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METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → GROUP MANAGEMENT REPORT : 2. ECONOMIC PARAMETERS Inflation in Eastern Europe slowed until mid-year when the trend reversed and consumer prices rose markedly. In Romania, the increase in value-added tax rates fuelled inflationary pressures. Development of gross domestic product in METRO GROUP countries in 2010 Real percentage change year-on-year 2010 2009 China 10.3 9.2 India 9.9 5.7 Turkey 7.8 –4.7 vietnam 6.6 5.3 Kazakhstan 5.4 1.3 Sweden 5.2 –5.3 Egypt 5.0 4.7 Pakistan 4.4 3.6 Ukraine 4.2 –15.1 Morocco 4.0 5.4 Russia 4.0 –7.8 Japan 3.9 –6.3 Slovakia 3.7 –4.8 Poland 3.7 1.7 Germany 3.6 –4.7 Moldova 3.2 –6.5 Luxembourg 3.0 –3.4 Switzerland 2.7 –1.9 Czech Republic 2.3 –4.1 denmark 2.1 –5.2 Serbia 2.1 –3.1 Belgium 2.0 –2.7 Austria 1.8 –3.9 Netherlands 1.7 –3.9 France 1.5 –2.5 United Kingdom 1.4 –4.8 Portugal 1.3 –2.5 Italy 1.1 –5.1 hungary 1.1 –6.7 Bulgaria –0.1 –4.9 Spain –0.1 –3.7 Croatia –1.2 –5.8 Romania –1.5 –7.1 Greece –4.5 –2.3 → p. 076 Asia The Asian emerging markets once again recorded the strongest growth momentum worldwide, making them the engine and backbone of the global economy. Foreign trade and industrial production volumes rose noticeably above pre-crisis levels, although growth rates slowed somewhat towards the end of the year. Once again, China was the key growth driver. during the course of the year, however, signs of overheating emerged, accompanied by rising property and consumer prices. Japan also recorded solid economic growth despite a significant slowdown during the second half of the year. Upturn in global consumer goods retailing Consumer goods retailing also profited from the economic recovery in 2010. however, growth of retail sales trailed overall economic growth. One reason for this was the persistent increase in unemployment in many countries during the first half-year, a late effect of the economic crisis. In addition, government austerity programmes negatively affected disposable incomes and thus consumer spending. All in all, developments in the retail industry followed overall economic trends in Europe, growing at varying speeds and intensities in different countries. Asia’s emerging markets, in contrast, posted strong retail sales growth across the board. Germany After Germany’s initially export-led recovery, private consumption and the retail sector also profited from the economic upswing during the course of the year – albeit at below average rates. Favourable labour market developments provided for positive retail trends during the course of the year. At a nominal 2 percent, Germany’s retail sector grew considerably faster than those of other western European countries. Western Europe All in all, retail sales in western Europe showed weak growth. during the first half of the year, rising unemployment dampened growth in many countries. An upward trend in the retail sector only emerged during the second half of the year. however, government austerity programmes dampened consumer confidence in many countries. Just like
METRO GROUP : ANNUAL REPORT 2010 : BUSINESS → GROUP MANAGEMENT REPORT : 2. ECONOMIC PARAMETERS the wider economic recovery, the retail industry recovered at varying speeds across western Europe. Greece and Spain lagged behind with negative retail sales, while Sweden, France and Austria recorded the strongest sales growth. Eastern Europe Retail sales growth in Eastern Europe trailed overall economic growth. Similar to western Europe, the intensity of the upward trend in individual countries varied. In line with the broad economic recovery, retail sales in Turkey, Russia and Poland developed particularly favourably. Sales in Bulgaria, the Czech Republic and Slovakia, in contrast, declined in 2010. Asia/Africa The retail sector in Asia and the countries of northern Africa profited from the strong economic momentum in these regions. In China and India, retail sales rose at double-digit rates again. Japan’s retailers also enjoyed positive trends. Metro Cash & Carry: development of the cash & carry business Metro Cash & Carry is the international leader in the cash & carry segment. In June 2010, the sales division entered the Egyptian market. As part of its continuous strategic portfolio optimisation, the sales division divested itself of its wholesale business in Morocco effective 30 November 2010. As a result, Metro Cash & Carry operated in 30 countries at the end of 2010. In 2010, developments in the cash & carry segment in Germany and western Europe were marked by the varying speeds at which different countries recovered from the effects of the economic crisis. Sales in Germany fell slightly short of the previous year’s level, with Metro Cash & Carry performing on the same level as its comparable competitors. Sectoral sales developments in the western European countries where Metro Cash & Carry operates were mixed. All in all, cash & carry sales in western Europe slightly rose above the previous year’s level in 2010. Cash & carry sales in Eastern Europe increased. Rising food prices, particularly during the second half of the year, had an equally positive effect on the sector as the strengthening of several Eastern European currencies. The sector recorded particularly strong sales growth in Russia and Turkey. → p. 077 Once again, the cash & carry format recorded the strongest growth rates in Asia. here, cash & carry sales were more buoyant than sales in modern food retailing. The region’s traditional trade structures and lower market concentration continue to offer strong growth potential. In 2010, the region represented one of the focal points of Metro Cash & Carry’s expansion. Real: development of the food retail business The Real sales division is No. 2 in large-area food retail in Germany and one of the leading operators of this retail format in Eastern Europe. during the past financial year, Real started its online sales in Germany. The assortment comprises nonfood products in particular. In addition, the sales division is testing a new sales concept in Germany called “Real drive”. here, customers can order food products online and then collect them at the drive-in shop. Food retail sales in Germany rose slightly above the previous year’s level in 2010. deflationary food price trends continued during the first half-year. Starting in the second half of the year, prices of fast-moving consumer goods began to rise again; over the year as a whole, however, this did not generate any significant sales momentum. Nominal sales in large-area food retail stores with a selling space of more than 2,500 square metres experienced above-average growth. Like-for-like sales of the large supermarkets declined, however. In comparison, Real again outperformed its comparable competitors in terms of like-for-like sales. In 2010, sales in modern food retailing continued their strong growth in the Eastern European countries where Real does business. however, growth rates in some cases remained significantly below the levels recorded in previous years. The positive sales trend is largely due to higher food prices and increased consumer demand. In contrast, the expansion in the modern food retail industry weakened as a result of the economic crisis. All the while, the total market share of the modern large-area concepts remained virtually unchanged.
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