Check Out Line: World Cup boost to Europe sales peetering out
Check out how European retailers are a little downcast now about the “World Cup” effect.
France had a spectacular flameout, and Germany, Spain and England have been struggling, leading experts to tell the Reuters Global Retail Summit that they were less optimistic about the boost sales could get from the World Cup mania sweeping the Old Continent.
DSG International, Europe’s No.2 electrical goods retailer, said on Thursday it had seen a 50 percent jump in sales of televisions in the run-up to the tournament and that sales volumes were up 30 percent on the last World Cup in 2006.
And Ian Cheshire, chief executive of Kingfisher, Europe’s biggest home improvements retailer, which has been selling garden gnomes dressed in the England team’s kit, said “The mood effect is the thing that everyone is looking for, and based on the past week, I’m distinctly not counting on it.”
Cheshire and other disappointed European CEOs can take comfort in the knowledge there are still three weeks to go leaving some of the underachieving European teams time to pick up their game.
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(Reuters photo of Spain’s Fernando Torres)