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<strong>METRO</strong> GROUP : ANNUAL REPORT 2010 : BUSINESS → GROUP MANAGEMENT REPORT : 2. ECONOMIC PARAMETERS Media Markt and Saturn: developments in consumer electronics retailing The Media Markt and Saturn sales division continued to extend its market leadership in European consumer electronics retailing during the past financial year. The opening of the first Media Markt store in China in November 2010 marked the sales division’s entry into the dynamically growing Asian market. German consumer electronics retailing profited from the positive consumer climate in 2010 and recorded strong sales growth. The Football world Cup buoyed the already strong interest in consumer electronics. Information technology was also in high demand. Flat-screen televisions and computers notched fresh sales records in 2010. After Media Markt and Saturn outperformed the industry average in 2009, thanks partly to the large number of successful promotions on the occasion of Media Markt’s 30th anniversary, sales developments trailed the industry average in 2010. Across western Europe, consumer electronics sales developed positively in 2010. After two years of weakness amid the economic crisis, the sector was back on a solid footing in nearly all western European markets in 2010. Media Markt and Saturn boosted or at least maintained their market share in all western European countries. Sales trends in the consumer electronics sector varied across Eastern Europe in 2010: while Russia and Turkey recorded strong growth, sales declined in Greece and hungary – countries with high public debt burdens – as well as in Poland. Media Markt and Saturn managed to gain market share in all Eastern European countries with the exception of Poland. Online sales outperformed the market in Germany and western Europe, yet continue to command only modest market shares in most countries with the exception of Germany, the Netherlands, Austria and Switzerland. In 2010, Media Markt and Saturn launched their online business in the Netherlands and Austria. In Germany, the offer of pay-for-use digital downloads of music and software was extended to include movies and audio books. In Italy, Media Markt and Saturn have been selling products over the Internet for several years. Galeria Kaufhof: developments in the department store business → p. 078 The Galeria Kaufhof sales division outperformed the German department store segment again in 2010. with its positive sales development, Galeria Kaufhof strengthened its role as the concept and system leader in the German department store segment. Sectoral sales in Germany in 2010 remained largely unchanged from the level of 2009. As a result, the department store business developed more favourably than in the previous years, which had been marked by a distinct downward trend in sales due to the termination of businesses. Positive sales trends in the textiles segment made a significant contribution. despite its relatively solid performance, the department store business could not quite keep up with overall retail sales growth in Germany and underperformed the market again in 2010. Galeria Inno in Belgium also continued on its positive course during the financial year 2010. Once again, Galeria Inno outperformed the Belgian retail market. Real Estate: developments in the real estate business The global economic recovery is reflected in the incipient upward trend on real estate markets. Commercial real estate investment volumes increased across the globe, although the reverberations of the financial crisis continued to be felt. Investors remained risk averse, putting their money almost exclusively into core assets in prime locations with strong tenant covenants and long-term leases. The recovery of real estate markets varies across regions. In Europe, the recovery was rather slow and heterogeneous. In 2010, the Europe-wide trading volume amounted to €105 billion, which corresponds to an increase of 44 percent compared to the previous year. Retail properties accounted for about one-third of total transactions. however, around 77 percent of the investment activities in this segment were focused on the United Kingdom and Germany. Real estate yields stabilised or declined slightly across Europe; the European rental market also experienced an incremental recovery, indicating a continuation of the positive trend.
<strong>METRO</strong> GROUP : ANNUAL REPORT 2010 : BUSINESS → GROUP MANAGEMENT REPORT : 2. ECONOMIC PARAMETERS In Germany, the auspicious economic outlook fuelled the commercial real estate market. during the reporting year, the transaction volume on the German commercial property market rose by 83 percent compared to the previous year. National and international investors continued to be drawn to the German market, although, here too, demand was largely concentrated in the top segment. The picture in Central and Eastern Europe was mixed. In general terms, the region profited from growing demand from the eurozone, which resulted in a 90 percent volume increase in commercial property transactions in 2010 compared to the previous year. however, investors focused on the more mature markets of Poland and Russia, while smaller, emerging markets like Serbia continued to show hardly any activity. Generally speaking, yields remained largely stable across the region. → p. 079 In Asia, the region’s commercial property markets also profited from continually strong economic growth: demand for rental space increased markedly, resulting in growth of rental prices. The volume of real estate transactions also doubled in 2010 compared to the previous year. Local investors continue to dominate the Asian investment market, with cross-border investments accounting for just 12 percent of total transaction volume. In China, slight signs of overheating emerged on the real estate market: a strong increase in speculative investments and property prices forced the Chinese government into action. In particular, this applied to the residential property market and to metropolises like Shanghai. On the Indian and vietnamese commercial property markets, rental markets came under pressure as a result of excess supply. however, the dynamic economic growth in both countries bolstered demand and halted the downward trend in rental values, while property yields remained largely stable.
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