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European Retail Briefing - August 2014

ANALYST COMMENT
 REWARDS SCHEMES CAN DRIVE RETAIL APP UPTAKE
What we’ve seen
Starbucks leads in app uptake
How has it done this?
Boots places loyalty at the heart of its app
Shoppers need reasons to download retail apps
What it means
EUROPEAN RETAIL SALES
Key points
Retail sales
Figure 1: Major European economies: Year on year retail sales value growth, 2013-14
Figure 2: Major European economies: Year on year retail sales volume growth, 2013-14
Inflation
Figure 3: Major European economies: All items CPI, 2013-14
Figure 4: Major European economies: Food price inflation, 2013-14
HEADLINES FOR THE MONTH
Grocers
Clothing
Footwear
Department stores
DIY
Electrical retailing
Home shopping
NEWS ANALYSIS – FOOD AND DRINK
 CO-OPS
UK: Co-op
…announces governance reform proposals
…sells its farms
…sells its pharmacy chain
…to open pop-up kiosks
…trials tablet trolleys
 CONVENIENCE STORES
UK: Booker to open new Family Shopper stores
UK: McColl’s
…launches loyalty scheme
…sales grow 3.6%
 GROCERS
Belgium: Delhaize
…sales grow 3.7% in Q2
…to launch Shop & Go in stations
Czech Republic: Ahold confirms Spar Czech Republic acquisition
France: Carrefour
…EBITDA grows 1.8%
…sales grow 5.2% in Q2
…to scrap Carrefour Discount brand logo
France: Groupe Casino sales rise 6.3% in Q2
Germany: Aldi founder Karl Albrecht dies aged 94
Portugal: Auchan to stock Waitrose products
Spain: Dia sales rise 8% in Q2
Spain: Eroski announces agreement to restructure debt
Russian Federation: Lenta posts like-for-like sales growth
UK: Aldi
…launches first smartphone
…Aldi to launch equestrian clothing
UK: Lidl to offer premium French wine selection
UK: Morrisons
…partners with Quidco
…Q1 like-for-likes
…sells Kiddicare to Endless
UK: Ocado to open new warehouse
UK: Sainsbury's
…now sole owner of Anobii
…names first two Netto sites
…to close non-food website
…to power store on food waste
UK: Tesco
…hire Marks & Spencer finance head
…Phillip Clarke to stand down
…to build 4,000 homes
 OFF-LICENCES
UK: Conviviality full-year pre-tax profits up
 MARKET SHARE UK
UK: Tesco and Morrisons sales down 3.8%
NEWS ANALYSIS – NON-FOOD
 CLOTHING RETAILING
Europe: Gap to open in Austria and Slovenia
Europe: Primark sales soar 22% in Q3
Germany: Hugo Boss sales rise 4% in first half
Spain: French investor increases its stake in Desigual
Spain: Mango four-year turnover forecast adjusted down
UK: Bonmarché like-for-like sales up
UK: Boux Avenue to open first airport store
UK: Champion to return to the UK
UK: East sales dip 2%
UK: Internacionale brand name for sale
UK: La Senza
…administrator closes six outlets
…more store closures
UK: Matalan to launch Oxford Street Flagship
UK: Next sales grow 10.7% in first half
UK: Oliver Bonas launches click-and-collect
UK: Pepe Jeans considers sale
UK: Select buys 18 Internaçionale stores
UK: SuperGroup sales grow 19.6%
UK: White Stuff sales jump 16.2%
 FOOTWEAR RETAILING
Netherlands: Macintosh sales rise 6.8%
UK: Office considering £300 million stock market flotation
 LUXURY RETAILERS
France: Hermès sales grow 8% in first half
UK: Jimmy Choo opens doors of virtual showroom
 MULTI-SECTOR RETAILING
Netherlands: Hema posts Q1 loss
UK: Argos
…expands use of augmented reality in catalogues
…to cut or freeze 10,000 prices
UK: B&M sales grow 31.9% in Q1
UK: Hema to launch UK website in September
UK: Marks & Spencer recruit Tesco internet chief
UK: Poundstretcher cuts prices across the board
 DEPARTMENT STORES
Germany: Karstadt
…owner looks to sell
…announces restructuring process
UK: Debenhams poaches Mothercare Chief Financial Officer
UK: Fortnum & Mason standalone airport store
UK: Harrods to redevelop menswear department
UK: John Lewis
…to launch ‘Tea on The Green’ in Glasgow city centre
…partnership sales rises 6.3% in first half
UK: Selfridges
…launches Cartier online
…opens Christmas shop
 DIY RETAILING
Europe: Kingfisher like-for-like sales fall 1.8% in Q2
Germany: Hornbach founder dies
Ireland: Woodie’s like-for-like revenue growth up
Russian Federation: Tengelmann to expand Russian operations
UK: Homebase attracts takeover bids
UK: Home Retail Group considering selling Homebase
UK: Travis Perkins sales rise 11.5% in first half
 ELECTRICAL RETAILING
Europe: Apple granted landmark store trademark
France: Darty directorate change
Germany: Metro Group
…sales fall 2.7% in Q3
…takes advice on Saturn
Netherlands: The Phone House to close 50 stores
UK: Comet administrators facing probe
UK: Dixons Carphone
… announce shareholders support for merger
…opens first store
 MUSIC AND VIDEO GOODS RETAILING
UK: HMV like-for-like sales grow 9.2%
 CARPET RETAILING
UK: Carpetright sales grow 5.2% in Q1
UK: Floors-2-Go collapses into administration again
 FURNITURE RETAILING
France: Vente-Unique.com to launch IPO
 HOMEWARES RETAILING
UK: Cath Kidston attracts Chinese investor
 HOME SHOPPING
France: Amazon responds to ‘anti-Amazon’ law
France: Chronodrive trials Hiku
Germany: Zalando
…adds clothing recognition to app
…first-half revenues break €1bn barrier
…strikes deal with Topshop
Germany: Zooplus sales jump 28.2% in Q2
UK: Amazon
…launches two-day European delivery
…launches wearable technology store
UK: Ao.com like-for-like sales jump 30% in Q1
UK: eBay
…partners with Sotheby’s
…The British Fashion Council to launch eBay shop
UK: Findel sales down
UK: N Brown
…hires CIO
…Simply Be announces Kelly Brook collection
UK: Net-a-Porter Chief Executive steps down
 HEALTH AND BEAUTY RETAILING
UK: Walgreens expected to take full control of Alliance Boots
 BOOK AND STATIONERY RETAILING
UK: Smiggle to double UK store portfolio
 SPORTS AND LEISURE GOODS RETAILING
Europe: Direct Golf eyes UK and European expansion
UK: Alan Fort to take control of American Golf on an interim basis
UK: Sports Direct
…profits grow 19.8%
…to open stores in Australasia
 GARDEN CENTRES
UK: The Garden Centre Group to return to Wyevale
 OPTICIANS
UK: Lenstore posts record billing in May
 MISCELLANEOUS SPECIALIST RETAILING
UK: Brighthouse revenue grows by 12.2%
UK: Card Factory sales rise 8.9% in first half of the year
UK: Halfords sales accelerate 7.9% in Q1
UK: Kiddicare stores to close
UK: Mothercare
…appoints new chief executive
…Destination Maternity withdraws bid
UK: Pets at Home sales jump 10.4%
UK: The Fragrance Shop sales jump 11.2%
UK: Thorntons' sales grow 0.6% Q4
 MISCELLANEOUS
Europe: The EC announces support for FoodLoop
Netherlands: PostNL partners with Coolblue to offer Sunday deliveries
UK: Royal Mail expands its click & collect service
 ECONOMY
UK: Retail sales growth lowest in three years
UK: Retail sales rise 4.2% in June
UK: Shop prices fall in July
UK: Tesco and Morrisons sales down 3.8%
LUXURY GOODS RETAILING – PRADA GROUP PROFILE
What we think
Concerns over faltering brand appeal are premature
Building on menswear sales momentum
Developing Miu Miu into a luxury lifestyle brand
Investing in stores and craftsmanship
Company background
Company performance
Figure 5: Prada: Group financial performance, 2009/10-2013/14
Figure 6: Prada: Group net revenue breakdown, by channel, 2010/11-2013/14
Figure 7: Prada: Group net revenue breakdown, by region, 2010/11-2013/14
Figure 8: Prada: Group net revenue breakdown, by product line
E-commerce

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