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The distributor sells one to one of its retail stores (3 000 to 5 000 m2), all located in the shopping streets of major cities. "In most cases, assignment of lease rights or collection of an indemnity or compensation allows both reduce costs and generate an exceptional income," says one expert. However, competitors and suppliers are worried about a possible exit from the market in the wake of closures of outlets the most visible, vital to the store's reputation. Especially since Virgin sells very little through its website: only "a few percent of sales" line, according to management, against 11% for FNAC.

The Bordeaux Merignac store closed early 2011, the Carrousel du Louvre in late January, one in Saint-Denis in the beginning. The Virgin of Metz should lower the curtain end of June and the date of closing of that of Toulouse was not communicated to employees. The brand sold at Fnac location of 3000 m2 that it had reserved in the future shopping center Beaugrenelle. Last year, his competitor had already convinced Lagardère Services to undertake the small stores in stations and airports, since renamed Fnac. The future of the flagship Champs-Elysees is uncertain. Virgin charge of real estate firms to find a buyer for his lease.

A new store model

Despite this dramatic reduction in wing, Jean-Louis Raynard, CEO of Virgin Stores, assures to look for ways "to restart the sales payday loan lenders." In 2011, sales were "slightly" decreased to about 300 million euros, while the goal of returning to profitability, fixed by its shareholder, the fund Butler Capital, has not been reached. The sign is positioned on "high-growth segments, such as helmets, but their contribution is still insufficient," admitted the manager, who also spoke of "a new store model, smaller, more segmented with an offer and a greater role for digital. " Virgin had to test its new store format before summer. Since the date of presentation of this "new strategy" has been postponed twice. It is now scheduled for early May "an establishment in the first site at the end of the year." In the meantime, Virgin will open at the mall from the Gare Saint-Lazare, probably in the coming days. It will not surprise the customer by its small size (965 m2), because the offer has not been reviewed

.

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We knew the fabric of SMEs insufficient in France. Comparisons with the German model, its "large SMEs' innovative and exporting family, were hardly flattering. But the new method adopted by INSEE to classify firms by size is even better in this light French weakness. The definition of the company formalized the end of 2008 no longer regarded as subsidiary companies of its own: it links them to the group they belong. In a study published on Tuesday, INSEE describes the corporate landscape of hexagonal resulting from this change. Conclusion: "The production base is much more concentrated than it seemed."

The breakdown by company size – large companies, medium-sized companies (ETI), SMEs and microenterprises – is turned upside down. In 2009, France had 2.7 million and entities (excluding agriculture and financial sector). Under the old way of counting, only a hundred of them exceeded the threshold of 5,000 employees that large companies. With the new definition and the inclusion of the concept of group, they spend a little over 200.

So, they employ 28% of employees, which is double what was the scope of large enterprises in the previous definition fast payday loan. They carry 33% of the value added (or 17% of GDP, also double the valuation date chosen) and account for half of exports. Similarly, with this new definition, the share of large enterprises in research and development expenses increased from less than 40% to 60%.

SMEs overrated

"Symmetrically, the weight of the other three categories of firms is less important," said INSEE. It is SMEs whose share "decreases the most." For nearly half of these companies with 10 to 249 employees are subsidiaries of a group or a larger enterprise.

Another lesson of the study, the weight of each sector is modified for the benefit of the industry, as the subsidiaries making or supporting business functions, previously classified in the service sector, are reinstated. The industrial workforce is located in "reinflated" by more than 2 points, representing 27.5% of total employees.

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Projects are multiplying in the ultra-low-cost, became a major issue for the automobile. For proof, German Volkswagen, which earns huge sums yet with its premium brand Audi, does not intend to abandon this segment to rival Renault-Nissan. "The group has a portfolio of cars down to the Up! We lead a discussion to develop a vehicle that would be located below. It would not be proposed under the Volkswagen brand, but would a new name, "confirmed Thursday Martin Winterkorn, CEO of Volkswagen, during a press conference in Paris. The goal is to get off rates lie between EUR 5000 and EUR 7000 to meet demand in some markets. "In India and China, there is undoubtedly a potential market for cars located below the Up!" Says the boss of VW. For now, the cheapest car sold by VW Polo in India is at about 7000 euros, which is expensive for local consumers. The German previously banked on its partnership with Japan's Suzuki, leader of the Indian market – which it owns 20% – to develop an appropriate offer, but relations between the two groups became execrable.

For its part, Nissan, Renault's ally, announced Tuesday it would rise again from 2014 Datsun brand, abandoned in the 1980s. With this new brand, whose prices will be "affordable" (around 500,000 yen, euro 4600, according to Japanese press), the Japanese initially target India, Russia and Indonesia.

"Today, our entry into the Indian market, it is the Micra", sold around 6,000 euros, "or, below that price, it remains more than 40% of the market. It is necessary that we can offer something to those customers "who can not spend more, recently emphasized Gilles Normand, Nissan's vice president, referring to the creation of a true" product line " instant credit report.

For its part, Renault launched the project of a car ultra-low-cost, which aims to compete with the cheapest models in the Indian market, as the Tata Nano to 2,500 euros. Internally, we talk a car from 3500 euros, to be launched by 2016.

Logan too expensive

Renault certainly has its Logan platform, sold under the brand low-cost Dacia in Europe. She pulls the international growth, particularly in Brazil and Russia, thanks to models like the small Sandero or 4 × 4 Duster (which are not considered in these markets as low-cost). But "for countries like India," this platform is "too expensive", "therefore, we will look for cheaper platforms", called ultra-low-cost, explained last month, Carlos Ghosn, the Renault boss Nissan. This new platform will also serve to Africa or South America.

While sales are declining in Europe, the ultra-low-cost has become a vital gateway to the volume in some markets up sharply. The Indian market, which reached 2 million cars last year, could double or even triple in the coming years, according to Renault-Nissan

Indonesia (900,000 sales last year), where Nissan will more than double its production capacity to increase it to 250,000 cars per year by 2014, also represents a market full of promise.

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Global consumption of wine is finding colors in 2011. It increases from 0.7% to 241.9 million hectoliters (hl). She stopped and started a downward cycle since 2007. "It seems that the worst is behind us. This does not mean that an immediate return to pre-crisis growth is confirmed, relativizes Federico Castellucci, Director General of the International Organisation of Vine and Wine (OIV). In addition to unfavorable economic factors, changes in consumption patterns continue to see recovery in the major producing countries, such as the EU. "Indeed, European consumers now favor quality over quantity. This, however, are the Americans and Chinese who support sales.

47.4 liters per capita in France

In detail, the world's largest market, that is to say the EU wine consumption fell by nearly one million hectoliters last year, mainly due to degradation economic conditions in countries of this area and a change in customer behavior. Italian consumption shows a sharp decline of around 1.6 million hl (- 6.3%), as Spain and Britain, but to a lesser extent. Germany, meanwhile, has stagnated.

Only exception in this bleak picture: French consumption increases significantly (3.5%), almost 30 million hl. This increase is explained by massive purchases of wine last year on French territory by foreign tourists easy payday loans. But the OIV can not be quantified precisely. Single index, consumption rises officially in France to 47.4 liters per capita. Net purchases of tourism, it would be some 40 liters per person, a level close to that of Italy to 37.4 liters.

French cognac and champagne appreciated

For their part, the United States, second world market volume, estimated to have grown 0.9 hl (nearly triple the 2009 and 2010) and 28.5 Mhl approach. Americans like French cognac and champagne. Example: for the Charente house Courvoisier, "remains our largest market outside the U.S. where we sell 48.5 million bottles of brandy a year, or nearly 30% of our annual exports," said its president, Patrick Pinet.

China also exports have increased with the increasing popularity of a population easier for wine products. "Since 2001, exports of French wine and spirits increased by 3700%, three quarters of which relate to the claret and brandy," says Nicolas Ozanam, Delegate General for CFTS (Federations of exports of wines and spirits).

Result, world trade in wine in 2011 reached over $ 103.5 million hl, up 7.9%.

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"A woman absolute," "a completely different girl who really won in serenity" (agent). Words do not fail to salute the comeback of Laure Manaudou who just qualified for the Olympic Games in London. Despite a break of over two years which has enabled him to become a mom, swimmer who joined the club last fall swimmers of Marseille, confirmed her comeback to the front of the stage.

His former sponsors are silent

His performances have not gone unnoticed on the part of sponsors. Two years after being dropped by his former partners – Lancel, EDF, Arena … – Laure Manaudou has signed a two year contract with Reebok * to be for the next two years and its supplier, the Ambassador Program crossfit (fitness) that the brand sponsors. The former protected by Philippe Lucas will also sign another four-year contract with a company whose name will be announced after the championships of France. Many companies that will join Cadum (shower products) and Aubert (Juvenile) in the list of sponsors of the swimmer. "We are not on the same amounts with Lancel, Arena or EDF, but these are fine contracts that prove that Laura still interested brands," says Jean-François Salessy, his new agent since last October.

The latter even said last November in Paris-Today in France, "he could never have the money she had with Poulmaire (his former agent). I have no strategy and the economic context is no longer the same. Today, companies do not sign checks over his eyes closed. " After signing a "big" check with Lancel in 2008, its annual revenues were $ 2.5 million. "For other sponsors, I do not close any doors. Laura can not remain confined to sectors related to her status as mother or luxury, "explains Jean-François Salessy. None of his former sponsors have taken the time to contact her. Probably they are waiting to see if Laura will perform at the London Olympics. "I find it disconcerting that there are so few brands that benefit it is also inexpensive to create a" story "with her, said Gilles Dumas, co-founder of Sportlab, sports marketing specialist. Brands lack boldness. "

The French do not forget

Returned to the front of the sports scene, Laure Manaudou will however have to learn to manage his star status. She has done a lot about her on social networking yesterday after his "misadventure" on Twitter. "This is a non-event, says Jean-François Salessy. It has proved that, unlike some sports, it does not live in a bubble. Laura was certainly awkward on some terms she used. We talked about it. But it was steady and did not need a "community manager". " And Gilles Dumas added: "Brands must agree with Laure Manaudou, there will be some" jerks ", as with Eric Cantona in his time. These are the vagaries of modern sponsorship. "

Sometimes regretted not being a person "normal and anonymous," Laure Manaudou remains for many a sports icon. "Laure Manaudou will perhaps not be Olympic champion in London but the athlete is the most anticipated and one that will be the most observed," said Gilles Dumas. Which is not always easy to manage, including his agent. "It is sometimes surprised by the extent of its popularity, says Jean-François Salessy. My goal is to show a French Laure Manaudou as natural as possible and get out of his bubble "people". " In the latest ranking of favorite sporting the French published in January by The Team, swimmer Rhone ranked seventh and the second … for sport.

* Signed before the championships of France, this contract will not be broken even if Laure Manaudou had to stop swimming

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Seen from France, in its presidential campaign when it comes to rescue of ailing industrial sites, the remarks by Sergio Marchionne, the boss of Fiat-Chrysler, on the European car should react. For him, there is no alternative but to radically reshape the European car factories.

"The industry faces overcapacity of about 20%, especially on small cars, pulling prices down: this is why almost nobody makes money in Europe. This inability to sell all the products we sell, that's exactly the problem faced by the United States in 2007-2008. But there, American manufacturers have closed 20% of their capacity and, now, they win money, "says Le Figaro who is this year president of the Association of European manufacturers (ACEA).

The same evils, the same remedies. The boss of Fiat-Chrysler considers it necessary to remove the 20% in Europe of excess production capacity, more than 3 million cars, which could, according to experts, lead by a dozen plant closings. "We have no choice, launching this adjustment process and then start again from scratch on a sound basis. It will be painful for twelve months, but let's do it! "

The picture that Sergio Marchionne to the situation of the European car is "horrible". He expects this year the market fell for the fifth consecutive year, "5%". And sees no recovery before 2014, and again, at a speed not "crazy." "Meanwhile, we must build on this interval to restructure and get the full benefits of the restructuring when the market recovers."

"It would be the best thing that could happen" because the area in 2008 missed a "huge opportunity" to "streamline" its operations.

According to him, "it is for Europe to support this transition, because, individually, the governments of various countries will not do." Sergio Marchionne noted that in France the state has helped manufacturers provided they do not close plants, while the "U.S. has rather pushed to restructure two groups during their bankruptcy." We must now a "coordinated effort" at European level so that "the pain is shared" so "rational".

With redundancies

"If Europe stops this restructuring, the manufacturers will not invest enough to modernize their production and move upmarket," he says.

Europe could also establish a "financial support mechanism" to cope with redundancies. Anyway, it will take a "social welfare system provides the transition," so as to give the "care and attention" to the employees concerned. Leaves, he hopes, that the industry gets back to hire when it will be healthier.

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Jerome Chartier is UMP, a member of the Finance Committee.

LE FIGARO. – You've looked at the cost of the quinquennium. What is your assessment of this work?

Jerome Chartier. – We have a collective duty: a constant reminder that the expenses that shall be implemented after the presidential election will still have a fiscal impact after fifty years. Nicolas Sarkozy has not inherited a country virgin 30 years of debt! For example, we still have not finished paying the bill for 150,000 additional officers hired by Francois Mitterrand in 1981 and will continue to assume in the budget settlement of their pension for many years yet. A majority of the degradation of our deficit since 2007 is related to the consequences of decisions taken ten years or thirty years ago, and nobody can deny. Today, when Francois Hollande speaks to hire 60,000 more teachers, it is not an expense for five years only, to 2.5 billion euros as encrypted in its assessment. They would be hired for forty-two years, and it will then pay for their retirement. It is actually 120 billion euros of financial liabilities would weigh substantially on warrants after 2017. That's what a discourse of truth budget. And the deafening silence of Francois Hollande on this reality weighs heavily in his campaign.

Ultimately, what is the cost of this five year period?

In a book dependent, two journalists were obviously looking for a slogan, a five-year 500 billion-and then tried to justify it. This method of working alone demonstrates the total lack of seriousness with which we entered this debate. This hoax has fizzled. The Court of Auditors, in particular, has brought back to reality, which recalls that sum more than half (52%) of the current deficit is a direct legacy of past decisions. She also said that the crisis explains almost 40% of our deficit, to the extent that it has reduced our revenues sharply by almost 50 billion euros in 2009. It has spawned at the same time, like all European countries, the exceptional increase our spending in 2009 and 2010 from 46 billion to protect the French and preserve their jobs guaranteed approval cash loans.

The government's choice to do so would contribute 10% to deterioration

.

The reality is that ever a term of five years had produced so few new unfunded expenses. The economist Henry Sterdyniak, department director at the OFCE, says the same thing. A study just published it is very clear in late 2006 to late 2012, the French public debt would increase by 620 billion euros. It breaks up this way: 275 billion from interest payments, 310 billion from the economic crisis, including 30 billion stimulus policies implemented in 2009-2010, and 60 billion of tax reduction policies some of which are directly related to the crisis. He adds, and it is rare to be said, that the restrictive policies of public spending (fewer officials, non-revaluation of wages, rigorous management of social benefits …) allowed the other hand save 55 billion euros. Conclusion-and it's not me saying it-the responsibility of head of state and government in creating the deficit is greatly reduced at best to 35 billion euros. For the record, it was exactly the estimated cost of the program of the candidate in 2007! And no one can suspect of belonging to Henry Sterdyniak the campaign team of Nicolas Sarkozy.

How do you respond to those who tell you that it is 35 billion too?

35 billion that is exactly the amount of large loan, which finances the structure of French growth in the future, and promises of jobs that go with. Rarely has a presidential term has been provided the opportunity to invest in the future: higher education, research, attractiveness for industrial relocation with the removal of business tax, pension reform … Many of the decisions taken were not included in the 2007 program and the direct result of the crisis. The French now believe that they are healthy decisions for the future of France.

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So far, Francois Hollande was very talkative on controlling public spending. To prove his seriousness in budgetary matters, the PS argued the EUR 49 billion of tax increases planned – both graded increases to fund new measures and to reduce the public deficit to 3% in 2013. Change in tone Thursday on France 2. The Socialist candidate was more explicit result: the return to balance accounts in 2017 will also "by 50 billion savings on public spending," he said, highlighting a point that appears from the origin, but discreetly, in its program.

In fact, in a country where public expenditure accounts for 56.6% of GDP, while fiscal consolidation achieved through an action on the charges. Except as we stay in France. Unlike the choices made in the UK and measures imposed in Portugal or Greece, or Francois Hollande nor Nicolas Sarkozy proposed to actually reduce government spending, that is to say, the return of 100 euros a year to 95 next year. The two main candidates simply promise to slow the rise.

From 1978 to 2008, public spending grew on average by 2.6% per year, plus inflation. "We will limit their increases to 1% per year," said Francois Hollande. Right, this government promised in Brussels an increase of 0.4% per year until 2016. Then where are the savings put forward by both sides? This is actually a smaller increase in expenses, compared to their natural tendency (which is explained by the increase in salaries of civil servants, the increase in health spending, the rising number of retirees, etc.. ). This is supposed to be parallel to that of GDP. Example project with Holland. Without special measures, the approximately 1 trillion of government spending should increase as the national wealth (1.7% per year initially, 2.25% at the end, according to forecasts of the candidate). An average increase of about 2% per year during the future five-year-around 20 billion euros each year. The PS wants to limit their growth to 1% per year. The economy compared to the natural drift is 10 billion per year and $ 50 billion in the five year term. The weight of public expenditure in GDP would decline to 53.9% while in 2017 the government is 52.8% in 2016. In both cases, the action will inevitably unpopular.

Divisive options

Social benefits-health costs, pensions, family allowances or unemployment … – indeed absorb 45% of public expenditure. Just to bring growth in public spending to 0.7% in 2011, the current government had to reform pensions, act on Medicare and not to replace staff on two retiring.

Thursday, Francois Hollande suggested avenues for savings: lower prices and consumption of drugs, focus on health prevention, cuts in aid to enterprises, decentralization. Displaying its objective of stabilizing the size of the public, he admitted that there would be job cuts in all departments except Education, Justice and Home Affairs. "The salary policy will be serious," said Michel Sapin, program officer of the applicant, being careful not to promise any pay rise. And state transfers to local (one hundred billion a year) "will not progress." Not to mention that if economic growth is not at the rendezvous, the scheme collapses. Michel Sapin no plans yet not to intensify efforts in this case: "A real spending cuts could destabilize the economy," he retorts.

Advocating a greater effort, Nicolas Sarkozy announced the continuation of "one in two." The UMP also wants to cut $ 2 billion per year transfers to communities. Magnitude of the cuts, selected sectors: these options are politically divisive. But in a camp like in the other, the information disclosed so far are not enough.

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A month after the controversy created by the opening of its giant plant in Tangiers, and while made in France remains a central issue in the election campaign, stoutly defends his Renault acceleration in the low-cost. Cultivating paradox, the group believes that its low-cost models to help protect jobs in the Hexagon. And even if the MPV Lodgy Dacia, built on the site of Morocco, is proposed for Wednesday from 9900 euros, more than twice unless the Renault Scenic assembled at Douai, in the North.

On a European market down, "there is considerable logic to make the models where we can make them competitive," said Carlos Tavares, the deputy CEO of Renault. "While our competitors are forced, in a desperate step, practice excessive discounts, may destroy value, we invented a way to make money more effectively," he says. The low-cost range "the most profitable business" liberates margins well above 6%.

a French champion of global size

With these profits, which are "reinvested", "Renault is protected, we avoid tough decisions, our competitors are forced to take. This helps prevent people make social plans, "says Renault boss operational, which notes that" those who claim to have higher production in France more important than ours, are also those in losses. " More generally, "France would gain by having a world champion-size automobile. When the company expands overseas, it's good for the group in France, "said Carlos Tavares.

Renault has made last year 23% of its vehicles in France (against 44% for PSA). In the long term, its production declined sharply in the Hexagon: 445,000 cars and 201,000 commercial vehicles in 2011, against 1.1 million cars and 227,000 commercial in 2004.

The Lion, the automotive division was not profitable last year (- 0.2% operating margin, against 0.8% for Renault), will remove 6,000 positions this year in Europe, including 3,500 in-house .

Handicap image

The diamond company, which devotes 40% of its investments in France, it now locates priority models with high added value: commercial vehicles, electric cars and high end. The next high-end cars, planned from 2014, however, must win while French "has a disability image" in the face of German manufacturers, recognizes Carlos Tavares. For the hour, equivalent models, the Renault cars are bought "on average 10% cheaper" than those of the Volkswagen brand.

On the electric as the band Zoe will launch its fall, the boss does not hide his disappointment at the slowness of government. "The charging infrastructure are late. France has a huge opportunity to play, we have everything it takes to become a world leader in power. I am a little concerned that we can possibly pass up this opportunity, "he says.

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Fitch upgrades Greece. After the swap of debt that was a huge success – over 80% participation – there is more good news for the country. "This exchange and losses imposed on creditors have raised the profile of debt service and reduces the risk of a repeat of its short-term repayment difficulties," said Fitch in a statement. The rating agency notes that the country-B, no longer considers Greece in default … for now. Three days ago, its American competitor, Moody's, had preferred to maintain the rating of Greece to C, the lowest in his scale. For its part, Standard & Poor's is expected to meet the CCC.

Fitch remains cautious nonetheless. She stressed that the challenges the country faces are important. The next decision that the agency will take vis-à-vis the Greek debt will be dictated by the analysis that she will do "performance of Greece in terms of the parameters set by the new EU-IMF and the ability and willingness of the sovereign State to honor its obligations related to restructured debt. '"A broad program success through maintaining significant budgetary surpluses, structural reforms and a concerted demonstrable economic recovery would put pressure bullish on the notes, "the agency says.

Troika, comprising representatives of the European Union, the European Central Bank and the IMF, concurs. She said Greece will have to make further budgetary adjustment efforts in the next two years. The report reached this conclusion based on the primary surplus target (that is to say outside debt service) Greek public finances which should reach 4.5% in 2014. Given this goal will require "an adjustment path in the short term that implies a primary deficit of 1% in 2012, followed by an adjustment of 2.75% of GDP in 2013 and then in 2014".

According to the report, "there are significant risks that the decline of the debt is interrupted or even a reversal occurs as a result of economic shocks." In a more pessimistic scenario presented in the report, the country's debt could exceed 145% of GDP in 2020. In addition, a high degree of uncertainty and the debt burden makes "the uncertain outlook for Greece to be able to return to the markets at the end of the program" help, either in 2015, the report notes.

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