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European Retail Rankings - December 2018

The European Retail Rankings focusses on the leading retailers in Europe and puts them in perspective. This is a report where the numbers are all important, though we also give some background information both by sector and by country. We provide a three-year record of the main statistics (in so far as they are available) with a summary table of the 350 leading retailers in Europe as well as where those retailers operate and what sectors they operate in.

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Table of contents

  1. Introduction

      • Report scope
        • Excel tables
          • Technical Notes
            • Inclusion criteria
              • Definitions
                • Rankings
                  • A note on voluntary groups and co-ops
                    • Comparability
                      • Currency
                        • Figure 1: Exchange rates: national currency against the Euro, 2015-17
                      • Financial years
                        • VAT
                          • Figure 2: VAT rates around Europe, 2013-18
                        • Accounting
                          • Classifications
                            • Figure 3: Sector codes
                            • Figure 4: Country codes
                          • Abbreviations
                            • Sources
                            • Winners and Losers

                                • The European Top 20
                                  • The growth of the discounters
                                    • The rise of online
                                        • Figure 5: Europe’s top 20 retailers rankings, 2015-17
                                      • Where next?
                                      • Clothing and Footwear Specialists

                                          • Figure 6: Europe: clothing and footwear retailers: annual growth vs all retail sales growth, 2013-18
                                        • The sector
                                          • The retailers
                                            • Leading retailers
                                              • Figure 7: Top 350 European retailers: Top 10 clothing and footwear specialists, 2017/18
                                          • DIY Specialists

                                              • Figure 8: DIY Specialists: annual growth vs all retail sales growth, 2013-18
                                            • The sector
                                              • The retailers
                                                • Leading retailers
                                                  • Figure 9: Top 350 European retailers: Top 10 DIY specialists, 2017/18
                                              • Electrical Goods Specialists

                                                  • Figure 10: Europe: Electrical goods specialists: Annual growth vs all retail sales growth, 2013-18
                                                • The sector
                                                  • The retailers
                                                    • Leading retailers
                                                      • Figure 11: Top 350 European retailers: Top 10 food specialists, 2016/17
                                                  • Food Retailers

                                                      • Figure 12: Europe: food retailers: Annual growth vs all retail sales growth, 2013-18
                                                    • The sector
                                                      • The retailers
                                                        • Leading retailers
                                                          • Figure 13: Top 350 European retailers: Top 10 food specialists, 2017/18
                                                      • Furniture Specialists

                                                          • Figure 14: Furniture specialists: annual growth vs all retail sales growth, 2013-18
                                                        • The sector
                                                          • The retailers
                                                            • Leading retailers
                                                              • Figure 15: Top 350 European retailers: Top 10 household goods and furniture specialists, 2017/18
                                                          • Health & Beauty

                                                              • Figure 16: Europe: H&B retailers: annual growth vs all retail sales growth, 2013-18
                                                            • The sector
                                                              • The retailers
                                                                • Leading retailers
                                                                  • Figure 17: Top 350 European retailers: Top 10 health and beauty specialists, 2017/18
                                                              • Home Shopping (Non-store retailers)

                                                                  • Figure 18: Europe: Non-store retailers: annual growth vs all retail sales growth, 2013-18
                                                                • The sector
                                                                  • The retailers
                                                                    • Leading retailers
                                                                      • Figure 19: Top 350 European retailers: Top 10 home shopping specialists, 2017/18
                                                                  • Miscellaneous Specialists

                                                                      • Figure 20: Miscellaneous specialists: Annual growth vs all retail sales growth, 2013-18
                                                                    • The sector
                                                                      • The retailers
                                                                        • Leading retailers
                                                                          • Figure 21: Top 350 European retailers: Top 10 miscellaneous specialists, 2016/17
                                                                      • Mixed Goods Retailers

                                                                          • Figure 22: Europe: Mixed goods retailers: Annual growth vs all retail sales growth, 2013-18
                                                                        • The sector
                                                                          • The retailers
                                                                            • Leading retailers
                                                                              • Figure 23: Top 350 European retailers: Top 10 mixed goods specialists, 2017/18
                                                                          • Austria

                                                                              • Austria: Background
                                                                                • The retail sector in Austria
                                                                                    • Figure 24: Austria: Retail sales breakdown (excl. VAT), 2014-18
                                                                                  • Leading retailers in Austria
                                                                                    • Figure 25: Top 350 European retailers: top 10 in Austria, 2017/18
                                                                                • Belgium

                                                                                    • Belgium: Background
                                                                                      • The retail sector in Belgium
                                                                                          • Figure 26: Belgium: Retail sales breakdown (excl. VAT), 2014-18
                                                                                        • Leading retailers in Belgium
                                                                                          • Figure 27: Top 350 European retailers: top 10 in Belgium, 2017/18
                                                                                      • Bulgaria

                                                                                          • Bulgaria: Background
                                                                                            • The retail sector in Bulgaria
                                                                                              • Figure 28: Bulgaria: Retail sales breakdown (excl. VAT), 2014-18
                                                                                            • Leading retailers in Bulgaria
                                                                                              • Figure 29: Top 350 European retailers: top six in Bulgaria, 2017/18
                                                                                          • Croatia

                                                                                              • Croatia: Background
                                                                                                • The retail sector in Croatia
                                                                                                    • Figure 30: Croatia: Retail sales breakdown (excl. VAT), 2014-18
                                                                                                  • Leading retailers in Croatia
                                                                                                    • Figure 31: Top 350 European retailers: top 10 in Croatia, 2017/18
                                                                                                • Czechia (Czech Republic)

                                                                                                    • Czechia: Background
                                                                                                      • The retail sector in Czechia
                                                                                                          • Figure 32: Czechia: Retail sales breakdown (excl. VAT), 2014-18
                                                                                                        • Leading retailers in Czechia
                                                                                                          • Figure 33: Top 350 European retailers: top 10 in Czechia, 2017/18
                                                                                                      • Denmark

                                                                                                          • Denmark: Background
                                                                                                            • The retail sector in Denmark
                                                                                                                • Figure 34: Denmark: Retail sales (excluding VAT), 2014-18
                                                                                                              • Leading retailers in Denmark
                                                                                                                • Figure 35: Top 350 European retailers: top 10 in Denmark, 2017/18
                                                                                                            • Estonia

                                                                                                                • Estonia: Background
                                                                                                                  • The retail sector in Estonia
                                                                                                                    • Figure 36: Estonia: retail sales breakdown (excl. VAT), 2014-18
                                                                                                                  • Leading retailers in Estonia
                                                                                                                    • Figure 37: Top 350 European retailers: top 10 in Estonia, 2017/18
                                                                                                                • Finland

                                                                                                                    • Finland: Background
                                                                                                                      • The retail sector in Finland
                                                                                                                        • Figure 38: Finland: Retail sales (excl VAT), 2014-18
                                                                                                                      • Leading retailers in Finland
                                                                                                                        • Figure 39: Top 350 European retailers: top 10 in Finland, 2017/18
                                                                                                                    • France

                                                                                                                        • France: Background
                                                                                                                          • The retail sector in France
                                                                                                                              • Figure 40: France: Retail sales (excl VAT), 2014-18
                                                                                                                            • Leading retailers in France
                                                                                                                              • Figure 41: Top 350 European retailers: top 10 in France, 2017/18
                                                                                                                          • Germany

                                                                                                                              • Germany: Background
                                                                                                                                • The retail sector in Germany
                                                                                                                                    • Figure 42: Germany: retail sales breakdown (excl. VAT), 2014-18
                                                                                                                                  • Leading retailers in Germany
                                                                                                                                    • Figure 43: Top 350 European retailers: top 10 in Germany, 2017/18
                                                                                                                                • Greece

                                                                                                                                    • Greece: Background
                                                                                                                                      • The retail sector in Greece
                                                                                                                                          • Figure 44: Greece: retail sales breakdown (excl. VAT), 2014-18
                                                                                                                                        • Leading retailers in Greece
                                                                                                                                          • Figure 45: Top 350 European retailers: top 10 in Greece, 2017/18
                                                                                                                                      • Hungary

                                                                                                                                          • Hungary: Background
                                                                                                                                            • The retail sector in Hungary
                                                                                                                                              • Figure 46: Hungary: retail sales breakdown (excl VAT), 2014-18
                                                                                                                                              • Figure 47: Top 350 European retailers: top 10 in Hungary, 2017/18
                                                                                                                                          • Ireland

                                                                                                                                              • Ireland: Background
                                                                                                                                                • The retail sector in Ireland
                                                                                                                                                    • Figure 48: Ireland: retail sales breakdown (excl. VAT), 2014-18
                                                                                                                                                  • Leading retailers in Ireland
                                                                                                                                                    • Figure 49: Top 350 European retailers: top 10 in Ireland, 2017/18
                                                                                                                                                • Italy

                                                                                                                                                    • Italy: background
                                                                                                                                                      • The retail sector in Italy
                                                                                                                                                          • Figure 50: Italy: Retail sales breakdown (excl. VAT), 2014-18
                                                                                                                                                        • Leading retailers in Italy
                                                                                                                                                          • Figure 51: Top 350 European retailers: top 10 in Italy, 2017/18
                                                                                                                                                      • Latvia

                                                                                                                                                          • Latvia: Background
                                                                                                                                                            • The retail sector in Latvia
                                                                                                                                                              • Figure 52: Latvia: retail sales breakdown (excl VAT), 2014-18
                                                                                                                                                            • The leading retailers in Latvia
                                                                                                                                                              • Figure 53: Top 350 European retailers: top nine in Latvia, 2017/18
                                                                                                                                                          • Lithuania

                                                                                                                                                              • Lithuania: Background
                                                                                                                                                                • The retail sector in Lithuania
                                                                                                                                                                  • Figure 54: Lithuania: retail sales breakdown (excl VAT), 2014-18
                                                                                                                                                                • The leading retailers in Lithuania
                                                                                                                                                                  • Figure 55: Top 350 European retailers: top nine in Lithuania, 2017/18
                                                                                                                                                              • Netherlands

                                                                                                                                                                  • The Netherlands: Background
                                                                                                                                                                    • The retail sector in The Netherlands
                                                                                                                                                                        • Figure 56: The Netherlands: Retail sales breakdown (excl. VAT), 2014-18
                                                                                                                                                                      • The leading retailers in the Netherlands
                                                                                                                                                                        • Figure 57: Top 350 European retailers: top 10 in the Netherlands, 2017/18
                                                                                                                                                                    • Norway

                                                                                                                                                                        • Norway: Background
                                                                                                                                                                          • The retail sector in Norway
                                                                                                                                                                              • Figure 58: Norway: Retail sales (excl VAT), 2014-18
                                                                                                                                                                            • Leading retailers in Norway
                                                                                                                                                                              • Figure 59: Top 350 European retailers: top 10 in Norway, 2017/18
                                                                                                                                                                          • Poland

                                                                                                                                                                              • Poland: Background
                                                                                                                                                                                • The retail sector in Poland
                                                                                                                                                                                  • Figure 60: Poland: Retail sales breakdown (excl. VAT), 2014-18
                                                                                                                                                                                • Leading retailers in Poland
                                                                                                                                                                                  • Figure 61: Top 350 European retailers: top 10 in Poland, 2017/18
                                                                                                                                                                              • Portugal

                                                                                                                                                                                  • Portugal: Background
                                                                                                                                                                                    • The retail sector in Portugal
                                                                                                                                                                                        • Figure 62: Portugal: Retail sales breakdown (excl. VAT), 2014-18
                                                                                                                                                                                      • Leading retailers in Portugal
                                                                                                                                                                                        • Figure 63: Top 350 European retailers: top 10 in Portugal, 2017/18
                                                                                                                                                                                    • Romania

                                                                                                                                                                                        • Romania: Background
                                                                                                                                                                                          • The retail sector in Romania
                                                                                                                                                                                            • Figure 64: Romania: Retail sales breakdown (excl. VAT), 2014-18
                                                                                                                                                                                          • Leading retailers in Romania
                                                                                                                                                                                            • Figure 65: Top 350 European retailers: top 10 in Romania, 2017/18
                                                                                                                                                                                        • Russia

                                                                                                                                                                                            • Russia: Background
                                                                                                                                                                                              • The retail sector in Russia
                                                                                                                                                                                                • Figure 66: Russia: Retail sales, by broad sector (excl. VAT), 2014-18
                                                                                                                                                                                              • The leading retailers in Russia
                                                                                                                                                                                                • Figure 67: Top 350 European retailers: top 10 in Russia, 2017/18
                                                                                                                                                                                            • Slovakia

                                                                                                                                                                                                • Slovakia: Background
                                                                                                                                                                                                  • The retail sector in Slovakia
                                                                                                                                                                                                      • Figure 68: Slovakia: retail sales breakdown (excl. VAT), 2014-18
                                                                                                                                                                                                    • Leading retailers in Slovakia
                                                                                                                                                                                                      • Figure 69: Top 350 European retailers: top 10 in Slovakia, 2017/18
                                                                                                                                                                                                  • Slovenia

                                                                                                                                                                                                      • Slovenia: Background
                                                                                                                                                                                                        • The retail sector in Slovenia
                                                                                                                                                                                                            • Figure 70: Slovenia: Retail sales breakdown, excl. VAT, 2014-18
                                                                                                                                                                                                          • Leading retailers in Slovenia
                                                                                                                                                                                                            • Figure 71: Top 350 European retailers: top eight in Slovenia, 2017/18
                                                                                                                                                                                                        • Spain

                                                                                                                                                                                                            • Spain: Background
                                                                                                                                                                                                              • The retail sector in Spain
                                                                                                                                                                                                                  • Figure 72: Spain Retail sales breakdown (excl. VAT), 2014-18
                                                                                                                                                                                                                • The leading retailers in Spain
                                                                                                                                                                                                                  • Figure 73: Top 350 European retailers: top 10 in Spain, 2017/18
                                                                                                                                                                                                              • Sweden

                                                                                                                                                                                                                  • Background
                                                                                                                                                                                                                    • The retail sector in Sweden
                                                                                                                                                                                                                        • Figure 74: Sweden: Retail sales (excl VAT), 2014-18
                                                                                                                                                                                                                      • Leading retailers in Sweden
                                                                                                                                                                                                                        • Figure 75: Top 350 European retailers: top 10 in Sweden, 2017/18
                                                                                                                                                                                                                    • Switzerland

                                                                                                                                                                                                                        • Switzerland: Background
                                                                                                                                                                                                                          • The retail sector in Switzerland
                                                                                                                                                                                                                              • Figure 76: Switzerland: Retail sales breakdown (excl. VAT), 2014-18
                                                                                                                                                                                                                            • Leading retailers in Switzerland
                                                                                                                                                                                                                              • Figure 77: Top 350 European retailers: top 10 in Switzerland, 2017/18
                                                                                                                                                                                                                          • Turkey

                                                                                                                                                                                                                              • Turkey: Background
                                                                                                                                                                                                                                • The retail sector in Turkey
                                                                                                                                                                                                                                    • Figure 78: Turkey: Retail sales (excl VAT), 2014-18
                                                                                                                                                                                                                                  • Leading retailers in Turkey
                                                                                                                                                                                                                                    • Figure 79: Top 350 European retailers: top 10 in Turkey, 2017/18
                                                                                                                                                                                                                                • UK

                                                                                                                                                                                                                                    • UK: Background
                                                                                                                                                                                                                                      • The retail sector in the UK
                                                                                                                                                                                                                                        • Figure 80: UK: Retail sales (excluding VAT) 2014-18
                                                                                                                                                                                                                                      • Leading retailers in the UK
                                                                                                                                                                                                                                        • Figure 81: Top 350 European retailers: top 10 in UK, 2017/18
                                                                                                                                                                                                                                    • Ahold Delhaize

                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                          • Investing in unique in-store experiences
                                                                                                                                                                                                                                            • Checkout-free store
                                                                                                                                                                                                                                              • New small store format dedicated to fulfil local customers’ demand for convenience
                                                                                                                                                                                                                                                • Updated brand positioning driving like-for-like sales at Delhaize Belgium
                                                                                                                                                                                                                                                  • Testing fresh foods vending machine
                                                                                                                                                                                                                                                    • Seamless and convenient online shopping experience
                                                                                                                                                                                                                                                      • Expanding fulfilment capabilities to support e-commerce growth
                                                                                                                                                                                                                                                        • Voice-activated shopping
                                                                                                                                                                                                                                                          • Commitment to eradicate plastic waste
                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                • Figure 82: Ahold Delhaize: group financial performance*, 2015-17
                                                                                                                                                                                                                                                                • Figure 83: Ahold Delhaize: outlet data, 2015-17
                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                              • Aldi

                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                    • Encouraging ‘one-stop shopping’
                                                                                                                                                                                                                                                                      • Launching in Italy
                                                                                                                                                                                                                                                                        • Growing harmonisation
                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                              • Figure 84: Aldi: estimated group financial performance, 2013-17
                                                                                                                                                                                                                                                                              • Figure 85: Aldi: Outlet data, 2013-17
                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                            • Amazon.com

                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                  • Geographical expansion
                                                                                                                                                                                                                                                                                    • Prime
                                                                                                                                                                                                                                                                                      • Marketplace
                                                                                                                                                                                                                                                                                        • AWS
                                                                                                                                                                                                                                                                                          • Profitability
                                                                                                                                                                                                                                                                                            • What next?
                                                                                                                                                                                                                                                                                              • Food
                                                                                                                                                                                                                                                                                                • Clothing
                                                                                                                                                                                                                                                                                                  • Electricals and others
                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                        • Published sales and total sales volumes
                                                                                                                                                                                                                                                                                                            • Figure 86: Amazon: sales breakdown by source of income, 2015-17
                                                                                                                                                                                                                                                                                                            • Figure 87: Amazon: sales breakdown by source of income, 2017
                                                                                                                                                                                                                                                                                                          • First half 2018
                                                                                                                                                                                                                                                                                                            • Gross merchandise volume (GMV)
                                                                                                                                                                                                                                                                                                                • Figure 88: Amazon: estimated group gross merchandise volume, 2015-17
                                                                                                                                                                                                                                                                                                              • GMV by country
                                                                                                                                                                                                                                                                                                                • Figure 89: Amazon.com Inc: group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                              • UK sales by product
                                                                                                                                                                                                                                                                                                                • Figure 90: Amazon UK: estimated sales by product, 2017
                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                              • Asda Group

                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                    • Sainsbury’s merger: not the end for the Asda brand but is it good for Sainsbury’s?
                                                                                                                                                                                                                                                                                                                      • Abandoning price guarantee shouldn’t impact perceptions of competitiveness
                                                                                                                                                                                                                                                                                                                        • A greater focus on sustainability
                                                                                                                                                                                                                                                                                                                          • More flexible on customers’ specific needs
                                                                                                                                                                                                                                                                                                                            • Digital offer refinements
                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                  • Figure 91: Asda Group Ltd: Group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                  • Figure 92: Asda Stores Ltd: Breakdown of revenue between sale of goods and fuel, 2013-17
                                                                                                                                                                                                                                                                                                                                  • Figure 93: Asda Group Ltd: Outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                  • Figure 94: Asda Group Ltd: Outlets, by type, 2017/18
                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                • Auchan

                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                      • Growing focus on proximity
                                                                                                                                                                                                                                                                                                                                        • Single brand transformation continues
                                                                                                                                                                                                                                                                                                                                          • Horizon alliance offers opportunity to boost buying power
                                                                                                                                                                                                                                                                                                                                            • Recovering lost ground on digital
                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                  • Figure 95: Auchan: group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                  • Figure 96: Auchan: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                • Carrefour

                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                      • The Bompard era and Carrefour 2022 transformation plan
                                                                                                                                                                                                                                                                                                                                                        • New blood
                                                                                                                                                                                                                                                                                                                                                          • The hypermarket format
                                                                                                                                                                                                                                                                                                                                                            • Remodellings and transformations in all countries
                                                                                                                                                                                                                                                                                                                                                              • Partnerships
                                                                                                                                                                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                                                                                                                                                                  • Specialist e-commerce sites
                                                                                                                                                                                                                                                                                                                                                                    • Organics
                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                          • Figure 97: Carrefour: group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                          • Figure 98: Carrefour: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                          • Figure 99: Carrefour: store numbers by country, December 2017
                                                                                                                                                                                                                                                                                                                                                                          • Figure 100: Carrefour (Europe): outlet numbers by format, 2013-17
                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                        • Ceconomy (MediaMarkt/Saturn)

                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                              • MediaMarkt/Saturn, Fnac Darty alliance to fend off online competition
                                                                                                                                                                                                                                                                                                                                                                                • Enhanced in-store experience to draw customers in
                                                                                                                                                                                                                                                                                                                                                                                  • Digital payment solutions to speed up the checkout process
                                                                                                                                                                                                                                                                                                                                                                                    • Initiatives to grow online sales further
                                                                                                                                                                                                                                                                                                                                                                                      • Focusing on expertise
                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 101: Ceconomy: Group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 102: Ceconomy: Outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                            • eBay

                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                  • Marketplace
                                                                                                                                                                                                                                                                                                                                                                                                    • No longer a fast-growing business
                                                                                                                                                                                                                                                                                                                                                                                                      • Progress in 2017
                                                                                                                                                                                                                                                                                                                                                                                                        • Shortcomings vs Amazon
                                                                                                                                                                                                                                                                                                                                                                                                          • What next?
                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 103: eBay: group gross merchandise volume, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 104: eBay: major markets, estimated growth in GMV in local currency, 2014-17
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 105: eBay Europe: sales, excluding VAT, 2015-17
                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                              • Edeka Group

                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                    • Luxurious supermarket shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                      • Groceries delivered straight into customers’ fridges
                                                                                                                                                                                                                                                                                                                                                                                                                        • Teams up with one click recipe app in new online grocery venture
                                                                                                                                                                                                                                                                                                                                                                                                                          • Quick and easy payment options
                                                                                                                                                                                                                                                                                                                                                                                                                            • Focusing on health and wellness offer
                                                                                                                                                                                                                                                                                                                                                                                                                              • Laser labelling to reduce plastic packaging
                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 106: Edeka Group: food retail sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 107: Edeka Group: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                  • IKEA

                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                        • City centre approach
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Going green
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Continued expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 108: IKEA: Group sales performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 109: IKEA: Outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Intermarché/ITM Entreprises

                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Evolution of online grocery
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Relaunch of website
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Urban stores to fulfil every need
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Encouraging healthy eating
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • All change on promotions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 110: Groupement des Mousquetaires (Intermarché/ITM Entreprises): Group sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 111: Groupement des Mousquetaires (Intermarché/ITM Entreprises): Outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • E. Leclerc

                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Tackling the lucrative Paris market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Pedestrian Drive to capitalise on growing urbanisation and demand for convenience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Standalone store concept dedicated to organic food
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Instant ordering through Google’s voice assistant platform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New online channel to make shopping convenient for Spanish customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 112: E Leclerc: France, estimated sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 113: E Leclerc: outlets and estimated sales per outlet, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mercadona

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Stores: the focus is on efficient and fresh
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online development being addressed
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 114: Mercadona: group financial performance, excl. VAT, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 115: Mercadona: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Migros (Switzerland)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • A conglomerate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Food leads the way
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 116: Migros (Switzerland): Group sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 117: Migros (Switzerland): Outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Rewe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • More prominence for German goods and animal welfare
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Continued focus on sustainability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • EU directive threatens structure of Rewe and similar businesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 118: Rewe: group financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 119: Rewe: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • J Sainsbury (UK)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ‘Combination’ with Asda has potential to transform the business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Beauty and clothing sectors targeted for expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Improving payment options to reduce checkout queues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Delivery enhancements help to refine online offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Expanding reach
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • More reasons to shop in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Taking full control of Nectar opens up possibilities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 120: J Sainsbury (UK): Group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 121: J Sainsbury (UK): Outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Schwarz Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tight controls the key
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Problems in fresh foods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lessons from the UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 122: Schwarz Group: Group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 123: Schwarz Group: Outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Système U

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • France's largest purchase alliance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Potential grocery supply deal with Amazon
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Personalising the online shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mobile app to simplify ingredient and allergen information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 124: Système U: Estimated group sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 125: Système U: Outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Tesco

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strategy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Cutting costs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Looking for growth - Booker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Cutting back on general merchandise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Discounting and Jack’s
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • So what could go wrong?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 126: Tesco: Like-for-like growth by UK format, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 127: Tesco Central Europe and Asia, like-for-like growth, 2016/17-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 128: Tesco Plc: Group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 129: Tesco Plc: Outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Wm Morrison Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Fresh Look store makeover driving supermarket sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Morrisons.com expands online delivery catchment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Wholesale extending the reach of Morrisons and making the brand accessible to more consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Voice-enabled shopping through Alexa
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tapping into meat-free tastes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Expanded non-food product offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • War on plastic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Preparing for Brexit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 130: Wm Morrison Group: Group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 131: Wm Morrison Group: Outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          European Retail Rankings - December 2018

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          US $1,912.55 (Excl.Tax)