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UK Retail Briefing - UK - March 2009

ANALYST’S COMMENT
 OLD BRANDS REBORN
The residual value
Woolworths
High street and internet
HEADLINES FOR MARCH
Food retailers
Clothing and footwear
DIY
Electricals
Household goods
Miscellaneous
Home shopping
RETAIL SALES – BACKGROUND AND OUTLOOK
Retail sales trends
Figure 1: Retail sales trends, 2008-09
Early indications for February
Figure 2: UK retail sales y/y growth, BRC vs ONS, 2007/09
Figure 3: John Lewis: Year on year growth, H2 2008/09
Inflation and wages
Figure 4: RPI vs Wage rate growth, 2007-09
Inflation has begun to fall back
Figure 5: Annual percentage change in Retail Price Index for selected product groups, Nov 2007-Jan 2009
Looking forward
SECTOR FOCUS – FURNITURE, CARPETS AND DIY
 SALES TRENDS
Attitudes
Housing
Figure 6: UK house prices, 2001-09
Figure 7: Housing transactions, 2005-08
Furniture
Figure 8: Furniture retailers, sales trends, 1999-2008
Figure 9: Furniture retailers relative to all retail sales, 1999-2008
Carpets
Figure 10: Carpet retailers, sales trends, 1999-2008
Figure 11: Carpet retailers relative to all retail sales, 1999-2008
DIY
Figure 12: DIY retailers, sales trends, 1999-2008
Figure 13: DIY retailers relative to all retail sales, 1999-2008
Retail price inflation
Figure 14: Indices of retail prices for product categories (household goods), Jan 2004-Jan 2009
Consumer expenditure
Figure 15: Consumer expenditure on selected product categories, 2003-08 (Q3)
 LEADING RETAILERS
Furniture retailers
Figure 16: Furniture retailers’ sales relative to spending on furniture, 2003-08
Figure 17: Furniture retailers – Leading specialists, 2007/08
Carpets
Figure 18: Carpet retailers’ sales relative to spending on carpets, 2003-28
Figure 19: Carpet retailers – Leading specialists, 2007/08
DIY
Figure 20: DIY retailers – Leading specialists, 2007/08
EXECUTIVE APPOINTMENTS
Asda appoints new COO
BRC appoints new chairman
Flying Brands chief executive leaves
La Senza chief leaves
New Look appoints Gemas as new COO
Somerfield CEO steps down
ADVERTISING NEWS
 NEW CAMPAIGNS
Co-op to launch campaign to extol brand virtues
M&S £2 meal drive
Waitrose in social network push
 ACCOUNT GAINS AND LOSSES
Jaeger hires Red
ADVERTISING EXPENDITURE
Figure 21: Total advertising expenditure, by all advertisers (£m), Dec 2004-Dec 2008
Figure 22: Total advertising expenditure, by all retail advertisers (£m), Dec 2004-Dec 2008
Use of media
Figure 23: Use of media by retail and all advertisers (£m), Dec 2007-Dec 2008
Figure 24: Use of media by retail and all advertisers (%), Dec 2007-Dec 2008
Top 25 retail advertisers
Figure 25: Top 25 retail advertisers, Nov-Dec 2008
THE MONTH IN UK RETAILING
 BAKERS (RETAIL)
Thorntons H1 profits plummet 39%
 GROCERS
Asda
…posts impressive FY results
…removes underperforming brands from stores
…reports February sales boost
Morrisons wades into supermarket price war
Sainsbury's purchases Co-op stores
Tesco
…launches new format
…wins appeal over ruling to curb expansion
…and Asda ramp up pressure in price war
Waitrose wades into supermarket price war
 OFF-LICENCES
Majestic Wine acquires Lay & Wheeler
 CLOTHING RETAILING
Adams saved by former owner
Arcadia and Bhs to merge
Bhs plans outlined by Green
Blooming Marvellous saved by investors
Elvi put into administration
Laura Ashley reports results, issues profit warning
UK: Mosaic
… poised for pre-pack administration
… fashion chain Principles is shutting its gates
… in brands deal with Aurora Fashions
Aurora seeks rent reduction
Mulberry reveals stronger-than-expected Holiday sales
Primark reports LFLs increase
TJX posts better-than-expected Q4 profit
Topshop US plans outlined by Green
 FOOTWEAR RETAILING
Dune poised to acquire Shoe Studio
Stylo
…warns that 5,400 jobs are at risk
…to slip into administration
…chairman plans to buy back stores
 MIXED GOODS RETAILING
WH Smith signs deal with BAA
 MULTI-SECTOR RETAILING
M&S
…chairman reiterates Chinese expansion despite errors
…puts pressure on suppliers
 DEPARTMENT STORES
House of Fraser mulls Beatties disposal
John Lewis pledges to create 1,000 jobs in 2009
 DIY RETAILING
Travis Perkins sees FY profits plunge
 ELECTRICAL RETAILING
Carphone Warehouse to slash 400 jobs
Best Buy delays UK launch until 2010
DSGi announces new store plan
 MUSIC AND VIDEO GOODS RETAILING
Zavvi
…to become Head following purchase
…to live on online
 FURNITURE RETAILING
Habitat reveals £13m FY loss
Smallbone launches strategic review, suspends shares
 HOMEWARES RETAILING
Dunelm reports flat half-year profits
 HOME SHOPPING
Asos launches kidswear business
Findel reports 3% sales drop
Shop Direct flourishes on rivals' demise
 HEALTH AND BEAUTY RETAILING
Body Shop FY profits dive
 BOOKS AND STATIONERY RETAILING
Clinton Cards in talks to renegotiate debt
 SPORTS AND LEISURE GOODS RETAILING
Blacks Leisure receives approaches
JJB
…confirms health club offers
…looks to place lifestyle division in administration
Sports Direct posts 12% sales boost

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