Table of Contents
Analyst Comment
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- Second best is not good enough – especially in recession
- Failures
- TJs
- Jane Norman
- No-one wants furniture
- What else do these businesses have in common?
- Second best
- Invest or die
Headlines for the Month
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- Grocers
- Food and drink specialists
- Clothing retailers
- Footwear retailing
- Multi-sector retailing
- Miscellaneous specialists
- Department stores
- Furniture retailing
Retail Sales – Background and Outlook
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- Key points
- Retail sales trends
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- Figure 1: Retail sales trends, 2010-11
- June – the indications are poor
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- Figure 2: UK retail sales y/y growth, BRC vs ONS, 2010-11
- John Lewis
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- Figure 3: John Lewis: Year-on-year growth, 2010-11
- Inflation and wages
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- Figure 4: RPI vs Average weekly earnings growth, 2005-11
- Inflation remains uncomfortably high
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- Figure 5: Annual percentage change in the Consumer Price Index for selected product groups, 2010-11
- Looking forward
Sector Focus – Clothing and Footwear Retailers
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- Sector relatives
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- Figure 6: Clothing & footwear specialists’ retail sales as % of all retail sales, 2006-June 2011
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- Figure 7: Clothing & footwear specialists’ retail sales as % of consumer spending on clothing & footwear, 2006-Q1 2011
- Retail sales data
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- Figure 8: Clothing & footwear specialists’ retail sales, 2006-11
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- Figure 9: Year-on-year growth in clothing & footwear specialists’ retail sales, Jul 2010-Jun 2011
- Figure 10: Clothing & footwear specialists’ retail sales growth in current and constant prices, 2006-Q1 2011
- Consumer prices inflation
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- Figure 11: Indices of retail prices for clothing & footwear, Jan 2009-Jun 2011
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- Figure 12: Consumer prices index for clothing & footwear, Jan 2010-Jun 2011
- Mintel’s Tracker Survey
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- Figure 13: Mintel Tracker Survey: Agreement with statements on what extra money is spent on, Jul 2010-Jun 2011
- Consumer expenditure
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- Figure 14: Consumer spending on clothing & footwear, 2006-Q1 2011
- Leading retailers
- Footwear
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- Figure 15: Leading footwear specialists’ sales, 2009/10-2010/11
- Clothing
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- Figure 16: Leading clothing specialists’ sales, 2009/10-2010/11
News Analysis
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- Grocers
- Asda
- …achieves £1bn ethical and local produce sales
- …COO exits
- …former boss sets up investment vehicle
- …reports consumers starting to ration
- Iceland trials Greggs Foods
- Haldanes files for administration
- Iceland profits rise 20%
- Morrisons
- …buys wholesale florist
- …to open first c-store chain
- Sainsbury's
- …reports strong sales in challenging market
- …strengthens online team
- Tesco
- …launches Back to School campaign
- …reports strong group sales growth
- …signs agreement that signals further expansion into Chinese market
- …to add double glazing to portfolio
- Waitrose
- …targets London for convenience store format
- Off-licences
- Majestic Wines profits up 27%
- Other food specialists
- Holland & Barrett's profits up
- Thorntons to cut number of stores
- Clothing retailing
- Abercrombie bid for SuperGroup speculations
- Alexon like-for-likes remain flat, leading to new finance options explored
- Aquascutum to open stores in Milan and Rome
- Aurora management team vie to buy Jane Norman
- Ben Sherman seals suit licence deal and invites Nickleson bids
- Bonmarché future boss named, if sale goes through
- Burberry triggers potential revolt over pay
- East pre-tax profits up 9.5%
- Forever 21 flagship to open at Lakeside
- Hobbs secures £46.5m funding to accelerate expansion
- Jacques Vert's pre-tax profits up 3.1%
- Jane Norman
- …enters new private equity rescue talks
- …in administration
- Edinburgh Woollen Mill acquires 31 Jane Norman stores but 35 to shut
- Life & Style closes 22 stores, axing 300 jobs
- Matalan EBITDA falls due to snow in Q4
- Missoni to open second UK standalone store
- Moss Bros like-for-likes up 13.4% with disposal of Cecil Gee
- Mulberry full-year profits rise
- Next sells customer service business for £65m
- Phase Eight reports 42% rise in pre-tax profits
- Polo Ralph Lauren denim line to open franchise stores
- SuperGroup reports business 'on track'
- Ted Baker sales rise ahead of expectations
- Uniqlo sees 31% sales surge
- Vera Wang opens shop-in-shop with Browns
- Footwear retailing
- Brantano back in black
- Schuh sold to US retailer for £125m
- Mixed goods retailing
- 99p Stores sees profits rise amid international plans
- B&M Bargains reports strong year
- Multi-sector retailing
- Marks & Spencer launches earlier summer Sale
- Miscellaneous specialists
- Cath Kidston opens in St Pancras
- Pets at Home profits rise
- Halfords trials smaller high street bike shops
- Mamas & Papas aims for 30 more UK stores
- Carpetright profits fall in face of weak consumer demand
- Department stores
- Beales reports loss
- Debenhams
- …reports like-for-likes rise
- …tables bid for Jane Norman
- John Lewis to open home store in Ashford
- TJ Hughes
- …puts administrators on standby
- …in administration
- …acquired by GA Europe
- DIY retailing
- Focus creditors will not be paid
- Kingfisher gets go-ahead on Focus stores deal
- Electrical retailing
- Best Buy
- …may halt UK expansion plans
- …reportedly considering Dixons bid
- …UK big boxes lose £62m in first year
- Comet to close 17 stores
- Dixons
- …planning second Black store
- …sees balance sheet hit
- Music and video goods retailing
- Game appoints new boss of UK and northern Europe
- HMV
- …chiefs outline new vision after bad year
- ….profits down 61%
- Furniture and furnishings retailing
- BrightHouse EBITDA rises
- BrightHouse to launch transactional website
- Conran and Radice to launch new department store concept
- CSL sales up as it plots South East expansion
- DFS posts profits rise
- Dreams increases market share but profits fall
- Home Retail
- …in talks to buy Habitat
- …confirms Habitat UK deal
- Homeform
- …unites brands for Sale push
- …files notice to appoint administration
- …closes Moben, Dolphin and Kitchens Direct
- Homebase interested in failed Moben and Dolphin
- Sun European acquires parts of Homeform
- Magnet reaches out to customers of Moben and Kitchens Direct
- Lombok cautious on concession roll-out
- Dunelm sees sales and market share rise
- Home shopping
- Amazon to buy The Book Depository
- Argos launches TV shopping channel
- Asos marketplace to work with global sellers
- EBay hires Cocosa marketing director
- JML to focus on growth through supply division
- My-Wardrobe targets Middle East
- N Brown reports like-for-like rise
- Ocado posts pre-tax profit and deal with Carrefour
- Park Group pre-tax profits rise
- Shop Direct hires Very boss
- The Hut drafts in IPO advisers
- Health and beauty retailing
- Superdrug back in black in 2010
- Book and stationery retailing
- Foyles to open in Westfield
- Waterstone's sold to Mamut
- WH Smith sales fall
- Sports and leisure goods retailing
- JD Sports acquires Cecil Gee and Sprinter
- Pentland Group sales and profits rise
- Sports Direct acquires USC and Cruise
- Jewellers
- Theo Fennell sales rise 15%
- Garden centres
- Garden Centre Group is up for sale
- Economy
- Asda Income Tracker: weekly spending power's largest decline
- BRC: Food inflation up 5.7%
- Discounters increase market share, while Asda loses out
- Inflation unchanged at 4.5% in May
- Retail sales values up, but volumes flat
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