                • …closes 14 JJB Sports stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …posts Q4 results
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • …reportedly freezes buying operations
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …threatens to close Republic stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Jewellers
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Switzerland: Piaget warns sales in China slow
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Switzerland: Richemont Group sees growth in annual profit
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: Claire’s Accessories prepares to launch ecommerce in Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK: Pandora acquires former Asda CEO
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Swarovski to launch new fascia Cadenza at Westfield Stratford
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Garden centres
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • UK: Tesco-owned garden centre Dobbies opens retail village in Edinburgh
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Opticians
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: Vision Express expands in North West
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Toys and games retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK: The Entertainer introduces 90-minute deliveries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Miscellaneous specialist retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK: Halfords sales helped by cold weather
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • UK: Mothercare
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …announces flat Q4 like-for-likes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • …head office staff put into consultation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • UK: BRC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • …footfall fell in March 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • …like-for-like retail sales fall in April 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …non-food retailers plan to cut staff
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • …retail search volumes increase in Q1
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …shop price inflation falls in April
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK: ONS: March 2013 retail results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK: PopUp Britain to open flagship store on King’s road

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          European Retail Briefing - May 2013

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