Retail in Germany: The march of the discount giants

5/22/2017 - Report
ic_blogtagEconomic OutlookGermanyRetailSector Risk

​In 2017 and further on, the return of inflation and the slowing growth of real consumer spending suggest modest nominal retail sales growth in Germany. 


German retailers have suffered a dramatic decline in profitability: from 7% in 2011 to 2.9% in 2016. At the same time, indebtedness is down -6pp compared to the previous year, reaching a yet significant 95%. 


Discounters and online pure players are well placed to keep the growth momentum while the fashion and electronics sub-sectors face pressure.


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