Industry Report Card: European Retail Jul 03

Standard & Poors, July 2003

Abstract
In light of the slowdown in consumer spending, most rated European food retailers are placing a renewed emphasis on lower pricing. This is especially true in continental Europe where mainstream operators are increasingly facing the competition of hard discounters. In France, Carrefour S.A. (A+/Stable/A-1), Auchan S.A. (A/Stable/A-1), and Casino Guichard - Perrachon & Cie S.A. (BBB/Stable/A-2) continue to invest in new and existing initiatives such as broadening discounted product lines and the launch of new brands aimed at countering the growing presence of hard discounters. Nevertheless, overall hard discounters account for a relatively small proportion of the French Food market. Standard & Poor's does not expect these various initiatives, however, to overly weigh on the profitability of European operators, as...

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- Alliance Boots Ltd.
- Marks & Spencer PLC
- J Sainsbury PLC
- Kingfisher PLC
- Signet Jewelers Ltd.
- Wuerth GmbH & Co. KG Adolf
- Casino Guichard - Perrachon & Cie S.A.
- Koninklijke Ahold N.V.
- Migros Genossenschaftsbund
- PPR S.A.
- TM Group Ltd.
- Safeway PLC
- Carrefour S.A.
- Experian Finance PLC
- Corporate Express N.V.
- Tesco PLC
- Metro AG
- Koninklijke Vendex KBB N.V.
- Big Food Group PLC (The)
- Groupe Auchan S.A.
- Next PLC
- Brake Bros Ltd.
- Focus Wickes (Finance) PLC

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