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European Retail Briefing - March 2015

ANALYST COMMENT
 ALDI AND E-COMMERCE
UK e-commerce
Who succeeds in the UK?
Prospects for Aldi in the UK
Where next?
EUROPEAN RETAIL SALES
Key points
Retail sales
Figure 1: Major European economies: Year-on-year retail sales value growth, 2013-14
Figure 2: Major European economies: Year-on-year retail sales volume growth, 2013-14
Inflation
Figure 3: Major European economies: All items CPI, 2013-14
Figure 4: Major European economies: Food price inflation, 2013-14
HEADLINES FOR THE MONTH
Grocers
Clothing retailing
Multi-sector retailing
DIY retailing
Electrical retailing
Furniture and homeware retailing
Home shopping
Optical goods retailing
NEWS ANALYSIS – FOOD & DRINK
 CO-OPS
UK: Co-operative Group
…appoints chairman
…appoints new chief financial officer
 CONVENIENCE STORES
UK: Bestway Group reveal full-year results
UK: Budgens to phase out SuperValu range
UK: McColl’s sales and profits rise in 2014
UK: Simply Fresh announces expansion plans
 GROCERS
Belgium: Delhaize group makes good progress in the US
Europe: Ahold sales grow 7.9% in Q4
France: Auchan
…and Système U deepen sourcing partnership
…revenues rise 14.7%
France: Carrefour
…considers bringing back the ED banner
…profits up 6.7%
France: Intermarché turnover reaches €40.1bn
Germany: Aldi Süd to extend opening hours
Germany: Edeka’s acquisition of Tengelmann may be blocked
Germany: Kaufland interested in Kaiser’s Tengelmann stores
Germany: Metro Q1 sales fall 2.2%
Netherlands: Albert Heijn rolls out mobile self-scanning to stores
Spain: Dia considers expansion into the UK
Spain: Lidl plans €200m investment in Spain
Spain: Mercadona sales increase 2%
Switzerland: Coop Schweiz increases turnover by 1.7%
UK: Aldi eyeing two new distribution centres
UK: Asda
…acquires standalone petrol stations
…Q4 like-for-like sales fall 2.6%
UK: Lidl teams up with Michelin-starred chef
UK: Morrisons CEO
…to stand down early
…CEO to receive bumper pay off
…close to appointing new chief executive
…appoints new CEO
…lowers price on 130 items
…to sell three stores for £100m
UK: Sainsbury’s
…to launch its first click-and-collect service
…trials electronic price tags
UK: Tesco
…announces one-to-one online beauty consultation service
…appoints new chairman
…chief of new food experiences departs
…makes further board changes
…to cut up to 10,000 jobs
…to pay £20,000 to towns affected by store cutbacks
 OTHER FOOD AND DRINK SPECIALISTS
Germany: Hawesko acquired by Tocos
UK: Greggs sales up 5.5%
UK: Majestic Wine chief executive steps down
UK: Oddbins opens first beer-only shop
UK: Thorntons half-year sales decline 9.0%
UK: Whole Food sales top £100m in the UK
NEWS ANALYSIS – NON-FOOD
 CLOTHING RETAILING
Europe: Primark expects sales to rise 16% in the first half of the year
Germany: Billionaire buys German motorcycle apparel retailer
Italy: Prada sales down 1% in 2014
Netherlands: Topshop opens flagship store in Amsterdam
UK: Bank confirms 20 stores facing closure
UK: BHS managing director leaving for senior role at Tesco
UK: Edinburgh Woollen Mill Group sales increase 6.2%
UK: La Martina opens its first UK flagship outlet
UK: Monsoon chief executive departs company
UK: New Look
…appoints advisors as it considers IPO
…signs for east Oxford Street flagship
…like-for-like sales fall 1.7%
UK: New retailer FG4 to launch in the UK
UK: Nike to launch first women’s only store in the UK
UK: Oasis opens refurbished London flagship store
UK: SuperGroup chief financial officer to leave company
UK: Valentino to open West End flagship
 MULTI-SECTOR RETAILING
Europe: TJX Europe sales increase 6%
UK: M&S
…announces first film partnership
…to offer discounted gift cards as dividend payments
UK: Poundland can no longer claim everything is £1
 DEPARTMENT STORES
Ireland: Dunnes Stores employees vote for industrial action
UK: Bhs gains interest from former director
UK: House of Fraser
…chief executive John King to step down
…to ask for discount from suppliers through new scheme
 DIY RETAILING
France: Mr Bricolage sales fall in 2014
Netherlands: Inter Gamma sales edge up 0.6%
UK: Wickes revenues increase 8.8%
 ELECTRICAL RETAILING
France: Darty sales grow 2.4% in Q3
France: Fnac sales remain flat in 2014
Ireland: Carphone Warehouse Ireland back in black
Ireland: Harvey Norman revenues rise 4%
UK: BrightHouse revenues up 4.4%
 MUSIC, VIDEO AND BOOK RETAILING
Netherlands: Bax-shop plans expansion into the UK
UK: Foyles makes full year loss
UK: Game acquires Multiplay
 FURNITURE AND HOMEWARE RETAILING
Germany: Ikea outlines expansion plans for Germany
UK: Carpetright founder’s son to launch flooring retailer
UK: DFS
…announces small city store format
…sets share price
UK: Dreams returns to profit in 2014
UK: Dunelm
…founder buys stake in Morrisons
…half-year revenues up 14%
UK: Ikea to launch wireless charging furniture
UK: MFI founder Noel Lister passes away
UK: The Range opens its 100th store
UK: PerfectHome fined for ‘aggressive and misleading trading practices’
 HOME SHOPPING
Germany: Zalando
…eyes continued revenue growth of 20-25%
…has profitable 2014
UK: Amazon
…Prime advert banned
…suffers website outages
UK: Ao.com issues profit warning
UK: Ocado Group
…sales rise 19.2%
…lines up £26m potential bonuses
UK: Shop Direct’s new brand Very Exclusive launches
UK: WorldStores receives investment from Goldman Sachs
 HEALTH AND BEAUTY RETAILING
UK: Bestway to rebrand Co-operative Pharmacies
UK: Boots director of stores to step down
UK: Lush posts 8% rise in sales
 SPORTS AND LEISURE GOODS RETAILING
Europe: ASICS Europe sales up 13%
UK: Rolling Luggage acquired by Samsonite
UK: Sports Direct
…sales rise 2.6%
…to offer vouchers to offset click-and-collect cost
UK: Wiggle launches new brand identity
 OPTICAL GOODS RETAILING
Germany: MyOptique Group acquires Netzoptiker
Netherlands: GrandVision valued at €5bn
 SHOPPING LOCATIONS
UK: Hammerson almost doubles profits
UK: Intu profits rise 64.8%
UK: London Luton Airport to double retail space
UK: PayPal partners with Shell for mobile fuel payment
 ECONOMY
France: French Sunday trading laws to be relaxed
UK: Grocery market grows by 1.1%
UK: Retail footfall declines 1.2% in January
UK: Retail sales rise 2.6% in January
UK: Retail sales up 1.7% in February
UK: Shop prices continue to fall in February
UK: UK retail sales edge up 0.2% in January
FNAC
What we think
Trying to crack the music streaming market
Revamped product offering
Innovative scheme to give consumers access to the latest technology
Stores driving omni-channel sales
New express delivery service
Company background
Company performance
Mixed performance in 2014
Figure 5: Fnac: Group financial performance, 2009-14
Figure 6: Fnac: Outlet data, 2009-14
Retail offering

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