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Rising Online Sales Are Likely To Cut Into Profits For Europe's Retailers Nov 11
Standard & Poors, Nov 2011
Abstract
Online retailing has turned out to be a rare island of growth in Europe's mature and competitive retail industry in 2011. Yet, in an environment of flat or only marginally rising sales volumes, we believe it will increasingly capture market shares from traditional sales channels rather than inject new market growth. In the process, this could alter the competitive landscape of the industry and ultimately cut profit margins for nonfood retailers, in Standard & Poor's Ratings Services view. Internet shopping hasn't yet captured a material share of total retail sales in Europe, representing less than 5% of the market in many countries' total sales, according to our estimates. Yet, statistics suggest it's growing fast and has made greater inroads into...
Companies mentioned in this report are: Hewlett-Packard Co.,Marks & Spencer PLC,LVMH Moet Hennessy Louis Vuitton S.A.,Kingfisher PLC,Staples Inc.,Dell Inc.,PPR S.A.,Amazon.com,Carrefour S.A.,Tesco PLC,Groupe Auchan S.A.,Next PLC
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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