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European Retail Briefing - August 2011

ANALYST COMMENT
2011: the year of uncertainty
What we’ve seen
The end of Europe as we know it?
A mixed bag
The good
Figure 1: Europe’s strong performing markets, retail sales growth H1 2011
The bad
Figure 2: Figure 2: Europe’s weak performing markets, retail sales growth H1 2011
The retailer response
What it means
HEADLINES FOR THE MONTH
Grocers
Clothing retailing
Multi-sector retailing
Department stores
Mixed goods retailers
Electricals retailing
Home shopping
Health and beauty
Jewellery
RETAIL SALES REVIEW
Key points
 FRANCE
Figure 3: France: Retail sales trends, 2010-11
Inflation
Figure 4: France: Inflation, 2010-11
 GERMANY
Figure 5: Germany: Retail sales trends, 2010-11
Inflation
Figure 6: Germany: Inflation, 2010-11
 ITALY
Figure 7: Italy: Retail sales trends, 2010-11
Inflation
Figure 8: Italy: Inflation, 2010-11
 NETHERLANDS
Figure 9: The Netherlands: Retail sales trends, 2010-11
Inflation
Figure 10: The Netherlands: Inflation, 2010-11
 SPAIN
Figure 11: Spain: Retail sales trends, 2010-11
Inflation
Figure 12: Spain: Inflation, 2010-11
 UK
Figure 13: Retail sales trends, 2010-11
Inflation
Figure 14: UK: Annual percentage change in Consumer Price Index for selected product groups, 2010-11
NEWS ANALYSIS
 GROCERS
Austria: Spar to launch convenience store
France: Carrefour profits fall
France: Casino
…plans to take full control of Brazil's CBD
…reports rising sales
Germany: Rewe Group
…to sell Billa Italia
…Penny to focus on own brand
Latvia: Maxima Latvija sees dip in profits
Latvia: Rimi Latvia 2010 consolidated turnover down
Netherlands: C1000 to split up units after modest full year growth
Romania: Rewe to invest in Penny Chain
Russian Federation: O'Key reports strong second quarter
Russian Federation: X5 Retail and Magnit report strong growth
UK: Co-operative Food launches new Free From and Wholefoods ranges
UK: Iceland founder hires Rothschild
UK: Morrisons
…hopes to acquire Iceland stores
…is fastest growing of the big four retailers
UK: Nisa-Today to pay £5m to members following record performance
UK: Sainsbury's
…and Jamie Oliver split after 11 years
…launches non-food app
Ireland: Superquinn sold to the Musgrave group
UK: Tesco
…struggling to find partners in online venture
…superstore & retail park approved
…to offer customers free WiFi internet service
UK: Waitrose
…plots clothing launch
…sales grow in first half
UK: Whole Foods Market to expand north of the UK border
 FOOD SPECIALISTS
UK: Greggs reports profits fall but sales rise
UK: Thorntons’ like-for-like sales fall
 CLOTHING RETAILING
France: Etam Group benefit from earlier sales period
Germany: Hugo Boss predicts positive second half of 2011
Italy: Benetton Group interim profits down
Spain: Inditex chairman steps down
Sweden: H&M
…like-for-likes fall 4%
…team up with David Beckham
UK: Aquascutum receives £8m loan
UK: Arcadia expects profits fall
UK: Bond Street Association campaign to smarten area up
UK: Burberry like-for-like up 15%
UK: Forever 21 opens in Oxford Street
UK: French Connection reports as expected first half results
UK: Hobbs aims to expand stores as range grows
UK: Jack Wills eyes sale or float next year
UK: Lipsy to open 40 international stores
UK: Matalan reports quarterly sales drop
UK: Next reports solid first half sales
UK: Nicole Farhi relocates London flagship store
UK: Primark sees strong sales growth but margins down
UK: River Island return to print ads
UK: SuperGroup more than doubles full-year profits
UK: Zara UK sees increase in sales and profits
 FOOTWEAR RETAILING
Italy: Tod's Group reports 30% growth
Spain: Coolway to open UK store in Oxford Street
 MULTI-SECTOR RETAILING
Czech Republic: Makro launches group discount site
Estonia: Tallinna Kaubamaja Group increases revenue by 4.6% in first half of 2011
Germany: Metro Group
…could sell Kaufhof to El Corte Ingles
…posts stable sales development
…Media-Saturn report loss
Europe: LVMH profits up as demand for luxury goods show no signs of slowing
France: PPR
…considering buying Brioni
…increases stake in Puma
…preparing to sell Redcats
UK: Marks & Spencer sales rise and group increases market share
 DEPARTMENT STORES
Finland: Stockmann issues profit warning
UK: Allders launches transactional website
UK: Debenhams
…completes £650m refinancing
UK: House of Fraser
…opening click-and-collect store
…sales up
UK: John Lewis to open 10 smaller stores
UK: Liberty to launch kidswear
UK: TJ Hughes
…begins store closures
…stores bought by Lewis's Home Retail
 MIXED GOODS RETAILERS
UK: Original Factory Shop posts fall in profits
Ireland: Poundland expands into Ireland
 DIY RETAILING
Germany: Praktiker
…CEO resigns and share price in free fall
…posts a loss for the first half of 2011
UK: B&Q plans to lease products
UK: Kingfisher sales harmed by Focus collapse
UK: Robert Dyas could be sold
UK: Topps Tiles sees Q3 sales fall
UK: Travis Perkins reports 54% revenue increase
 MISCELLANEOUS SPECIALISTS
UK: United Carpets reports level profits
UK: Carpetright reports 1.5% drop in group sales
UK: Mothercare UK sales hit by tough conditions
UK: Halfords like-for-like sales drop by 1.1%
 ELECTRICALS RETAILING
Denmark: Skousen sold off to rival
France: Fnac five-year plan to lift flagging sales
UK: Best Buy to launch customer magazine
UK: Carphone Warehouse sees mixed quarter one results
UK: Comet
…bidders exit battle for store
…sets first-round bids deadline
UK: Dixons to open in Harrods
UK: Jessops post sales growth in first half of 2011
 FURNITURE RETAILING
UK: Dreams' supplier cover cut by credit insurer
UK: Lombok closes half its estate
 HOMEWARES RETAILING
UK: Achica receives investment from Balderton Capital
UK: Cath Kidston hires Claire's Stores boss as CEO
UK: Garden Centre Group
…acquires Country Homes & Gardens
…sales up 8%
UK: The White Company
…EBITDA rises as boss plans exit
…opens second lifestyle store
 HOME SHOPPING
France: Damartex reports slight growth
France: RueduCommerce sees sharp growth from La Galerie
UK: Amazon to open new UK fulfilment centre
UK: Asos sales rise 69%
UK: BrandAlley launches TV channel
UK: Findel group reports sales up 1.1%
UK: Flying Brands enters personalised cards market
UK: N Brown signs Flintoff as new face of Jacamo
UK: Ocado to open new distribution centre in Oxford
UK: Photobox buys Moonpig for £120m
UK: Wiggle sees increase in performances and expands into Holland
 HEALTH AND BEAUTY RETAILING
Poland: PGF seeks one more deal this year
UK: Superdrug's Beautycard sees 4m sign up
UK: The Fragrance Shop reports rising profits
 BOOK AND STATIONERY RETAILING
UK: Card Factory acquires online rival
UK: Clintons gets new CEO from October 2011
UK: HobbyCraft reports 13% sales increase
UK: Paperchase profits hit by Borders fall
UK: The Works targets online
 SPORTS AND LEISURE GOODS RETAILING
Europe: Go Sport Group reduces its net loss
Germany: Intersport Deutschland first-half sales down
UK: Blacks
…potentially taken over by Mike Ashley
…sales fall
UK: JJB Sports
…makes "good progress" in turnaround plan
…saves itself from administration
UK: Sports Direct profits rise
 JEWELLERS
Switzerland: Swatch first-half earnings up
UK: Aurum continues sales growth
UK: Pandora sales fall and CEO exits
 TOYS AND GAMES RETAILING
UK: Game to sell digital games in-store
UK: Games Workshop sees revenues and profits slip
UK: Hamleys reports operating profit increase of over 40%
 ECONOMY
Ireland: Irish retail sales fall by 6%
UK: BAA increases net retail income per passenger
UK: BRC: June retail sales better than expected
UK: BRC: Retail growth is modest in July
UK: Capital Shopping Centres reports rising retail sales
UK: CSL and Mamas & Papas sign up to Lakeside extension
UK: Ecommerce growth slows
UK: Fewer trips made to non-food stores in June
UK: Food inflation slows in July
UK: Government to cut red tape for retailers
UK: Grocers fined for price fixing on dairy products
UK: June inflation falls back to 4.2%
UK: London to home world's first pop-up mall
UK: Mobile retail searches rise 216% in second quarter
UK: OFT call for return of RRP on electrical items
UK: Retail administrations increase 8% year-on-year
UK: Retail employment falls by 0.4%
UK: Sales volumes rise 0.8% month-on-month
UK: Shop vacancy rates fall
UK: Shoppers spent £5.3bn online in June 2011
UK: Shopping centres in Wales and Scotland purchased
LUXURY GOODS SECTOR – GLOBAL
The market
Strong performance in 2010
Possible faltering in later 2011
Variable outlook
Forecast
Market factors
Potential problems
Tipping point?
HNWIs are key
Market breakdown: where and what
Asia to overtake Europe
Prospects for the Americas
Bounce back for hard luxury
Perfumes and cosmetics outpaced
Soft luxury buoyant
Market developments
Focusing on boutiques
Flagship openings
Online investments

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