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European Retail Briefing - March 2017

ANALYST COMMENT
 DEVELOPMENTS IN ORGANICS
NaturéO
La Vie Claire
El Corte Inglés
 THE OPPORTUNITY
Figure 1: Europe: those agreeing that organics are worth paying up for, Q3, 2016
 WHERE NEXT?
EUROPEAN RETAIL SALES
Key points
Figure 2: Major European economies: year-on-year retail sales value growth, 2015-17
Figure 3: Major European economies: year-on-year retail sales volume growth, 2015-17
Inflation
Figure 4: Major European economies: all items CPI, 2016-17
Figure 5: Major European economies: food price inflation, 2016-17
HEADLINES FOR THE MONTH
Grocers
Other food specialists
Clothing retailing
Multi-sector retailing
Home shopping
Beauty retailing
NEWS ANALYSIS – FOOD AND DRINK
 GROCERS
Belgium: Carrefour officially launches meal box solution range
France: Auchan trials home delivery from Drive store
France: casino sales rise 5.7%
France: Lidl opens new 'Loft' concept
Germany: Penny prepares a strategic offensive
Germany: Real integrates Hitmeister into its website
Germany: Rewe
…introduces laser technology to replace excess packaging
…makes fast progress on Kaiser's rebranding
Netherlands: Ahold Delhaize reports strong fourth quarter
Netherlands: Jumbo installs virtual shoppable pop-up store
UK: Budgens operator falls into administration
UK: Co-op invests in technology to localise offer
UK: discounters' expansion to cannibalise growth, report finds
UK: Lidl opens first metropolitan format store
UK: McColl's revenues rise 1.9%
UK: Morrisons
…achieves first comparable sales and profit growth since 2012
…launches first ever womenswear range
…on the hunt for new British suppliers
UK: Sainsbury's
…continues food waste saving initiative
...cuts price controller role from stores
…trials autism friendly initiatives
UK: supermarkets call for business rates reform
UK: Tesco
…to cut 1,700 deputy store manager roles
…aims for 8,000 click-and-collect locations
…extends same-day click-and-collect
…reviews pricing in stores after BBC investigation
 OTHER FOOD SPECIALISTS
France: NaturéO sales rise 42%
UK: Greggs total sales rise 7.0%
UK: Hotel Chocolat
…pre-tax profits leap 28%
…to launch 'Chocolate Lock-ins'
NEWS ANALYSIS – NON-FOOD
 CLOTHING RETAILING
Belgium: Esprit turnaround on track
Europe: SuitSupply continues steady expansion
Europe: TJX comparable sales rise 5%
France: C&A announces restructuring plan
France: Kiabi trials connected loyalty card
Germany: Hugo Boss acts to stabilise declining sales
UK: Abercrombie & Fitch creates new store format
UK: Agent Provocateur
…close to finding a buyer
…may face administration
…pre-pack administration deal criticised by founder
UK: Bhs investigation could last until 2019
UK: Blue Inc files for a CVA
UK: Bosideng exits the UK over 'Brexit uncertainty'
UK: Edinburgh Woollen Mill owner to open a department store
UK: Fat Face profits fall due to currency fluctuations
UK: Flannels to open first store in Scotland
UK: French Connection launches athleisure range
UK: Google adapts for Fashion Week searches
UK: H&M
…expands Weekday fascia
…trials scan and buy technology
UK: Jack Wills campaign celebrates employees turned entrepreneurs
UK: Jaeger seeks investors amid strategic turnaround
UK: luxury marketplace for modest fashion launches
UK: Mamas & Papas hires new head of e-commerce & marketing
UK: Next chairman to retire
UK: new womenswear online retailer set to launch
UK: Primark anticipates 11% sales rise
UK: Reiss appoints new CEO
UK: Retail Acquisitions to sue Bhs
 FOOTWEAR RETAILING
UK: Clarks set to review store portfolio
UK: Jimmy Choo revenues rise 14.5%
UK: Jones the Bootmaker put up for sale
 MIXED GOODS RETAILING
Netherlands: Action turnover rises 34%
UK: Argos fined for underpaying staff
UK: Poundland
…delivers like-for-like sales rise
…to cease trading online
 MULTI-SECTOR RETAILING
Germany: Metro Group supports food technology start-ups
Spain: El Corte Inglés launches a new organic format
UK: Laura Ashley like-for-like sales fall 3.5%
 DEPARTMENT STORES
Ireland: Debenhams Ireland returns to a profit
UK: Debenhams
…adds Preen to the Designers at Debenhams collection
…to stock modest fashion brand
UK: Fenwick new chairman named as Richard Pennycook
UK: John Lewis
…announces store job losses and reshuffles
…full-year sales rise 3.2%
…invests in the customer experience
…rolls out stock tracking tool
 DIY RETAILING
France: Bricorama extends service offering with plumbing start-up
UK: B&Q set to trial new store format
UK: Screwfix opens 500th store
UK: Travis Perkins like-for-like sales rise 2.7%
UK: Wesfarmers UK makes a loss amid Bunnings rebrand
 ELECTRICAL RETAILING
France: Fnac Darty revenues rise 2.0% in 2016
 FURNITURE RETAILING
UK: Dreams profits surge following sales boost
UK: Ikea plans to double UK business in three years
UK: Poundland delivers like-for-like sales rise
UK: Sharps launches shopping centre presence in Intu malls
 HOMEWARES RETAILING
France: Maisons du Monde profits rise 30%
UK: Hillary's launches new 'home studio' format
UK: The White Company upsizes Bluewater store
UK: Tapi Carpets on schedule with expansion
 HOME SHOPPING
France: Cdiscount raises awareness of same-day appliance delivery
Germany: DPD moves into fresh food delivery service
Germany: Zalando invests to retain growth
Italy: Yoox Net-a-Porter revenues grow 17.7%
UK: Amazon
…makes senior fashion appointments
…to create 5,000 new UK job roles
UK: AO World founder stands down as CEO
UK: Boohoo ups full year revenue growth to 50%
UK: Gear4Music sales surge 58%
UK: HelloFresh opens popup store in London
UK: Ocado trials electric vehicle delivery
 HEALTH & BEAUTY RETAILING
UK: Boots announces 400 job cuts
UK: L'Oreal considering selling The Body Shop
UK: Models Own opens standalone presence in Leeds
 BOOK AND STATIONERY RETAILING
UK: Clinton Cards reported to be considering store closures
UK: Waterstones opens unbranded bookshops
 SPORTS AND LEISURE GOODS RETAILING
Europe: ASICS net sales rise 3%
France: Decathlon sales pass €10 billion
Spain: JD Sports to partner with Sports Zone in Spain and Portugal
UK: Sports Direct warns of pressure from falling Euro
 JEWELLERS
UK: Signet Jewellers reports challenging fourth quarter
 OPTICIANS
Netherlands: GrandVision turnover rises 3.5%
 TOYS AND GAMES RETAILING
UK: Games Workshop rebrands stores to Warhammer
 SHOPPING LOCATIONS
UK: Bluewater leisure plaza set for growth
UK: Hammerson divests property
UK: Visa opens London innovation hub
UK: outlet village operator reports 6.7% sales rise
 ECONOMY
UK: Chancellor says he is listening to rates concerns
UK: consumer spending slows in January
UK: food prices increase just 0.4% despite rising costs
UK: footfall declines deepen in January
UK: retail sales rise 0.4% in February
UK: retail sales rise 2.2% in January
FNAC DARTY GROUP
What we think
Enlarged product offering to better compete with the likes of Amazon
Enhanced multichannel offering
Increased bargaining power to offer more competitive prices
Shortcuts to aid electrical product consumers decision-making process
Company background
Company performance
Figure 6: Fnac Darty: financial performance, pro forma, Q3 2016 and 1st nine months 2016
Figure 7: Fnac Darty: store network, pro forma, 2015-16
Retail offering

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