Biweekly News Review
Published by PMR Publications
Central Europe Retail Update A prime source of market intelligence for FMCG professionals
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PMR Publications (www.pmrpublications.com) is a division of PMR Ltd., a publishing, consulting and market research company providing information, advice and services to international businesses interested in Central and Eastern Europe. With highly skilled staff, top ranked web sites and over ten years of experience, PMR is one of the largest companies of its type in the region.
PMR
Biweekly News Review
Issue No.
6 (104) – Tuesday, 11 March 2008 Published by PMR Publications
Central Europe Retail Update A prime source of market intelligence for FMCG professionals
Czech Republic
page 2
www.ceeretial.com
Retail news
Market news
Conforama abandons business in Poland IKEA planning further expansion in Poland
Sales boost of 10% proven for KLASA mark Flaws uncovered in 25% of retail chain outlets in 2007
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Retail news
Supplier news
Rewe to overtake Plus Discount Arca Capital funds Kasa.cz New shopping centre in Bratislava
PKM Duda: acquisitions on the horizon? Jutrzenka announces its 2007 results Look inside for more news on this category u
Supplier news Lego to take over production of Flextronics Drinks Union sales up 6% in 2007 Vinium to focus on quality
Slovakia Market news
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Hungary
page 15
Slovak retail sales hit record in 2007 Inflation in Slovakia to accelerate, food prices up page 7
Market news
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Retail news
Prices keep on growing in Hungary Consumption down by 4.2%
Tesco to score, Carrefour to lose Baumax turnover up by 10.6%
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Retail news
Supplier news
Praktiker − 10th anniversary in Hungary Bookline.hu: HUF 300m losses Agria Park launched on 7 March
Sony to close Trnava site Fire at Metsa Tissue’s plant Look inside for more news on this category u
Supplier news Electrolux Hungary revenue up by 11% Henkel Hungary: HUF 80bn revenue in 2007
In brief
page 18
Feature
page 19
Look inside for more news on this category u
Poland
page 10
Central Europe wants to spend more
Market news Poles purchasing more LCD TV sets Best 2007 FMCG products chosen
Upcoming events
PMR Publications (www.pmrpublications.com) is a division of PMR Ltd., a publishing, consulting and market research company providing information, advice and services to international businesses interested in Central and Eastern Europe. With highly skilled staff, top ranked web sites and over ten years of experience, PMR is one of the largest companies of its type in the region.
page 21
PMR
Tuesday, 11 March 2008
Central Europe Retail Update – Issue No. 6 (104)
Companies in this issue: A.W. Agria Park Agrofert Holding Ahold AIG/Lincoln Albert Aldi Ambra Arca Capital Bohemia AU Optronics Baumax Belar Billa Bohemia Sekt Bookline.hu Bricomarche Budejovicky Budvar Bytom Cadbury Schweppes Carrefour Center Invest Center Management Invest Central European Distribution Corporation Ceske vinarske zavody Conforama Cosimo Martinelli Delfin Trade Delvita Dreher Sorgyarak Drinks Union DTZ Ekoltech Electrolux Hungary Emperia Holding Flextronics Gino Rossi GK BOS Granette Groszek Hame
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Heineken Hungaria Breweries Hej.sk Henkel Henkel Central Eastern Europe Henkel Slovensko Hewlett-Packard Holba Hypernova IKEA Ikea Intermoda Intermoda Fashion Internet Mall Interpar IPR Jan Becher Karlovarska Becherovka Jihlava Jutrzenka Kaliszanka Kasa.cz Kaufland Kingston Krakonos Krasne Brezno Kutna Hora LEGO Group Leroy Merlin Litovel Louny Magnum Hungaria Makton Mall.sk Martinus.sk Marzotto Marzotto Textile mBank Metro Cash and Carry Slovakia Metsaliitto Group Metsa Tissue Monarchia Matt International Monarchia Winery
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Czech Republic Market news Sales boost of 10% proven for KLASA mark The Czech logo of the KLASA mark, which certifies a superior quality of food and agricultural products, has proven to have a posi-
tive impact on sales increase of a product, revealed a survey among producers who were granted the mark by the State Agricultural Intervention Fund. Over 40% of respondents confirmed having raised their sales by 10% on average, reported CTK. Beside the sales growth, KLASA strengthens the prestige of the products
Nordic Partners Nova Mosilana Olympus Otomac Penny Market Pernod Ricard Piatnik Pivovar Steiger Pivovary Staropramen PKM Duda Plus Discount Plzensky prazdroj Praktiker Prosperita Holding Quinn Invest Radegast Redan Rewe Group Rosan Agro Roust Ruch Sarisske pekarne a cukrarne ScanDisk Silvano Fashion Group Sobieski Sony Stokrotka Szentkiralyi Tento Tesco The Irish Investment Group TriGranit Vahala & spol. VAV Invest Velke Brezno VGP Vinium Wallis Whitehall Wojas Ziolopex Zubr
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and improves the image of a company. The survey also showed that 80% of producers aim to receive the mark for their strategic food products. The KLASA national mark has been granted since 2003. As of March 1, 2008, 1,376 products from 206 producers had earned the KLASA National Grade Label.
Flaws uncovered in 25% of retail chain outlets in 2007 The Czech Retail Inspection Office (COI) revealed that 25% of inspected retail chain
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Central Europe Retail Update – Issue No. 6 (104)
Tuesday, 11 March 2008
Cash on delivery – most popular payment in electronic shopping
outlets in 2007 abused consumers’ rights. The most frequent objection was missing information about the price of goods and overcharging. Out of 1,879 inspection purchases, 173 were overcharged by 3.3% on average and most of them (23%) were discovered in the Karlovarsky region, West Bohemia. The highest fine imposed by COI on a retailer last year was CZK 100,000 (€4,000). In addition, COI banned the sale of almost 20,000 goods worth nearly CZK 5m (€199,000) last year, as the products did not meet sale requirements.
revealed the Czech Association for Electronic Commerce (APEK).
Cash on delivery payment remains the most popular payment method in e-commerce in Czech Republic. It is offered by 97% of all e-shops and 70-80% of the customers decide on this type of payment. The other most frequent methods are bank transfer and payment at collection. Among 97% of e-tailors, payments at the collection point is offered by 74%, payment gates by 60% and payment cards by 40%,
COI retail chain inspections, 2005-2007 Number of inspections in retail chains 3,262 3,491 3,662
Year 2007 2006 2005
Number of consumers’ rights abuse revealed in outlets 817 981 925
Share (%) 25.0 28.1 25.3
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Source: COI, 2008
10.0
10.5 8.1
7.5
7.3
7.2
5.9 4.6
Dec 06
5.4
4.1
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In 2007 non-alcoholic beer output doubled y-o-y and reached 497,000 hl of beer, according to the Czech Beer and Malt Association (CSPS) as cited by Hospodarske noviny. The results include all 48 industrial breweries operating in Czech Republic. The total beer output, alcoholic and non-alcoholic, grew by 0.5% to 19.9 million hl. The production was fuelled by exports, which increased by 1.6% to 3.6 million hl. Ten years ago there were nine non-alcoholic beer brands in the market in relation to 23 nowadays. Czech beer consumption per capita has not changed significantly over the last few years and comprises some 160 litres per capita annually.
Small breweries to raise their prices
9.4
8.9 7.0
Non-alcoholic beer to set records in 2007
Nov 07
Dec 07
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Retail sales indices by selected goods categories in the Czech Republic (%, y-o-y, constant prices), December 2006-December 2007
Small Czech breweries, such as Litovel, Zubr, Holba and Jihlava, will raise prices of beer this spring due to the growing cost of raw materials. Jihlava brewery will raise the price of beer by CZK 0.7 (€0.02) per bottle on average from March 2008, wrote Marketing & Media. Plzensky prazdroj’s latest price increase was in November 2007 when the price grew by CZK 1 (€0.03) to CZK 18.9 (€0.75) per tapped 0.5 litre. Breweries expect to adjust their pricing policy in autumn 2008 again. Beer output in Czech Republic reached a record 20 million hl last year.
30
Specialty cheesecakes to compete with imports
20
10 0
-10
Dec 06
Jan 07
Feb 07
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Furniture, consumer electronics and household equipment Food, beverages and tobacco Source: CSU, 2008
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Pharmaceutical and cosmetics Textiles, clothing, footwear and leather goods www.pmrpublications.com
The original “Olomoucke tvaruzky” specialty cheesecakes made in Lostice, North Moravia by the A.W. company have up to now had the prime position in Czech shops, reported CTK. Now, however, Ahold has begun to sell specialty cheesecakes from Slovakia called “Banovecke syrecky” in its Hypernova hypermarkets and Albert supermarkets. Another product, “Jemne tvaruzky” cheesecakes from Germany, has already been
Tuesday, 11 March 2008
Central Europe Retail Update – Issue No. 6 (104)
imported to Kaufland stores. The import of foreign equivalents will probably cause price competition on the Czech market, admits Karel Hlavacek, the CEO of A.W.
network and strengthen Rewe position in the Czech market. Rewe Group entered the Czech market with Billa supermarkets in 1991, followed by Penny Markets in 1997. In November 2006, Rewe bought 96 Belgian Delvita supermarkets and transformed them into Billa supermarkets.
Retail news Rewe to overtake Plus Discount
Arca Capital funds Kasa.cz
Discount chain Plus Discount including 146 outlets was overtaken by Rewe Group on 3 March 2008. Value of the transaction is kept confidential. The acquisition has to be approved by the Czech Antitrust Office. Other retailers interested in the purchase were German Aldi, Interpar and British Tesco. Rewe currently operates 160 Penny Market discounts and Billa supermarkets in Czech Republic. The merger will further expand its
Arca Capital Bohemia, a private equity and real estate investor based in Slovakia, acquired a 30% stake in Kasa.cz, the secondlargest Czech online store. The company’s capital was increased by CZK 30m (€1.2m) and further expansion costs will be financed by the investor. The retailer sought a cash injection since it intends to expand in other
Confidence indicators in the Czech Republic, February 2007-February 2008 40 35
European countries. Hungary will be its first expansion destination. In 2007 Kasa.cz saw 70% y-o-y sales growth and ended the year with CZK 1.28bn (€51m), Hospodarske noviny reported. The Czech company Kasa.cz was established in 1999 and developed into the second leading e-commerce company after Internet Mall, with branches in Slovakia, Poland and Germany. It specialises in consumer electronics, computers, sports equipment and household tools.
New shopping centre in Bratislava Czech firm Quinn Invest is to introduce a new retail park in Bratislava. It will offer almost 28,000 m2 of shopping area in a twostorey building. The centre, scheduled for opening in spring 2009, will be situated next to the Kaufland supermarket, now under construction. Investment cost is estimated at SKK 180m (€5.5m), Trend wrote. Quinn Invest focuses on shopping centres development in Czech Republic.
27.7
30
Supplier news
25 20 15 10 5 0 -5 -10
-0.6 Feb 07
Mar 07
Apr 07
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-15 Trade confidence indicator
Consumer confidence indicator
Note: The confidence indicator for trade is the average of three indicators – the assessment of economic situation, stocks (with inverted sign) and the expected development of economic situation. These indicators are the percentage differences between the responses “growth (+)” and “fall (-)”. The consumer confidence indicator is composed of four indicators – expected financial situation of consumers, expected total economic situation, expected total unemployment (with inverted sign) and savings expected in 12 months to come. Source: CSU, 2008
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Selected price indices in the Czech Republic (%, y-o-y), January 2007-January 2008 20.0
15.8
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7.5 5.0 0.0 -5.0 -10.0
-1.6 Jan 07
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LEGO Group, one of the largest toy manufacturers, and Flextronics, an electronic manufacturing services firm, have decided that LEGO Group will take over operations at the Kladno packing and processing plant in Czech Republic. The acquisition will take effect from 1 March 2008. The Kladno site is a strategic manufacturing location for the LEGO Group, due to its nearness to the group’s large European market. The two companies stated that production transfers will not disrupt operations at either organisation. LEGO outsourced its operations at the factory in Kladno to Flextronics in August 2006. The LEGO Group will manufacture in Denmark and Czech Republic and together with Flextronics in Mexico and Hungary.
Jan 08
CPI (7.5)
Food and non-alcoholic beverages (12.0)
Alcoholic beverages and tobacco (15.8)
Clothing and footwear (-1.6)
Note: The y-o-y ratio change in the legend is for the final month of the graphed period. Source: CSU, 2008
Sep 07
Lego to take over production of Flextronics
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Drinks Union sales up 6% in 2007 In 2007 Drinks Union, the group of four breweries and liqueur manufac-
PMR
Central Europe Retail Update – Issue No. 6 (104)
turer Granette, increased total sales by 6% y-o-y to CZK 1.3bn (€51.8m). Sales of spirits accounted for one fourth of the total sales and grew by 18%. The Group sold a record 70,000 hl of spirits, which is 15% more y-o-y. Total sales of Zlatopramen, Breznak, Louny and Dacicky beer brands reached the level of the 2006 output, which is 900,000 hl. Together with licensed beer production of Zlatopramen in Russia, the output reached one million hl of beer last year. Exports shared one third of the total sales, while most of the volume was exported to the German market. Drinks Union unites Krasne Brezno, Velke Brezno, Louny and Kutna Hora breweries and subsidiary liqueur producer Granette, the second leading spirits producer in the domestic market behind leading Stara Myslivecka liqueur brand.
Vinium to focus on quality In 2007 Vinium, Czech wine maker, produced 9,423 hl of still wine, which is 2,000 hl more y-o-y. This year the firm will invest in increasing storage capacity and in packaging equipment. The total investment will reach CZK 12m (€478,559). Vinium, based in Velke Pavlovice, South Moravia, holds 3.3% of the domestic still wine market. Half of the production is sold by retail chains and discounts, the rest is utilised by small shops and gastronomy, wrote Moderni obchod. The company will focus on value added wines which will account for more than one fourth of the overall production. An exclusive product range currently shares 15.3% of the output and 23.6% of sales revenues. Vinium is managed by Ceske vinarske zavody, which belongs to Prosperita Holding group.
Radegast brewery invested over CZK 50m in 2007 Radegast brewery invested over CZK 51m (€2m) into technologies in 2007 and a similar amount is planned for 2008. Radegast brewery, a member of Plzensky prazdroj breweries since 1999, is the newest and most modern brewery in Czech Republic. It produces over 2.2 million hl of Radegast beer and over 27,000 tonnes of malt annually.
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Tuesday, 11 March 2008
Krakonos brewery output down by 7% in 2007 Krakonos brewery manufactured 92,360 hl of beer in 2007, which is a 7% decrease y-o-y. The company explains the drop by growing competition from large breweries and last year’s mild winter season in the Czech hills. In 2008 Krakonos intends to maintain or to slightly increase its beer output. Despite lower sales, the firm expects profit for 2007, reported CTK. The brewery supplies the North Bohemian region and Moravia with 60% of its output. In 2006 Krakonos’ profit totalled CZK 7m (€279,223) and sales comprised CZK 122m (€4.8m). More than 80% of the output was light lager. The brewery also makes light and dark 10-degree beer, light 11-degree and special 14-degree lager.
Becherovka to rise prices Jan Becher – Karlovarska Becherovka (JBKB), will raise the price of traditional herbal liquor, Becherovka, by 5% and the price of selected imported brands by 3% as of 1 March 2008. The company explains the move by growing production costs, general director of Karlovarska Becherovka told Mlada Fronta Dnes. JBKB, originally a Czech company, has belonged to French giant Pernod Ricard since 1997. It produces and distributes alcoholic and non-alcoholic drinks under the famous Becherovka and other 40 well-recognised brands.
Staropramen to raise output by 6% in 2007
Vahala & spol., a leading producer of meat products in Moravia, raised production by over 5% y-o-y in 2007 to approximately 6,850 tonnes. The company’s sales grew in the domestic market and abroad. Nevertheless, the firm’s production was supported mostly by increasing exports to Slovakia and also to a new destination − Hungary. Apart from these countries, the company also exports to Austria and Germany, wrote CTK. The Vahala & spol. portfolio includes 100 meat and delicatessen products.
The second-largest Czech brewery Pivovary Staropramen sold a record 3.3 million hl of beer in 2007, up by 5.9% y-o-y. The figure excluded beer produced under licence abroad. Pivovary Staropramen sold 2.5 million hl on the domestic market, up 4.7% y-o-y, while exports rose to 1.5 million hl, including production abroad. Production abroad increased by 31.5% to 849,000 hl. Pivovary Staropramen controls about 15% of the Czech beer market. It is the second-largest Czech beer exporter and sells beer to 30 countries. The company belongs to InBev, the world’s largest beer producer.
Budejovicky Budvar saw record exports in 2007
Nordic Partners to buy Hame and Otomac
In 2007 Budejovicky Budvar, the leading Czech state-owned brewery, exported a record volume of beer in its history: 587,000 hl was sold to 53 countries worldwide, which increased exports by 5.9% y-o-y. Overall, exports brought 47% of the total output, which totalled 1.2 million hl of beer last year, an increase of 8.7% y-o-y. Major export countries remained Germany, Slovakia, Austria and Russia. In this group exports grew by 4.2% y-o-y. Newly entered destinations were South Korea, Brazil and Albania. The Czech government began negotiations on sale of the brewery in 2007; the decisions, however, have not yet been made.
Iceland investment group Nordic Partners intends to buy the largest Czech canned food producer Hame. It is also interested in acquisition of Czech meat processor Otomac. Nordic Partners has already applied for the merger permission at the Czech Antimonopoly Office (UOHS), wrote CTK. Hame is a leading producer of canned food, jams, pates and ketchups in Czech Republic with estimated sales of CZK 4.9bn (€193m) for the whole of 2007. Hame has branches in Romania, Hungary, Russia, Poland, Ukraine and Slovakia. It exports to 30 other countries, among which are Cuba, Libya and Japan.
Vahala & spol. ups production by 5%
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Central Europe Retail Update – Issue No. 6 (104)
Nordic owns food companies in Lithuania, Latvia and Poland. If the merger with Hame is completed, the group will be producing 170,000 tonnes of food products and 100 million litres of beverages annually.
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Nova Mosilana textile to keep sales at high levels In 2007 Czech textile producer Nova Mosilana achieved sales revenue above CZK 2.7bn (€107m) and intends to maintain results at that level also in 2008. The precise profit numbers have not been announced yet but they are expected to follow last year’s positive trend.
After a few years of expansion, the company will now focus on increasing profitability. Mosilana is owned by Italian firm Marzotto Textile. Almost all of its output is exported, mainly to Germany, Italy, USA and France. The company also exports to Russia, Japan and Asian countries through its parent chain Marzotto. n
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Central Europe Retail Update – Issue No. 6 (104)
Tuesday, 11 March 2008
Last year the retail sector’s value amounted to a total of HUF 6,170bn (€23.6bn), of which 49.8% was contributed by food and food-type mixed retail, 20.6% by the furniture, household goods and building material segments, 11.1% by books, newspapers, stationery and other sales in specialized stores, and 18.5% by the remaining segments.
Hungary Market news Prices keep on growing in Hungary Prices of agricultural products grew by 9.9% y-o-y in January 2008, mostly due to the considerable price growth of crop products, by as much as 42.5%. This affected the price of oil plants and cereals the most; the former went up by 63.4% and the latter by 51.1%, wrote the Central Statistics Bureau (KSH). Prices of other product groups also increased considerably, from approx. 7% for legumes to 14% for raw cow milk, with the exception of sugar beet, the price of which went down
by 6.2%. The price of vegetables and fruits rose by 11%. Prices of tobacco decreased by 11.3%, potatoes by 7.3% and sugar beets went down by 6.2%. Price of hen eggs by 11.2%, poultry by 10.6% and fish by 8.9%.
Consumption down by 4.2% Consumption value has been slowing down in Hungary in 2007 by 4.2% y-o-y, reveals the Central Statistics Bureau (KSH). In volume terms, retail sales went down by 3% adjusted for calendar effects year and by 4.2% y-o-y in Q4. Food sales went down by 1.3% while non-food sales fell by 4.3%.
Retail sales in Hungary (%, y-o-y), December 2006-December 2007 3.3
1.2 0.0
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Note: Retail sales indices adjusted for calendar effects Source: Hungarian Central Statistical Office (KSH), 2008
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Retail sales indices by selected goods categories in Hungary (%, y-o-y), December 2006-December 2007 25 20 15 10 5 0 -5 -10
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Furniture, consumer electronics and household equipment Food, beverages and tobacco Note: Retail sales indices adjusted for calendar effects Source: KSH, 2007
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Pharmaceutical and cosmetics Textiles, clothing, footwear and leather goods www.pmrpublications.com
Reduced-priced goods sell worse As much as 75% of Hungarians did not do any shopping at all at clearance sales in the January-February period in 2008, revealed research by Median as cited by Penzcentrum. Ten percent used the opportunity to buy goods at discounted price. Only 14% saved money for this special reason. Almost everyone in the latter two categories spent money on clothes (70%), shoes (48%) and accessories (13%) while only 11% bought consumer electronics and 4% IT goods. Eight percent purchased household appliances. However, by value the largest sums were spent by customers on IT goods (HUF 60,000; €228), on household appliances and technical devices (HUF 45,000-50,000; €171-190) and on clothing (HUF 10,00015,000; €38-50). Interest in sales was influenced by gender, age, qualification and financial background but not by residence. Mostly younger women with secondary education, above average income and significant savings were attracted by lower prices.
Online auction sites most popular The proportion of online shoppers among internet users has not changed dramatically in Hungary over the past few years; the figure increased from 14% in 200 to 20% in 2007, revealed a study by market researcher Szonda Ipsos. Nevertheless, since there has been a considerable increase in the number of internet users, the number of those shopping online was much higher in 2007, reaching 600,000 compared to 270,000 in 2005. According to the study, last year 74% of internet users in Hungary visited online store websites when searching for shopping-related information. The most popular shopping targets were two auction sites,
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Central Europe Retail Update – Issue No. 6 (104)
Retail news
vatera.hu (680,000 visitors) and teszvesz. hu (650,000 visitors). The first online store in the list was bookline.hu with 400,000 visitors.
Praktiker − 10th anniversary in Hungary German DIY retail chain Praktiker is to celebrate its 10 years in the Hungarian market by re-vamping its image and launching an intensive promotional campaign, wrote Vilaggazdasag. The new slogan to be used in the media campaign is “Ten years of trust”’, and store interiors are to be re-designed to reflect the new image. The company runs 17 stores in the country and is to expand further in the near future.
Shift into cheap beer in Hungary Beer consumption did not drop significantly last year; nevertheless it shifted towards cheaper products, revealed the SABMillerowned brewery Dreher Sorgyarak (DS), as quoted by Vilaggazdasag. In 2006 beer sales in the country grew by 5.6 p.p. and stood at 7.1 million hl. In 2007 the growth was counteracted by, among other factors, an increase in malt prices by 40-86% and in hop prices by 25-40% on average. It resulted in a price increase of 5-15% on beer and affected beer sales, according to the Association of Hungarian Beer Producers.
Bookline.hu: HUF 300m losses Hungarian online book retailer Bookline.hu doubled its losses in 2007, which stood at HUF 302m (€1.2m). The company
GKI consumer confidence indicator in Hungary, January 2007-January 2008 Jan 07
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explains the losses by its extensive expansion. Company revenue reached HUF 2.4bn (€9.1m), reported MTI. By the end of 2007, its share in the online book retail market reached 40-50%. In 2007 Bookline started selling Hungarian language books in Slovakia and Romania and entered the CD, DVD, OTC drugs and electronic appliances markets.
Agria Park launched on 7 March Agria Park, a HUF 10bn (€38m) retail project of the property developer Wallis, was opened to the public in Eger on 7 March, reported Vilaggazdasag. The new centre provides a 19,000 m2 retail area, 1,600 m2 office space and 1,400 m2 storage facility. The centre offers space for small shops (20-50 m2), medium-sized ones (50-300 m2), and larger outlets (500-1,500 m2). Unlike other parts of the country, the Eger region in Northern Hungary lacks outlet centres and shopping centres. A few developers, though, have targeted Northern Hungary: AIG/Lincoln is planning to build a retail park in Miskolc and Magnum Hungaria, Center Management Invest and Center Invest are also to set foot in the region in the near future.
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-47.8
-50.0
Electrolux Hungary revenue up by 11%
-60.0 Note: The consumer confidence index is calculated from the responses to questions concerning the actual and the expected financial position of households, the actual and the expected economic situation of the country, and the purchase of consumer durables of higher value. Source: GKI, 2007
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Selected consumer price indices in Hungary (%, y-o-y), January 2007-January 2008 14 12 10 8 6 4 2 0 -2
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CPI (7.1)
Food and non-alcoholic beverages (12.6)
Alcoholic beverages and tobacco (5.4)
Clothing and footwear (-0.5)
Note: The y-o-y ratio change in the legend is for the final month of the graphed period. Source: KSH, 2007
Aug 07
Supplier news
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Electrolux Hungary achieved HUF 201.1bn (€764m) revenue in 2007, 11% higher y-o-y due to capacity growth in its Nyiregyhaza and Jaszbereny plants, reported MTI. The output of the Nyiregyhaza plant, operating at full capacity since 2007, was 30% higher than in 2006. In 2007 Electrolux invested HUF 5.5bn (€20.8m) in Hungary, of which HUF 3.4bn (€13m) was spent on developing the assembly lines and modernising the plant in Jaszbereny.
Henkel Hungary: HUF 80bn revenue in 2007 In 2007 the Hungarian unit of German homeproducts giant Henkel achieved revenue of HUF 79.8bn (€303m),10% higher than in 2006 and over 25% higher than 2005.
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Central Europe Retail Update – Issue No. 6 (104)
Tuesday, 11 March 2008
Excise tax on beer in selected CEE* countries, 2008 Country Czech Republic Slovakia Poland Hungary
The group’s sales in 2007 reached $25m, of which $2m was realised in Hungary. In 2008 MMI plans to approach $30m.
Excise tax (€ per one hl) 9 15 19 20
* Central and Eastern Europe Source: Nielsen, 2008
Szentkiralyi ups revenue
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Financial highlights of Monarchia Winery (HUF m), 2005 and 2006 2005 74.241 30.078 32.798 133.955 368.265
Revenue Operating results After tax profit Capital resources Long term liabilities
2006 46.302 18.842 17.528 149.016 244.698 www.pmrpublications.com
Source: Monarchia Winery, 2008
Szentkiralyi’s sales figures in 2006-2008 2006 115 4.3
Volume sold (million litres) Revenue (HUF bn) f – forecast Source: Szentkiralyi, 2008
2007 138 5.0
2008f 165 5.8
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Henkel’s export sales, yielding over 45% of the company’s total revenue, reached HUF 35.6bn (€135m) in 2007. In order to maintain the growth rate in 2008 the company is to further expand its Korosladany plant, reported Vilaggazdasag.
the company is concerned that rising prices along with a high excise tax rate on beer will have a negative effect on consumption.
Heineken Hungaria: 12% higher net income in 2007
Eger-based winemaker Monarchia Winery, a member of the AmericanHungarian retailer group Monarchia Matt International (MMI), is to reduce the number of wines in its portfolio from 25 to 10. In future, the company portfolio will be limited only to those wines which have been best received both in Hungary and abroad, wrote Vilaggazdasag. The decision reflects MMI’s intention to strengthen its market position by brand building and narrowing the range of products. Currently, Hungarian wines account for 15% of MMI’s international portfolio.
In 2007 Heineken Hungaria Breweries managed to increase its operating results by 16% y-o-y, reported Vilaggazdasag. The net revenue, which stood at HUF 47.5bn (€180.4m), was 12% higher than the year before while sales volume grew by 9% and reached 2,392,000 hl. Despite a probable price increase for beer due to the growing cost of raw materials, Sopron-based Heineken expects its leading brands Heineken and Soproni to perform similarly well in 2008. However, A
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In 2007 Hungarian mineral water manufacturer Szentkiralyi reported revenue of over HUF 5bn (€19m), 16% higher than a year before. In volume, sales rose by 20% compared to 2006, reported Vilaggazdasag. In 2008 the company plans to launch a new production line and a warehouse as well as inaugurate an 8,000 m2 logistics centre and a soft drinks plant. In addition, the company is planning to raise exports from 3% last year to about 10% in two years’ time, owing to which it hopes to strengthen its market position in the region (Serbia, Croatia, Slovakia and Romania) and also in the USA. Hungary’s mineral water market grew by 12% in 2007 in volume and reached 880 million litres. In value, sales stood at HUF 43bn (€163m) in 2007, up by 15% y-o-y.
Piatnik steady in Romania Budapest-based subsidiary of the Austrian toy manufacturer and distributor Piatnik achieved revenue of HUF 1.15bn (€4.4m) in 2007 and hopes to reach HUF 1.3bn (€4.9m) this year. The 13% growth is expected to be achieved also owing to the increasing exports to Romania, from HUF 50m (€190) to HUF 70m (€266), wrote Vilaggazdasag. Piatnik has a 50% share of the board game and 70% share of the playing card market in Hungary. In 2006 it sold 700,000 packs of cards; in 2007 the number jumped to 900,000, and the company’s forecast for 2008 is over one million. Besides Hungary, Piatnik Group has subsidiaries in the USA, Germany, and Czech Republic. n
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We help children's dreams come true. supports children's charities by donating money instead of paying respondents for participation in surveys.
PMR
Tuesday, 11 March 2008
Central Europe Retail Update – Issue No. 6 (104)
Market news Poles purchasing more LCD TV sets
Poland Retail sales in Poland (%, y-o-y, current prices), January 2007-January 2008 16.5
19.4
19.2
17.5
15.1
Jan 07
Feb 07
Mar 07
14.8
Apr 07
17.1
16.2
17.4 14.2
May 07
Jun 07
Jul 07
Aug 07
Sep 07
20.9
19.2 12.4
Oct 07
Source: Central Statistical Office (GUS), 2007
Nov 07
Dec 07
Jan 08
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Retail sales indices by selected goods categories in Poland (%, y-o-y, current prices), January 2007-January 2008 60 50 40 30 20 10 0 Jan 07
Feb 07
Mar 07
Apr 07
May 07
Jun 07
Jul 07
Aug 07
Sep 07
Oct 07
Nov 07
Dec 07
Furniture, consumer electronics and household equipment
Food, beverages and tobacco
Pharmaceutical and cosmetics
Fabrics, clothing and footwear
Jan 08
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Source: GUS, 2007
Confidence indicators in Poland, February 2007-February 2008 15.0 6.0
10.0
Last year Poles bought approximately 840,000 LCD TV sets, around 100% more than in 2006, and it is anticipated that in 2008 demand for such products will continue to grow and reach 1,300,000 units, according to Puls Biznesu. The market for Polish LCD sets is still considered to be very promising. In addition to an increase in demand 2007 also brought a reduction in prices on this market. However, because supply in this area of the market is comparatively limited, as there are only three recognised producers of LCD matrices in the world, it is expected that the substantial reductions in prices will come to an end, according to Jacek Klekowski, the managing director of Sharp Electronics Poland, interviewed by the newspaper. In his opinion, there are several companies on the Polish LCD TV set market whose production is close to the break-even point. To enter the market and obtain a stable position on it they had to accept modest profits at first, but in the recent past some of them have begun to focus more on improving profitability. Nevertheless, the factor which may prompt a further increase in demand for LCD TV sets in Poland in the next few months is the European Football Championship. Jacek Hudowicz, the managing director of Media Markt, told Rzeczpospolita that he expects sales growth of as much as 40% in the weeks prior to Euro 2008. Interestingly, Polish customers are beco ming more willing to invest in advanced technologies. An increasing number of them have decided to purchase TV sets boasting Full HD functionality, although the older HD Ready technology is still more popular in Poland.
5.0 0.0 -5.0
Feb 07
Mar 07
Apr 07
May 07
Jun 07
Jul 07
Aug 07
Sep 07
Oct 07
Nov 07
Dec 07
Jan 08
Feb 08 -5.1
-10.0 -15.0 Retail trade confidence indicator
Consumer confidence indicator
Note: The retail trade confidence indicator is calculated from the responses of managers of retail businesses and their prognosis on general economic climate. The indicator is an arithmetical average of value of basic indices concerning present and future business climate in examined companies. Current consumer confidence indicator is calculated as an arithmetical average of opinions on household financial position, general economic situation and currently done major purchases. Source: GUS, 2007
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Best 2007 FMCG products chosen On 28 February TNS OBOP announced the results of a survey which was part of the “Product of the year. Consumer choice” programme. This was designed to assess the opinions of Polish consumers on products in 44 categories introduced on the FMCG market last year.
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Central Europe Retail Update – Issue No. 6 (104)
In January 2008 TNS OBOP asked a representative group of 5,000 Poles of more than 15 years of age to choose one product from each category which was, in their opinion, the most attractive and with which they were most satisfied (of those they used). The products of the year were those goods which achieved the highest scores on the indicators of attractiveness and satisfaction in their respective categories.
Retail news Conforama abandons business in Poland Conforama, a French chain of interior decoration stores, has sold its three outlets in Poland to another French retailer, Leroy Merlin, a chain of DIY stores. The stores cost €45m.
Tuesday, 11 March 2008
Christophe Cuvillier, the president and CEO of Conforama, said that the company had decided to abandon its Polish operations because it intends to concentrate its international efforts on development in southern Europe (i.e. in Italy, Spain and Portugal). Conforama, the leader on the French market and the world’s second largest retailer of home furnishings, is part of the PPR group. The number of French stores in the network is 189 at the moment, but it also runs points of sale in Spain, Portugal, Italy, Croatia, Switzerland and Luxembourg. In 2007 Polish Conforama stores, two of which are located in Warsaw and one in Katowice, generated sales worth €24m, representing 1% of Conforama’s total turnover. At present the new owner of these units, Leroy Merlin, owned by the Auchan group, has 24 DIY stores in Poland. As a result of the acquisition the chain will be augmented by three new establishments. The company has not yet disclosed its plans for the stores, but
Selected winning products in the TNS OBOP “Product of the year. Consumer choice” survey, 2008 Category Mineral water Ground coffee Instant coffee Tea Cream cheese Yoghurt/homogenised cheese Cheese Cereals Pasta Sweets Ice-cream Meat/cold meats Makeup Face care cosmetics Cosmetics for men Shampoo Washing-up liquid WC Detergents
Product Primavera Tchibo Exclusive Tchibo Exclusive Lipton (Gold Tea, White Tea, Earl Grey, Green Tea) Turek – Swiezy and Swiezy Light Bakoma Mlekovita Gellwe – Fitella Pol Mak – Makaron Tradycyjny, Gniazdka Wstazki Delicje Impresje Zielona Budka – Lody Jubileuszowe Balcerzak – Sucha Krakowska, Zywiecka, Paluszki Slaskie L’Oreal – Telescopic Mascara Dove – Summer Glow Bond – Woda po goleniu Elseve – Przeciwlupiezowy Intensive PUR – Active Gel z Octem Owocowym Domestos Zero Kamienia www.pmrpublications.com
Source: TNS OBOP, 2008
Selected prices indices in Poland (%, y-o-y), January 2007-January 2008
it is already known that the employees of Conforama Poland will join the Leroy Merlin staff. The transaction is now subject to the approval of the Office of Competition and Consumer Protection (the UOKiK).
IKEA planning further expansion in Poland Over the next seven years the Swedish furniture producer IKEA intends to double the number of its outlets in Poland from the current seven, according to a report in The Wall Street Journal Polska. By the end of 2015 it plans to have launched eight new stores in the country, each of which will cost PLN 120m (€34.1m). At present the company is making preparations for its stores in Bydgoszcz and Lodz, and Karolina Horoszczak, a spokeswoman for the concern, has told the newspaper that construction work on the outlets in Poznan and Gdansk is underway. In addition, the company plans to roll out retail parks which offer a full range of interior furnishings adjacent to most of its outlets. Preparations have already started on these two projects: Port Lodz for €150m and Bulwary Poznanskie for €80m. Both parks are due to open by the end of 2009. The investment plan of the Swedish producer is linked to the level of prosperity on the Polish furniture and furnishings market, from which the company hopes to benefit more. According to our recent report entitled “Furniture and furnishings retail in Poland 2008. Development forecasts for 2008-2010”, sales in the home furnishing market in Poland were worth PLN 16.5bn (€4.7bn) last year and are expected to grow over the next two years by about 15% per annum.
10 8 6
Emperia Holding: revenues exceed expectations
4 2 0 -2 -4
Jan 07
Feb 07
Mar 07
Apr 07
May 07
Jun 07
Jul 07
Aug 07
Sep 07
Oct 07
Nov 07
Dec 07
Jan 08
-6 -8 -10
CPI (4.3)
Food and non-alcoholic beverages (8.0)
Alcoholic beverages and tobacco (5.64)
Clothing and footwear (-7.8)
Note: The y-o-y ratio change in the legend is for the final month of the graphed period. Source: GUS, 2007
PMR
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Emperia Holding, one of the leading trading groups in Poland and the operator of, among others, the Groszek franchise grocery stores and Stokrotka supermarkets, has announced its financial figures for 2007. The concern succeeded in generating revenues of PLN 4.6bn (€1.3bn), in contrast to the forecast of PLN 4.4bn (€1.2bn), and making a net profit of PLN 89.7m (€25.1m).
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According to Artur Kawa, the president of Emperia, the group’s results in 2007 were boosted by the successful completion of the merger with GK BOS, in addition to the consolidation processes on the FMCG market. In 2008, Emperia’s plans envisage organic growth, in addition to mergers and acquisitions. The group also intends to continue to restructure, increase the amount invested and improve its net profit. The concern has recently been interested in purchasing Ruch, the leading Polish newspaper distributor and kiosk operator, from the Treasury, which owns a 62.6% stake in it. Mr Kawa is still not ruling out the possibility, but claimed, however, that such a merger would first require a detailed strategic analysis.
Redan focuses on boosting profits Redan, a producer and distributor of clothes under the Top Secret, Troll, Morgan and Textilmarket brand names, ended 2007 with a net loss of PLN 8.6m (€2.4m) and revenues of PLN 259.2m (€73.6m) (representing year-on-year growth of about 5%). The brand which had the most adverse impact on Redan’s results was Troll, which made a net loss of PLN 5.6m (€1.6m). This year is, however, expected to be better, and the management anticipates a 10-15% increase in turnover. The company has already started working on improving its profitability by changing its marketing strategy, along with its collection, and employing new designers. This move paid off in the fourth quarter of 2007, when, for
the first time for four years, Redan reported a profit from sales.
€500m Bonarka City Center planned for Krakow The Hungarian developer TriGranit is planning, together with the IPR group, to invest about €500m in Krakow. The sum is to be spent on rolling out a shopping and recreation centre, along with office buildings and a housing estate, on the site of the former Bonarka chemical works. Bonarka City Center, a multipurpose complex for which the cornerstone was laid on 28 February 2008, will be third TriGranit project in the country. It is to be built on a 20 ha post-industrial site in the Podgorze district, in the southern part of Krakow. The building work was divided into three stages. The first will include a 239,000 m2 shopping and recreation mall which is expected to house about 250 retail outlets, a multi-screen cinema and parking for 3,200 vehicles. Four class A office buildings and a housing estate with around 500 apartments are to be built during the second and third stages.
Irish Investment Group to build a mall in Bialystok The Irish Investment Group is to roll out a shopping centre in Bialystok, according to eurobuild.pl. The company has already launched a joint-venture company with the management of the SSA Jagiellonia football club.
Financial results of Emperia Holding (PLN m), 2006-2007 4,596.5
1,406.7
89.7
23.4 2006
2007 Sales revenues
Source: Emperia Holding, 2008
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The deal stipulates that the mall will be developed on a site which belongs to the club. The approximate cost of the project is €200m. The shopping centre is to have about 100,000 m2 of retail space and parking for 1,200 vehicles. It will offer its visitors a number of stores, service outlets, restaurants, coffee shops and a fitness club. The leasing agent of the mall will be DTZ, which will also assume responsibility for the design.
Bricomarche opens in Kamienna Gora On 29 February the Musketeers group opened another Bricomarche DIY store in Kamienna Gora. The new, 1,050 m2, outlet offers a range of 18,000 products. At the moment the Bricomarche franchise chain includes 47 points of sale, and the Musketeers group believes that it will be able to increase this to 70 stores by the end of the year.
Supplier news PKM Duda: acquisitions on the horizon? PKM Duda, one of the most prominent Polish meat producers, has announced its 2007 financial figures. The group generated revenues of PLN 1.3bn (€0.4bn), representing 27% year-on-year growth, and made a net profit of PLN 40.8m (€11.6m), 20% less than the 2006 figure. Group representatives have explained that the deterioration in profitability in 2007 was caused mainly by the strengthening of the Polish currency, by increased imports of meat to Poland and rises in production costs. However, PKM Duda expects that its 2008 results will be more satisfactory and that its sales will grow by more than ten percent, whereas profitability is expected to stay at a level similar to that of 2007. The company’s president, Maciej Duda, is not ruling out a share issue in order to fund possible acquisitions, as the concern is already in talks with with a number of companies. Furthermore, it is currently preparing its subsidiary Makton for its stock market debut, which is expected to take place in Q4 2008. The money raised from the public offer will
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Central Europe Retail Update – Issue No. 6 (104)
be invested in the acquisition of a number of distributors and the construction of the company’s own distribution centre. In addition, the meat group is considering the debut of its Ukrainian company Rosan Agro, but details pertaining to this move are to be disclosed at the end of 2008.
Jutrzenka announces its 2007 results The management of Jutrzenka, a prominent Polish confectionery producer, has announced its 2007 results along with the figures for Kaliszanka and Ziolopex, the companies with which Jutrzenka is to merge. In Q4 2007 Jutrzenka reported a net loss of PLN 5.9m (€1.7m), in contrast to a consolidated net profit of PLN 7.3m (€2.0m) in the corresponding period of 2006. The sales revenues of the company increased by 11% to PLN 145.9m (€40.9m). In 2007 as a whole, the company made a net profit of PLN 76.2m (€21.3m) from revenues of PLN 489.6m (€137.1m). The relatively modest results for Q4 2007 can be explained by an increase in the prices of components (mainly those of cocoa pulp and cocoa) and the launch of beverage production at the Hellena facility. The results of Kaliszanka for 2007 are better than those of 2006; the company observed a 37% year-on-year increase in net profit, which came to PLN 28.6m (€8.0m), and a 10% improvement in revenues, which brought them to PLN 132.6m (€37.1m). The Ziolopex figures were not as favourable: the company’s net profit came to PLN 3.8m (€1.1m), whereas in 2006 the figure was PLN 8.1m (€2.3m). However, the sales achieved by Ziolopex were worth PLN 128.7m (€36.1m), in contrast to PLN 115.0m (€32.2m) in 2006.
CEDC closer to purchasing Whitehall The Central European Distribution Corporation (CEDC), the leading producer and distributor of vodka in Poland, has signed an agreement which includes the most important conditions on which the company would invest in Russia’s Whitehall group. The CEDC estimates that the acquisition of the Russian concern would augment its annual net profit per one share by $0.35-0.45.
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Tuesday, 11 March 2008
It plans to purchase a 49.9% voting stake and 75% of Whitehall’s shares with the option to buy the remainder of the stake, but no earlier than 31 December 2013. The transaction will be concluded if the results of due diligence are satisfactory, if the company obtains the approval of the antimonopoly authority, if required, and if the agreement of the CEDC board of directors is forthcoming. The negotiations are expected to come to an end within two-four months. The transaction, whose value has not been made public, would be funded by means of cash, loans and shares. The Whitehall group is one of the most prominent importers and distributors of wine and spirits in the premium bracket in Russia. It is estimated that its revenues will reach $200m in 2008. Last year the CEDC reported revenues of $1.2bn, which reflected 26% year-on-year growth, whereas its net profit on a comparable basis (after the exclusion of one-off transactions) was $69.8m, 52% more than the 2006 figure.
was a bronze medal for CranberyRaz in the flavoured vodka category.
Bytom buys Intermoda Fashion The Bytom group has announced the signing of a contract with Intermoda which pertains to the purchase of a 100% stake in Intermoda Fashion, a producer and retailer of menswear. The transaction was worth PLN 9.1m (€2.6m). Intermoda Fashion conducts business via a chain of 38 stores located mainly in shopping centres all over Poland, along with its outside contractors. The 2007 sales revenues of the company came to about PLN 30m. The company produces clothes at a facility in Wroclaw rented from Intermoda and employs 142 staff.
Wojas: prospectus approved The Financial Supervisory Authority (KNF) has approved the issue prospectus of Wojas, a shoe producer and retailer based in Nowy Targ. The company will issue 3.35m B series shares. It estimates that it will raise about PLN 30-35m (€8.5-1.0m) from the offer. The funds are to be invested mainly in the development of its own chain of salons. At present the Wojas chain, run by a subsidiary, Wojas Trade, comprises 65 sales outlets but it is expected to grow by 12-15 outlets this year and to reach 120 by the end of 2010. The company also intends to set up stores abroad, in the Czech Republic, Slovakia and Hungary. The stock debut of Wojas is due in March.
Sobieski vodka among best products in the world Drinks International, an international alcohol market magazine, has recently awarded its gold medals for the best alcohol products in the world, according to biznespolska.pl. The winners included three brands belonging to the Sobieski group: Danzka, Sobieski and Sobieski Estate. Sobieski vodka won first place in the Best Standard Vodka category, while Sobieski Estate and Danzka reached the top in the Best Premium category. In addition, Danzka vodka obtained a silver medal in the most original bottle design category, and there
Employment in retail sector in Poland (%, y-o-y), January 2007-January 2008 10.5 8.0
8.8
8.3
Feb 07
Mar 07
Apr 07
9.1
9.4
May 07
Jun 07
9.0
9.0
Aug 07
Sep 07
10.9
11.2
11.2
12.1
Oct 07
Nov 07
Dec 07
Jan 08
6.3
Jan 07
Source: GUS, 2007
Jul 07
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Gino Rossi anticipates 1520% increase in net profit The Gino Rossi fashion group intends to achieve a 15-20% increase in its net profit in 2008, but has not disclosed any official forecasts yet. Last year the total revenues generated by the concern increased by 48% year on year to PLN 174.4m (€49.4m), but overall net profit declined from PLN 9.6m (€2.7m) in 2006 to PLN 7.6m (€2.2m). A
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The president of Gino Rossi claims that the spring collection should meet customer expectations, in contrast to that of 2007, which turned out to be too avant-garde for Poles, who prefer traditional shoes. The company is eager to keep up its dynamic growth over the next few years. According to initial estimates, it is expected to achieve revenues of about PLN 200m (€56.0m) and a net profit of PLN 15m (€4.2m) in 2008.
In Q4 2007 the group launched its new subsidiary, Cosimo Martinelli, which offers a collection of exclusive clothes for men. The management of the company envisages that the new firm will report its first profit, of around PLN 1.1m (€0.3m), in 2010. n
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Retail in Romania 2008
Market analysis and development forecasts for 2008-2010 All the answers you need can be found in our report. Interested in finding out more? Contact us at:
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Central Europe Retail Update – Issue No. 6 (104)
Tuesday, 11 March 2008
Czech and Slovak wine producers tackle imports Five years ago wine consumption in Slovakia totalled 14 litres of wine per capita compared to the current 11 litres. Most of the consumption is covered by imported wine and the imports are increasing. Wine consumption in Bohemia increased from 12 litres per capita to 18 litres. Two thirds is covered by imported wines and the share of imports is also growing, reported Mlada Fronta Dnes.
Slovakia Market news
Inflation in Slovakia to accelerate, food prices up
Slovak retail sales hit record in 2007 In 2007 retail sales reached a record value of SKK 453bn (€13.7m), up by 4.8% y-o-y. The growth rate, however, was twice as low as in 2006. Hypermarkets and shopping centres shared approximately 50% of overall retail sales, Pravda wrote. Nevertheless, sales of small shops increased by one tenth in the referred period.
In January inflation increased to 3.2% from 2.5% in December 2007. The price growth was caused mainly by food, which grew by 1.2% in January, wrote SME. Furthermore, the Central Bank of Slovakia expects the inflation to speed up in February thanks to the rising prices of fuel, food and transport.
Retail sales in Slovakia (%, y-o-y, constant prices), December 2006-December 2007 9.7
Cigarettes to become more expensive In order to meet the minimum tax burden directed by the EU directive, the Slovak Ministry of Economy has drawn up a proposal for a law amendment which will increase consumer tax on cigarettes and set its minimum level. The tax rate is to increase from SKK 1.41 (€0.043) to SKK 1.58 (€0.048) per cigarette. The minimum rate of consumer tax will increase from SKK 2.10 (€0.064) to SKK 2.40 (€0.073) per cigarette, reported portal bleskovky.
7.5
7.4 6.2
6.0
5.9
5.1
4.6
5.1
2.1
1.9
0.9
Retail news
2.0
Tesco to score, Carrefour to lose Dec 06
Jan 07
Feb 07
Mar 07
Apr 07
May 07
Jun 07
Jul 07
Aug 07
Sep 07
Oct 07
Source: Statistical Office of the Slovak Republic (SUSR), 2007
Nov 07
Dec 07
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Retail sales indices by selected goods categories in Slovakia (%, y-o-y, constant prices),December 2006-December 2007 40 30 20 10 0 -10
Dec 06
Jan 07
Feb 07
Mar 07
Apr 07
May 07
Jun 07
Jul 07
Aug 07
Sep 07
Oct 07
Nov 07
Dec 07
-20 -30 Other retail sales in non-specialised stores Food, beverages and tobacco in specialised and non-specialised stores Pharmaceutical and medical goods, cosmetics and toilet articles Retail sales not in stores (markets, stands, forwarding bussiness) Source: SUSR, 2007
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British retail chain Tesco was the leading grocery retail chain in Slovakia in 2007 with turnover at SKK 23.2bn (€709m), which was SKK 9bn (€275m) more than second-place Metro Cash and Carry Slovakia. Food goods accounted for 65% of Tesco’s total turnover; these translated into the highest value among ten largest retailers, i.e., of SKK 23.2bn (€717.4m). Food products brought SKK 14bn (€428m) for Metro Cash & Carry and held 80% of the total turnover, wrote SME. The third largest retailer was Billa with SKK 10bn (€305m) from grocery sales. The top ten retail grocery chains reported total sales of SKK 105.7bn (€3.3bn) in 2007, which is a 16.5% increase compared to 2006. Food retail reached its highest values in 2007 owing to the dynamic price growth in the second half of 2007, broad grocery assortment and the improving economic situation of Slovak households, Lubomir Drahovsky, the analyst of Terno research agency, told daily SME.
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Central Europe Retail Update – Issue No. 6 (104)
Baumax storecount by country of operation, January 2008 Slovenia 3
Romania 5
Carrefour dropped out from the top ten retailers for the first time since entering the market, while retail cooperatives strengthened their position.
Croatia 3
Slovakia 12
Baumax turnover up by 10.6%
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Source: Baumax, 2008
Top ten Slovak grocery retailers by turnover, 2007 Rank 1 2 3 4 5 6 7 8 9 10
Company
Number of outlets
Total turnover (SKK bn)
58 5 90 29 98 280 98 9 23 110
35.7 17.6 13.3 10.8 8.0 5.3 4.9 4.1 3.2 2.8
Tesco Stores SR Metro C&C Slovakia Billa Kaufland Ahold Retail Slovakia CBA Slovakia Lidl Slovakia Labas COOP Jednota Bratislava COOP Jednota Nove Zamky
Share of food products in the overall turnover (%) 65 80 80 90 95 97 95 80 85 90
Share of food products in the overall turnover (SKK bn) 23.2 14.0 10.6 9.7 4.6 5.1 4.6 3.2 2.7 2.5
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Source: Terno, 2008
Electrolux Hungary in figures (HUF m), 2005-2006 2005 162.0 6.4 15.3 122.9
Revenue Operating results After tax profit Capital resources
New shopping centre in Zvolen Construction works of the shopping and relaxation centre Europa Shopping Center in Zvolen, Central Slovakia, will re-commence in April this year. Work was suspended last year due to protests of the inhabitants of neighbouring areas. The shopping site covers an area of 14,000 m2, reported portal SME. The developer, VAV Invest, estimates the project at SKK 1bn (€30.7m).
New shopping centre in Trnava
2006 180.9 6.4 13.0 65.8 www.pmrpublications.com
Source: Figyelo Top 200, 2008
In 2007 Austrian chain Baumax increased turnover by 10.6% y-o-y in Slovakia. Over the next two years the chain plans to open another three large stores in the country, in Prievidza, Trnava and Bratislava, TASR wrote. About 40% of the goods that Baumax offers through its outlets in Slovakia are of domestic origin and a large part is produced for other European countries. Baumax currently runs 12 outlets in Slovakia.
Selected consumer price indices in Slovakia (%, y-o-y), January 2007-January 2008
New shopping centre Domino, specialising in home furnishing, was opened in Trnava, Central Slovakia, on 1 March. The centre (4,000 m2) will offer house décor and gardening goods, DIY products and design services. The investor, Invest, spent SKK 65m (€1.9m) on the project. Trnava will develop other new shopping centres in the future. Tesco and Baumax are named among probable investors.
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New logistic centre to be built in Malacky
6 4 2 0 -2
Jan 07
Feb 07
Mar 07
Apr 07
May 07
Jun 07
Jul 07
Sep 07
Oct 07
Nov 07
Dec 07
Jan 08
CPI (3.8)
Food and non-alcoholic beverages (8.0)
Alcoholic beverages and tobacco (2.2)
Clothing and footwear (-0.1)
Note: The y-o-y ratio change in the legend is for the final month of the graphed period. Source: SUSR, 2007
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Belgian developer VGP will build a new logistic centre in Malacky, near Bratislava. Construction works are to start shortly in the already existing industrial park Eurovalley zone with the first storage hall (12,800 m2) scheduled to open in Q3 2008. The whole project of five storage halls will offer a total storage area of 88,000 m2, reported Trend.
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Central Europe Retail Update – Issue No. 6 (104)
VGP operates logistic parks in Czech Republic, Slovakia, Hungary, Estonia and Latvia.
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Confidence indicators in Slovakia, February 2007-February 2008 30
22.7
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Sony to close Trnava site Japanese electronics manufacturer Sony moved production of LCD sets from its plant in Trnava, South Slovakia to a larger capacity new plant in Nitra, South Slovakia. It will move all its activities to Nitra by April 2008. The decision was made due to increasing demand for LCD televisions in the European market. The Nitra plant, together with a plant in Barcelona, will become the main supplier of the Bravia brand for the European market.
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Apr 07
May 07
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Jul 07
Aug 07
Retail trade confidence indicator
Agrofert Holding, which operates in the chemical and agriculture-food sector, was granted permission from the Antimonopoly Office of the Slovak Republic (AMO SR) to take over Belar, a Slovak producer of feedstuff, and the Slovak bakery Sarisske pekarne a cukrarne. Agrofert bought both companies in November last year from Delfin Trade. Agrofert Holding controls 224 companies in Bohemia. The group increased its nonconsolidated sales by more than 10% y-o-y to CZK 111bn (€4.4bn) last year, according to preliminary data.
AU Optronics to eye Slovakia AU Optronics, a Taiwanese LCD manufacturer, is to invest in Europe and Slovakia
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Feb 08 -10.1
Consumer confidence indicator
Note: Retail trade confidence indicator is a composite indicator calculated as an arithmetic average of balances of the sales situation, expected sales situation and the volume of stock (with an inverted sign). The consumer confidence indicator is the arithmetic average of the balances (%) of four questions: the financial situation of households, the general economic situation, unemployment expectations (with inverted sign) and savings, all over the next 12 months. Source: SUSR, 2007
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Employment in retail sector in Slovakia (%, y-o-y), December 2006-December 2007 8.6 7.4
8.2
7.5
7.4
7.5 6.3
5.5
Agrofert permitted to take over Belar and Sarisske pekarne
Oct 07
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Fire at Metsa Tissue’s plant Finnish hygiene paper producer Metsa Tissue suffered a fire on 2 March in its plant in Zilina, North Slovakia. Production lines have not been affected by the fire, wrote portal bleskovky. Damage caused by the fire is estimated to be tens of millions of Slovak crowns. Metsa Tissue, a part of the Metsaliitto Group, is a leading tissue paper products supplier to households and largescale consumers in Europe. In 2007, Metsa acquired Slovak Tento, a leading tissue paper company in Slovakia.
Sep 07
Dec 06
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Feb 07
Mar 07
Apr 07
May 07
Source: SUSR, 2007
is among the countries of its interest. The company wants to build a new production site in Europe. The other countries taken into account are Poland and Czech Republic, wrote SME. The decision is to be made in Q3 2008. AU Optronics is one of the world’s leading manufacturers of LCD modules with thinfilm transistor (TFT) technology. Last year its profit was $14.8bn (€9.7bn).
Steiger brewery to maintain output in 2007 Pivovar Steiger, a brewery, manufactured 157,516 hl of beer in 2007. The major brand, 11-degree dark lager, accounted for 11,147 hl. Total sales revenues amounted to SKK 278m (€11.1m). The company put investment into a bottling line and automated cooling technologies worth SKK 170m (€5.3m), which is expected to result in a sales increase by SKK 100m (€3.9m) in 2008, according to TASR. In addition, the firm will launch licensed production and distribution of other beer brands. Pivovar Steiger was established in November 2001 and currently holds 4.3%
Jun 07
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5.7
5.6
6.0
5.7
6.0
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of the Slovak beer market and 16.7% of the dark beer segment.
Ekoltech to raise turnover by 20% in 2007 Furniture manufacturer Ekoltech increased turnover to SKK 1.4bn (€43.3m) in 2007, up by 20% y-o-y. Ekoltech produces furniture for Ikea. The long-term cooperation with the latter and massive investments of nearly SKK 500m (€15.4m) in total, are to enable the manufacturer to improve the turnover in 2008. Ekoltech was established in 1995 and currently employs 870 people. n
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Central Europe Retail Update – Issue No. 6 (104)
In brief Czech Republic
cooperation with Roust, the owner of the brand, and the fine print of the contract should be agreed within four weeks.
Sales of digital cameras in Czech Republic have grown and reached the level of 600,000 pieces sold in 2007, an increase of 7% y-o-y, according to preliminary data, wrote Moderni obchod.
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In 2007, Czech Republic reported a record number of 62 dangerous products to the Rapex, the European alert system for all dangerous consumer products with the exception of food, pharmaceutical and medical devices. Most of the products were children’s goods and toys, wrote Moderni obchod.
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As of March 2008 wine producer Bohemia Sekt is to raise prices of sparkling wine by 3.5% and spirits by 4%. Prices of still wine will remain at the same level.
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Czech pharmacies estimated their sales revenues to drop by 25% in January. One hundred surveyed chemist shop operators agree that due to the charge of CZK 30 (€1.2) on prescriptions effective from January 2008, the number of patients with prescriptions dropped by one third, while sales of non-prescription drugs increased and will be growing, reported Mlada Fronta Dnes.
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The Silvano Fashion Group, an Estonian lingerie retailer listed on the Tallinn and Warsaw stock exchanges, ended 2007 with revenues of PLN 347m (€97.2m) and a net profit of PLN 54.9m (€15.4m), which represented year-on-year increases of 16.1% and 88.7% respectively.
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Aldi, a German discounter which opened its first stores in Poland in February, has begun a pilot programme which involves offering its Polish customers the opportunity to buy on credit. Visitors to eight Aldi stores around the country now have the opportunity to take out an mBank loan if they decide to purchase in instalments.
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In 2007 Slovaks spent SKK 222bn (€6.7m) on cars and car maintenance.
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In 2007 milk consumption in Slovakia dropped to 152 litres per capita, which is 70 litres less than recommended annual consumption per capita, Pravda wrote.
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Hewlett-Packard (HP) remains a leading brand in the Slovak personal computer market. In 2007 the company sold 90,000 personal computers and notebooks and held a 29% market share. In 2007 Slovak PC market grew by 7.8% y-o-y in the segment, reported portal bleskovky.
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Henkel Slovensko, a subsidiary of Henkel Central Eastern Europe, reported turnover of SKK 2.7bn (€83m) in 2007, which is 8.6% up y-o-y. Henkel Slovensko was established in 1991.
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The Slovak Association of Electronic Commerce (SAEC) set a pilot project to enhance the safety of internet orders. The project involves certification of online shops which is to strengthen credibility of the e-stores, according to TASR. Three major players, Hej.sk, Mall.sk and Martinus.sk, have already applied for the certification.
Hungary Over 720,000 memory cards were sold in Hungary last year, more than five times more than the year before, revealed a study by GfK Hungary as cited by MTI Eco. ScanDisk, Kingston and Olympus held 60.3% of the Hungarian market altogether.
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Poland On 25 February Waldemar Pawlak, the Deputy Prime Minister of Poland, signed a letter of intent pertaining to an investment project involving Cadbury Schweppes, according to a report in Puls Biznesu. The company intends to invest €250m in the development of its facility in Bielany Wroclawskie and also in the construction of a new factory in Skarbimierz.
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On 1 March 2008 Ambra, a group which specialises in the distribution of imported wines in Central and Eastern Europe, will start to distribute Russian Standard, a new premium vodka brand, in Poland. It has just concluded the detailed terms of
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PMR
Central Europe Retail Update – Issue No. 6 (104)
Tuesday, 11 March 2008
Central Europe wants to spend more Despite the opinion that the sales slowdown will eventually spread and hit Europe hard, the old continent’s customers remain optimistic. The rising cost of living, however, slowly causes global customers to tighten their belts.
Consumers − more cautious but do not believe in recession The two most recent surveys on customers’ confidence, by Nielsen and Cetelem, give a valuable hint to retailers about prospects for European markets. Overall, it may be concluded that Europeans are the least confident customers globally but in spite of this fact Europe seems to be keeping its spirits up.
According to Cetelem research, 71% of Europeans (13 countries included) want to increase their consumer spending this year. As Nielsen revealed, only 30% of Europeans are concerned about the global recession. Seventy percent do not expect it to happen and almost half of them hope for a good financial situation this year. Therefore, although it is evident that households have become more cautious,
Estimate of the current and future situation in the country (1-10 scale), 2008
* Average of answers in Belgium, France, Russia, Slovakia, the UK, Denmark, Spain, Italy, Czech Republic, Serbia, Poland, Hungary and Portugal altogether. Source: Cetelem, 2008
3.5
Portugal
3.9
Hungary
4.4
Serbia
4.4
Poland
5.1
Czech Republic
5.2
Italy
5.3
Spain
5.4
The UK
5.4
Denmark
5.5
Slovakia
5.6
Russia
5.8
France
6.4
Belgium
European average*
5.1
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Perception of state of personal finances in 2008 (%) in Europe Excellent 4
Good 48
Source: Nielsen, 2008
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Bad 10
Not so good 38
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consumers’ confidence is still high and hopefully the positive trend will continue throughout this year. In regards to Central Europe, only two countries, namely, Poland and Hungary, do not see the future as bright as their neighbours. Households in both Poland and Hungary assessed the situation in their countries less optimistically and much below the European average, says Cetelem research. The Nielsen survey sheds more light and explains that Hungarians are worried mostly about job security while Poles are concerned with political instability in their country. All the same, in both these countries, the overall estimate of the situation in the country improved year-on-year. Therefore, Poles and Hungarians, though more sceptical, still have hope for the future, according to Cetelem. Slovakian consumers, in turn, are among the Cetelem rank leaders. Positive about the current and future situation in the country, Slovakian households estimated it at 0.4 p.p. above the European average. Only in Czech Republic did the rate, although high in comparison with the country’s neighbours, drop slightly by 0.1 p.p. over the year.
Attitude toward spending remains optimistic in Central Europe Consumers’ confidence in future well-being remains strong. Seventy-one percent of Europeans intend to increase spending this year, with some 25% declaring they want to increase savings, according to Cetelem. As for Central Europe, customers in Poland, Hungary, Czech Republic and Slovakia declare that they want to increase spending. In addition, in the region the ratio of households which plan to boost expenditures is much above the European average. Nevertheless, it is worth noting that, to a different degree, households across Europe were negatively impacted by, among others, growing prices and the real estate crisis; therefore, optimistic declarations on spending should be approached carefully. A survey by Nielsen showed that 34% of Europeans would put their spare cash into savings provided they have it. Hungary appeared among the most pessimistic countries with 18% of those surveyed claiming they do not have spare cash at all. In contrast to Poland and Hungary, the intention to spend more in Slovakia and Czech Republic is accompanied by
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Central Europe Retail Update – Issue No. 6 (104)
a willingness to save money. In Poland and Hungary, in turn, customers expect that they will spend more with almost no intention to save. This small percentage of households having a desire to raise expenditures
and likewise intending to increase savings may also be a sign of the growing popularity of consumers’ loans in the region. The amount of consumer credit granted in these four countries continues to rise which also
Expected spending and saving ratio (%) in Poland, Hungary, Slovakia, Czech Republic vs European average* in 2008 85
79
85 72
71
32
31 12
25
10
Poland
Hungary
Slovakia Increase spending
The Czech Republic
European average
Increase savings
* Average of answers in Belgium, France, Russia, Slovakia, the UK, Denmark, Spain, Italy, Czech Republic, Serbia, Poland, Hungary and Portugal altogether. Source: Cetelem, 2008
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Debt per household (€) in Poland, Hungary, Czech Republic and Slovakia versus European average*, 2007 217.8
European average Hungary Czech Republic Poland Slovakia
4,724
3.8
2,498
4.5
1,984
13.7 1.8
1,691 368 Debt per household
Number of households
* Average of answers in Belgium, France, Russia, Slovakia, the UK, Denmark, Spain, Italy, Czech Republic, Serbia, Poland, Hungary and Portugal altogether. Source: Cetelem, 2008
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Granted consumer credit (€ bn) in Poland, Hungary, Slovakia, Czech Republic, 2004-2007 23.3
15.0 11.0
9.7
7.4 6.1
2.9 2.9
2004
f - forecast Source: Cetelem, 2008
20
0.6
2005 Poland
8.9
6.9
4.8 0.5
0.,4
9.5
Hungary
0.7
2006 Slovakia
2007f Czech Republic www.pmrpublications.com
reflects the confidence of households that their financial situation will remain good. Compared with other European countries, the ratio of household debt in the abovementioned countries is still low and most likely will grow over the long run.
Central Europeans want to be entertained The consumption rush has not stopped yet. Customers around the world would gladly spend more money for holidays (32%), entertainment (30%), new clothes (31%) and home improvement (25%). In the four abovementioned countries, consumers’ views on how to spend money this year do not differ greatly from Western European households. The Cetelem survey points out that just like their Western neighbours, a large share of households in Poland, Czech Republic, Hungary and Slovakia would like to spend more on travelling, entertainment and leisure activities. In addition, Czechs and Slovaks are especially interested in purchasing brown and white goods whereas Poles and Slovaks seem to have much more interest in house renovation and DIY products. On the other hand, consumers are more cautious with large investments. Only several percent of households in all four countries consider buying property. Customers’ cautiousness finds reflection also in the Nielsen survey. According to it, 42% of global customers would rather put their spare cash into savings accounts with an additional 11% wanting to invest it in retirement funds. Overall, despite several areas of concern, the appetite for consumption in Europe remains strong. Therefore, we believe that even if a recession is around the corner, customers will try to continue with the lifestyle they have. Interestingly, the authors of the Cetelem report have also suggested that, in fact, the willingness to spend more may also be a reaction aiming at bringing back high spirits in countries which estimated their overall situations less optimistically. All in all, although the trend is still positive, it is worth keeping in mind that a declaration to spend more does not always translate into real purchases and sometimes remains just an intention. Magdalena Gis Business Editor PMR Publications
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ORGANISER:
London, UK 20-21 February 2008 ACI (Active Communications International) Phone: 44 0 207 981 2503 E-mail:
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Retail Week Conference 2008 EVENT: VENUE: DATES:
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PMR Research is a division of PMR Ltd. specialising in the provision of market research, information gathering and analytical services. Our services include: quantitative surveys on samples of both business respondents and households (telephone and face-toface); Poland-wide interviewer network qualitative studies: focus groups, indepth interviews desk research; sector analyses (analyses of the situation on a given market) market sizing and forecasting preparation and updating of salesoriented databases.
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