Europe is showing a steady recovery after several economically depressed years with growth in local currencies of 6.5% in 2013, up slightly from the 5.3% growth rate of the prior year to $23,597 million from $21,747 million. The European market suffered from unseasonable weather for much of the year along with the macro-economic challenges of widespread government austerity. Another factor that is likely retarding growth in Europe is the relatively low penetration of e-commerce in the market.
Too, the region is comping up against the local boost of the Olympics from the prior year. Decathlon remained the globe’s leading retailer with sales approaching $10 billion, though its growth in Europe was more modest relative to some of its operations in Emerging Markets like China and Eastern Europe. Sports Direct, Europe’s second largest chain, had a strong 24% growth rate, driven in part by acquisitions, in part by a double-digit comp increase in domestic sales and also by strong growth in its e-commerce business.
