Table of Contents
Analyst Comment
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- It’s an ill wind…
- The problem of undervalued assets
- Pros and cons
- Time to take defensive action
The Month in UK Retailing
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- Bakers (retail)
- Thorntons reports FY profit rise
- Co-ops (retail)
- Co-op
- … announces plans to sell off 107 Somerfield stores
- … installs mini-banks in 250 stores
- Grocers
- Aldi
- …joins BRC
- …enters mainstream
- Asda
- …in milk price war with Tesco
- …frets over Christmas despite rise in LFLs
- …kick-starts mobile phone price war
- …to open 5 new Living stores before end 2008
- Lidl to launch Express format
- Morrisons sees H1 profits jump 12.8%
- Sainsbury’s
- …pushes own-brand goods to entice beleaguered customers
- …subject of takeover rumours
- …to open first in-store dentist
- Tesco
- …unveils plans for cash&carry business in India
- …announces 2bn carrier bags saved since 2006
- …looks to raise £500m from sale of stores
- …in £605m sale and leaseback deal
- …profits from local produce
- …to open pensioner-friendly store
- …"must go green," says CEO
- Clothing retailing
- Arcadia
- …adapts sites for US launch of Topshop
- …owner predicts "double dip" in 2009's high street sales
- Fat Face owner buys chunk of debt
- Matalan accused of squeezing suppliers
- Moss Bros puts Cecil Gee up for sale
- Next reports 12% fall in H1 profit
- Primark predicts good H2, FY results
- SRG unveils first new-look Suits You store
- Urban Outfitters to bring Anthropologie to Regent Street
- Footwear retailing
- Faith shoes bought by Kinnaird
- Mixed goods retailing
- Argos' and Homebase' Q2 LFLs disappoint, Homebase value lowered
- Woolworths
- …rejects Iceland offer
- …chairman remains open to discussions
- …shareholder says no to takeover offer
- …attracts Iceland's CEO
- Multi-sector retailing
- Boots launches drive-through pharmacy
- HMV
- …to open new-format store in Liverpool
- …reports rise in 18-week sales
- John Lewis
- …chairman vows not to axe jobs
- …curtails expansion plans amid tightening market conditions
- …posts fall in H1 profit
- M&S
- …to cut redundancy benefits, triggers fear over jobs
- …to bring forward Q2 trading statement
- …suspends redundancy whistle-blower
- …waters down controversial changes to redundancy terms
- …fires staff member who leaked redundancy change details
- …responds to criticism over sacking of 'whistle-blower' employee
- Department stores
- Beales reports 6% decline in 43-week sales
- General Trading Company to re-launch in spring
- House of Fraser sees sales rise
- Liberty losses widen in H1
- Electrical retailing
- DSGi
- …reports flagging Q1 sales
- …says that consumer demand has "switched off”
- …has acquisition proposal refused
- Kesa reports plunging Q1 sales at flagship chains
- Carpet retailing
- Floors-2-Go administrators sell 80 stores
- Furniture retailing
- MFI
- …considers merger in midst of ongoing troubles
- …acquisition row settled for £8m
- Strategic Retail reveals FY loss
- Home shopping
- Asos chief bucks downturn, netting £352,000 in pay & bonuses
- Findel's sales edge ahead
- Shop Direct
- …faces strike prospect
- …quells staff concerns with revised pay deal
- Jewellers
- Signet posts H1 profits
- Miscellaneous specialist retailing
- Halfords chairman steps down
Executive Appointments
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- Mothercare appoints Nield as group marketing director
- Woolworths appoints new chief executive
- Wyevale appoints COO
Product Development – Household Goods
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- Lidl
- Marks & Spencer
- Sainsbury’s
- Somerfield
- Tesco
- Waitrose
Advertising News
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- New campaigns
- Aldi signs £10m advertising deal with TV chef
- Asda stops using celebrity advertisers
- Body Shop returns to ethical heritage
- Comet overhauls website
- Co-operative
- …signs Bryan Robson as sponsor
- …plots £50m drive to promote ethical approach
- Harrods signs up West End musical
- M&S promotes restaurant quality for nights in
- Morrisons
- …launches schools initiative
- …'Crunch Bunch'
- Sainsbury's
- …hires former Coronation Street actress
- …pushes own-brand goods to entice beleaguered customers
- Specsavers
- …in in-store promotion
- …pushes its charity work
- Zavvi partners with Youth Music charity
- Account gains/losses
- Debenhams hands customer mag to Frost Publishing
- Gap shifts its integrated marketing account into Kitcatt Nohr Alexander Shaw
- Karen Millen appoints Syzygy
- Mothercare links help agencies to win NK Space business
- Tesco reviews £80m media account
- Waterstone's hands digital ad account to LBi
- Zavvi hires The7Stars
Retail Advertising Review
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- Advertising expenditure
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- Figure 1: Total advertising expenditure by all advertisers (£m), Jun 2004-Jun 2008
- Figure 2: Total advertising expenditure by all retail advertisers (£m), Jun 2004-Jun 2008
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- Figure 3: Use of media by retail and all advertisers (£m), Jun 2007-Jun 2008
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- Figure 4: Use of media by retail and all advertisers (%), Jun 2007-Jun 2008
- Top 25 retail advertisers
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- Figure 5: Top 25 retailers by adspend (£), May 2008-Jun 2008
- Food
- Furniture
- Health and beauty
- Optical retailers
- Department stores
- Other
- Nielsen Media Research/Definitions
Retail Sales and Inflation
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- Retail sales
- Office for National Statistics
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- Figure 6: Retail sales trends, July 2007-July 2008
- Figure 7: Non-seasonally adjusted % value change on previous year, July 2007-July 2008
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- Figure 8: Seasonally adjusted % volume change on previous year, July 2007-July 2008
- Significant features of July’s ONS statistics
- Confederation of British Industry
- British Retail Consortium
- Retail price inflation trends
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- Figure 9: Annual percentage change in retail price index for selected product groups, July 2007-July 2008
- Figure 10: Annual percentage change in retail price index for selected product groups, July 2007-July 2008
- Retail Prices Index
- Consumer Prices Index
- British Retail Consortium: Shop Price Index
Sector Analysis – Household Goods
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- Sales trends
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- Figure 11: Household goods retailers: Sales trends, 1999-2008
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- Figure 12: Mixed goods retailers as % all retail sales, 1999-2008
- Retail price inflation
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- Figure 13: Indices of retail prices for product categories (household goods), Jan 2001-Jun 2008
- Sales by sub-sector
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- Figure 14: Household goods retailers: Breakdown of sales by sub-sector, 1999-2008
- Consumer expenditure
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- Figure 15: Consumer expenditure on selected product categories (£m), 2000-08 (Q1)
- Household goods retailers: Latest trends
- DIY retailers
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- Figure 16: UK’s leading DIY retailers (unadjusted) share of all DIY retailers sales, 2006/07
- B&Q
- Homebase
- Wickes
- Focus
- Topps Tiles
- Furniture retailers
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- Figure 17: UK’s leading furniture retailers, 2007
- Homestyle
- Carpetright
- ScS
- Land of Leather
- Laura Ashley
- Habitat
- Ikea
- MFI
- Dreams
Sector News Review: Household Goods Retailing
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- April
- DIY retailing
- Kingfisher FY profits fall, restructures China arm
- Superdrug boss to run B&Q
- Topps Tiles H1 LFLs to drop
- Furniture retailing
- Kesa predicts tough trading after FY results
- Jysk confident of UK launch
- Land of Leather suffers in H1, as chief retires
- Sleep Depot collapses into administration
- ScS LFLs plummet in H1
- May
- Furniture retailing
- Land of Leather
- …reports Q3 LFLs plunge
- …fined by FSA
- ScS issues new profit warning
- June
- DIY retailing
- Kingfisher reports LFL drop but profit rise in Q1
- Focus to downsize 40 outlets in turnaround plan
- Topps Tiles sees H1 profits decline 16%
- Carpet retailing
- Bill Gates invests in Carpetright
- Furniture retailing
- Land of Leather asks KPMG to renegotiate banking facilities
- ScS Upholstery's credit insurer withdraws supplier coverage
- July
- Carpet retailing
- Carpetright publishes FY results, predicts difficult year ahead
- Furniture retailing
- Land of Leather
- …to finalise underwritten equity sale
- …seeks £15m from share issue
- ScS Upholstery
- …credit insurer withdraws supplier coverage
- …appoints Ernst & Young in move to restructure
- …receives takeover approach, shareholders likely to get little
- …to be taken over by Sun Capital
- …goes into administration
- August
- DIY retailing
- Homebase gets the go-ahead for purchase of 27 Focus stores
- Kingfisher
- … reports Q2 results
- … to sell off Castorama Italy
- Topps Tiles sees 17-week sales decline
- Travis Perkins sees H1 profits fall
- Carpet retailing
- Carpetright posts fall in Q1 LFLs
- Floors-2-Go
- … looks for new investors
- … enters into administration
- Furniture retailing
- Ilva furniture stores close
- Ikea
- … replaces poached UK CEO
- … launches mobile phone service to shoppers
- Land of Leather investors give £15m refinancing the go-ahead
- MFI brings in KTH for restructuring
- September
- Carpet retailing
- Floors-2-Go administrators sell 80 stores
- Furniture retailing
- MFI
- …considers merger in midst of ongoing troubles
- Strategic Retail reveals FY loss
Sector Advertising Review – Household Goods
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- Advertising expenditure
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- Figure 18: Total advertising expenditure by household goods retailers, Jun 2004-Jun 2008
- Use of media
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- Figure 19: Use of media by household goods retailers and all retailers (£), Jun 2007 and Jun 2008
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- Figure 20: Use of media by household goods retailers and all retailers (%), Jun 2007 and Jun 2008
- Top 10 household goods retailers
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- Figure 21: Top 10 household goods retailers by adspend, Jun 2007 and Jun 2008
- Retailer focus
- DFS
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- Figure 22: DFS, media use by adspend and as share of total, Jun 2007-Jun 2008
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- Figure 23: DFS, top five brands by adspend, Jun 2008
- Dreams
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- Figure 24: Dreams, media use by adspend and as share of total, Jun 2007-Jun 2008
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- Figure 25: Dreams, top brands by adspend, Jun 2008
- B&Q
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- Figure 26: B&Q, media use by adspend and as share of total, Jun 2007-Jun 2008
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- Figure 27: B&Q, top five brands by adspend, Jun 2008
- Homebase
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- Figure 28: Homebase, media use by adspend and as share of total, Jun 2007-Jun 2008
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- Figure 29: Homebase, top five brands by adspend, Jun 2008
- Nielsen Media Research/Definitions
Report Focus: Garden Products Retailing
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- Challenging performance
- Weather and seasonality
- Mixed picture
- Changing hands
- Garden centres’ appeal endures
- Green revolution
- More gardens should be an opportunity
- Consumers: Where, what and why
- Visits to garden centres
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- Figure 30: Consumers visiting and buying from garden centres in the last 12 months, 2003-07
- Gardens still central
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- Figure 31: Products purchased from a specialist garden centre or nursery in the last 12 months, 2004-08
- Changes over time
- Women like the finer things
- Pots make purchases with the young
- Not all things for all men and women
- Plants plus practical purchases
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- Figure 32: Garden products purchased from a DIY store in the last 12 months, 2006 and 2008
- Changes over time
- Starters but not finishers
- Branded price appeal
- It’s a family affair
- All outlets used for buying garden products
- DIY stands out
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- Figure 33: Outlets used for garden products in the last 12 months, 2006 and 2008
- Supermarket creep
- Is Wyevale missing out on the ladies?
- Dobbies dominates in Scotland, but can this be replicated?
- Quality and range is key
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- Figure 34: Attitudes towards garden centres and buying garden products, June 2008
- Paying for quality counts
- Women are savvy shoppers
- Will loyalty last?
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- Figure 35: Attitudes towards garden centres and buying garden products, by age, June 2008
- Have money will pay
- Ranges don’t meet all needs
- Have children can’t pay
- Aspiring mid-market tabloid readers
- Acting on impulse
- Valuable silver surfers
- What matters affects where consumers shop
- Profile of leading retailers
- Wyevale plc
- Strategic evaluation
- Background
- Financial performance
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- Figure 36: Wyevale financial performance, 2002-06
- Store portfolio
- Retail offering
- Marketing and operational issues
- E-commerce and home shopping
- Dobbies Garden Centres plc (Tesco)
- Strategic evaluation
- Background
- Financial performance
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- Figure 37: Dobbies Garden Centres plc, financial performance, 2003-07
- Store portfolio
- Retail offering
- Marketing and operational issues
- E-commerce and home shopping
- Klondyke Group Ltd
- Strategic evaluation
- Background
- Financial performance
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- Figure 38: Klondyke Group Ltd, financial performance, 2003-07
- Store portfolio
- Retail offering
- Marketing and operational issues
- E-commerce and home shopping
- Insights from the Industry
- Bloom or doom?
- Growing importance of a supporting cast of extras
- Grow your own on the up or over-inflated?
- The future’s bright, the future’s green
- Future growth
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