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European Retail Briefings - January 2007

HIGHLIGHTS: JANUARY 2007
Grocers
Multi-sector retailing
Clothing retailing
NEWS ANALYSIS
 BAKERS (RETAIL)
UK: Greggs’ likes-for-likes up for Xmas
UK: Thorntons rebounds after difficult Q1
 CO-OPS (RETAIL)
UK: Co-operative Group enjoys soaring Xmas sales
 GROCERS
Belgium: Delhaize reports solid FY results
Belgium: Lidl rekindles entry plans
France: Carrefour meets 2006 target but Q4 results disappoint
Germany: Real to close 15 former Wal-Mart stores
Netherlands: Jumbo's 2006 sales up 20%
Netherlands: Laurus suffers sales slide
Russian Federation: X5 posts strong FY results
Russian Federation: Magnit reports revenue surge in 2006
Slovakia: Tesco blocked from buying Carrefour stores
UK: Asda
…launches into furniture market
…and cuts petrol prices
UK: “Recovery on track,” says Sainsbury’s
UK: Tesco
…surpasses festive forecasts
…kicks off 2007 price war
…promises 'green consumption revolution'
…and moves into house-building
UK: Supermarkets
…escape crackdown
…as BRC calls for end to enquiry
UK: Morrisons
…posts Christmas like-for-likes increase
…and prepares to axe logo
 OFF-LICENCES
UK: A Majestic Christmas
 MIXED GOODS RETAILING
India: Argos to enter Indian market
UK: Instore recovers momentum over Christmas
UK: Wilkinson extends RightPrice range
UK: Woolworths
…posts dismal festive results
…and may close up to 200 stores
 MULTI-SECTOR RETAILING
Germany: KarstadtQuelle reports positive Q4 results
Germany: Metro Group reports strong Q4 results
Japan: Aeon reports profit rise
Switzerland: Migros acquires 70% stake in Denner
UK: Alliance Boots reports Q3 profits
UK: Online sales soar at Virgin Megastores
UK: HMV reports operating loss
UK: Home Retail reports disappointing Christmas trading
UK: John Lewis
… sees sales rise
…and appoint new MD
UK: Laura Ashley sees sales slow in H2
UK: Next suffers difficult Christmas on the High Street
UK: Marks & Spencer
…reports a good Christmas
…aims to become carbon-neutral
…and adds £500m to pension funding
US: Wal-Mart accused of organic deception
 CLOTHING RETAILING
UK: Like-for-likes down at Alexon
UK: Booming online sales for Ann Summers
UK: Burberry reports bumper Q3
UK: George appoints Next director
UK: Liz Hurley named new face of Monsoon
UK: Moss Bros issues profit warning
UK: Mothercare suffers difficult Q3
UK: New Look reports solid Christmas trading
UK: Ted Baker reports 11% growth
US: Claire's reveals flat comparable sales
US: Gap
…sees sales disappoint
…and ousts CEO after dismal festive trading
US: Sales soar at Abercrombie & Fitch
 DEPARTMENT STORES
UK: Beales suffer tough Christmas
UK: Debenhams down at Christmas
UK: Harrods ditches store cards
UK: House of Fraser enjoys best ever Christmas
US: J C Penney fires COO
 DIY RETAILING
UK: Focus examines sale options
UK: Topps Tiles beats tough trading
US: Home Depot CEO resigns
 ELECTRICAL RETAILING
UK: Kesa powers ahead
UK: DSG posts strong UK results
 HOMEWARES RETAILING
UK: Dunelm sales show strength
 HOME SHOPPING
UK: Asos continues form over Christmas
UK: Flying Brands hit by garden division sales
UK: Littlewoods signs up Trinny and Susannah
UK: N Brown sees festive sales soar
UK: White Company continues to grow
 BOOK AND STATIONERY RETAILING
UK: Pre-Christmas sales please Clinton Cards
UK: Music Zone, Greeting Card Group enter administration
UK: Greeting Card Group sold in MBO
UK: WH Smith reports further sales decline
 SPORTS AND LEISURE GOODS RETAILING
UK: Sales continue to grow at John David
UK: Sports goods retailers face compensation claim
UK: Christmas sales disappoint Blacks Leisure
UK: JJB Sports reports pleasing Christmas results
 JEWELLERS
UK: Signet’s like-for-likes rise
UK: Theo Fennell reveals record Xmas
 GARDEN CENTRES
UK: Blooms of Bressingham
…pleased with Xmas trading
…and enters takeover talks
UK: Christmas sees Dobbies’ sales jump over 30%
 TOYS AND GAMES RETAILING
UK: An impressive Christmas for Game Group
UK: Hamleys' boosted by festive sales
 MISCELLANEOUS SPECIALIST RETAILING
UK: Jessops’ like-for-likes disappoint for December
ECONOMIC NEWS
Australian retail sales up in November
German retail sales fall for November
Russia rejects foreign retailers
UK:
Retail sales grow strongly in December, says CBI
High Street receives Christmas bonus, says BRC
Christmas retail sales surprisingly strong, reveals ONS
MARKET ANALYSIS: DEPARTMENT STORE RETAILING IN EUROPE
Overview of the Department Store market
Sales through mixed goods retailers
Figure 1: Europe: retail sales through mixed goods retailers, 2001-06 (e)
UK dominates the mixed goods market
Little growth across Europe
Figure 2: Europe: Mixed Goods Retailers Sales Growth, 2001-05 & 2002-06 (e)
Supermarkets continue to encroach on department store’s territory
Predicted upturn across Europe, except in Germany
Figure 3: Europe: Forecast retail sales through mixed goods retailers, 2006-11
France expected to show little growth
Figure 4: Europe: Mixed Goods Retailers Sales, Forecast Growth 2006-11f
Irish market suited to department store retailing
Figure 5: Europe: Mixed goods retailers sales as % of all retail sales, 2001, 2005, and 2011
Leading players
M&S dominates UK (and Europe?)
El Corte Inglès right on M&S’ heels
Other leading players
Leading department store retailers by sales
Figure 6: Leading department store retailers in Europe, 2005
Corporate activity 2005 and 2006
Figure 7: Europe: Major corporate activity in the department store sector, 2005 and 06
Department stores suited to e-commerce
But not all take advantage
Moving services online offers potential for growth
Figure 8: Leading European department store retailers: E-commerce facilities, 2006
What next for department stores?
Communist links stick
Room for upmarket players
Is Russia too expensive?
… however, if Stockmann can…
Ageing population offers potential
How to attract footfall
COMPANY PROFILE: STOCKMANN
Bare facts
Retail offering
Stockmann an upmarket player – but only in a Finnish context
Several strong own-brands on offer
Clothing at core of sales
Quality still comes before price
Nearly 1m sign up to loyalty scheme
Crazy Days at Stockmann
Department store offer not online
Financial performance
Figure 9: Stockmann: Group financial performance, 2001-05
Figure 10: Stockmann: Department store division sales by unit, 2001-05
Figure 11: Stockmann: Department store division sales mix, 2002-05

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