2011 hasn't been too kind on European retail, not with the region still risking recession and a CE market undergoing "significant deterioration" (according to GfK). But who were the movers and shakers this year?
The biggest retail headline was definitely Best Buy's leaving the UK and closing its 11 big box stores in the country, following £62 million worth of losses last fiscal year. The UK pull out follows something of a pattern for the retailer, as it also left Turkey (after a 2-store trial) and closed all 9 Best Buy branded stores in China in favour expanding the more profitable Five Star brand-- something it will surely repeat with the Carphone Warehouse, in which it still holds a stake.
After months of speculation and negative results, Kesa managed to find a willing buyer for ailing retail chain Comet in the shape of "Hailey," a group of companies headed by OpCapita. The price of sale? "An aggregate consideration of £2" and the small matter of a dowry worth £50M from Kesa...
The Metro Group also went through troubles, including record losses and the stepping down of CEO Eckhard Cordes, with a statement saying "...I do not anymore wish to prolong my current contract ending 31/10/2012." The Metro Group boardrooms see drama (if not corporate bloodshed) worthy of a fine TV series, as Media Markt founder and important minority stockholder Erich Kellerhals says “I will not allow that Mr. Cordes destroys what made us big and influential.”
Finally, Saturn tested out automated retail at Düsseldorf airport, Metro bought into online retail (purchasing pan-European online retailer Redcoon on April) and Spain's El Corte Inglés launched Primeriti, an online private sales club.
