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Clothing Retailing - Europe - November 2010

  • The European clothing market was worth an estimated €301.4 billion (including VAT) in 2009.
  • Compared to 2008, spending on clothing declined by 4% in 2009.
  • As a discretionary area of spend, it comes as little surprise that clothing has been heavily impacted by the recessionary climate across Europe. Nevertheless, it has proved more resilient than other discretionary categories, such as furniture and electricals.
  • In 2009 value growth was hampered by low inflation or even deflation, in many markets. Indeed in the UK price deflation was around 8% or more throughout the year.
  • Germany is the largest clothing market in Europe, closely followed by Italy. However, the two markets differ in terms of structure and fashions and Italy remains one of the most fragmented markets in Western Europe despite the presence of international chains like H&M and Inditex.
  • The UK is the next largest market although its value in the table was negatively impacted by sterling’s depreciation against the Euro in 2008 and again, albeit to a lesser extent, in 2009. In local currency terms sales grew by 1.3% in 2009 as shown in the chart after the table.

Mintel European Retail Intelligence provides independent, expert coverage of the major retail sectors throughout Europe. Each title in this series analyses retailing trends in up to 19 European markets, including the Scandinavian nations and Eastern European countries such as the Czech Republic and Poland as well as the major Western European markets.

The coverage provided by each report is as accurate, relevant and up-to-date as possible, combining in-house sector expertise with retailer performance data, taken directly from industry and trade sources.

With titles ranging from 'DIY Retailing in Europe' through to 'Food Retailing in Europe', each market examination includes studies of:

  • background economic and demographic data
  • market sizes
  • regional retailing trends and issues
  • market drivers
  • consumer expenditure
  • consumer trends
  • leading pan-European retailers
  • domestic retailers
  • market forecasts

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Table of contents

  1. Market in Brief

    • Retail sales forecasts
      • Outlook for clothing retailing
        • Market size and performance
          • The European competitive landscape
          • Report Scope

              • Technical notes
                • Definitions
                  • Financial definitions
                    • Currencies
                      • Country codes
                        • Figure 1: Country codes
                      • VAT
                        • Figure 2: Europe: Standard VAT rates, 2010
                      • Other abbreviations
                      • European Summary and Outlook

                        • European market size
                          • Spending on clothing
                              • Figure 3: Europe: Clothing market size, by country, 2005-09
                            • Contraction across most of Europe
                                • Figure 4: Europe: Percentage change in consumer spending on clothing (in local currency), 2008-09
                              • National affluence and preferences impact on spend per head
                                • Figure 5: Europe: Clothing spending per capita, 2009
                              • Retail competitor analysis
                                • Leading retailers
                                    • Figure 6: Europe: Top 20 leading clothing retailers, 2009
                                  • European market shares
                                      • Figure 7: Europe: Leading clothing specialists’ market shares, 2009
                                    • Clothing specialists
                                      • Sector sales slide in 2009…
                                          • Figure 8: Europe: Clothing specialists’ retail sales, by country, 2008 and 2009
                                          • Figure 9: Europe: clothing specialists’ retail sales growth in local currency, 2008-09
                                        • Outlook
                                          • Sector sales forecasts
                                            • Figure 10: Europe: Clothing retail sales forecasts, 2010 and 2015
                                          • Where next?
                                            • Austerity measures will hit consumers in the short term
                                              • Playing into the hands of value retailers?
                                                • Grocers should look to step up
                                                  • Multi-brand strategy can drive market share gains
                                                    • The shape of digital shopping to come
                                                    • Austria

                                                        • Clothing market
                                                          • Figure 11: Austria: Consumer spending on clothing, 2005-09
                                                        • Clothing specialists sales and forecasts
                                                          • Figure 12: Austria: Clothing specialists sales, 2005-09
                                                          • Figure 13: Austria: Clothing specialists sales forecast, 2010-15
                                                          • Figure 14: Austria: Estimated clothing channels of distribution, 2009
                                                        • Leading specialists
                                                          • Figure 15: Austria: Leading clothing retailers and market shares, 2009-10
                                                      • Belgium

                                                          • Clothing market
                                                            • Figure 16: Belgium: Consumer spending on clothing, 2005-09
                                                          • Clothing specialists sales and forecasts
                                                            • Figure 17: Belgium: Clothing specialists’ sales, 2005-09
                                                            • Figure 18: Belgium: Clothing specialists sales forecast, 2010-15
                                                            • Figure 19: Belgium: Estimated clothing channels of distribution, 2009
                                                          • Leading specialists
                                                            • Figure 20: Belgium: Leading clothing retailers and market shares, 2009
                                                        • Czech Republic

                                                            • Clothing market
                                                              • Figure 21: Czech Republic: Consumer spending on clothing, 2005-09
                                                            • Clothing specialists sales and forecasts
                                                              • Figure 22: Czech Republic: Clothing specialists sales, 2005-09
                                                              • Figure 23: Czech Republic: Clothing specialists sales forecast, 2010-15
                                                              • Figure 24: Czech Republic: Estimated clothing channels of distribution, 2009
                                                            • Leading specialists
                                                              • Figure 25: Czech Republic: Leading clothing retailers and market shares, 2009-10
                                                          • Denmark

                                                              • Clothing market
                                                                • Figure 26: Denmark: Consumer spending on clothing, 2005-09
                                                              • Clothing specialists’ sales and forecasts
                                                                • Figure 27: Denmark: Clothing specialists’ sales, 2005-09
                                                                • Figure 28: Denmark: Clothing specialists sales forecast, 2010-15
                                                                • Figure 29: Denmark: Estimated clothing channels of distribution, 2009
                                                              • Leading specialists
                                                                  • Figure 30: Denmark: Leading clothing retailers and market shares, 2009
                                                              • Finland

                                                                  • Clothing market
                                                                    • Figure 31: Finland: Consumer spending on clothing, 2005-09
                                                                  • Clothing specialists’ sales and forecasts
                                                                    • Figure 32: Finland: Clothing specialists’ sales, 2005-09
                                                                    • Figure 33: Finland: Clothing specialists’ sales forecast, 2010-15
                                                                    • Figure 34: Finland: Estimated clothing channels of distribution, 2009
                                                                  • Leading specialists
                                                                      • Figure 35: Finland: Leading clothing retailers and market shares, 2009
                                                                  • France

                                                                    • Market in brief
                                                                      • Broader market environment
                                                                        • Key points
                                                                          • Population
                                                                            • Economy
                                                                              • Competitive context
                                                                                • Key points
                                                                                  • Figure 36: France: Consumer spending on clothing and selected other goods, 2005-09
                                                                                • Consumer attitudes
                                                                                  • Figure 37: France: Attitudes to buying clothes, 2009
                                                                                  • Figure 38: French shopping attitudes: Socio economic profile of respondents, 2009
                                                                                  • Figure 39: Agreement with selected lifestyle statements, France, 2005-09
                                                                                • Channels of distribution
                                                                                    • Figure 40: France: Estimated channels of distribution, 2009
                                                                                  • Sector size and forecast
                                                                                    • Key points
                                                                                      • Economic outlook
                                                                                        • Retail sales
                                                                                          • Figure 41: France: Clothing specialists’ retail sales, 2005-10
                                                                                          • Figure 42: France: Clothing specialists’ retail sales, 2010-15
                                                                                        • Enterprise data
                                                                                          • Figure 43: France: Clothing specialists, enterprise data, 2003-07
                                                                                        • Retail competitor analysis
                                                                                          • Slow consolidation
                                                                                            • Value comes to the fore
                                                                                              • Fast fashion
                                                                                                • Building scale
                                                                                                  • Online arrivals
                                                                                                    • Figure 44: France: Leading clothing retailers, 2009/10
                                                                                                  • Market shares
                                                                                                    • Figure 45: France: Clothing specialists’ market shares, 2009
                                                                                                  • Internet usage
                                                                                                    • Figure 46: France: Clothing website visitors, June 2010
                                                                                                • Germany

                                                                                                  • Market in brief
                                                                                                    • Broader market environment
                                                                                                      • Population
                                                                                                        • The economy
                                                                                                          • Competitive context
                                                                                                            • Key findings
                                                                                                              • Figure 47: Germany: Consumer spending on clothing and selected other goods, 2005-09
                                                                                                            • Consumer attitudes
                                                                                                              • Figure 48: Germany: Attitudes to buying clothes, 2009
                                                                                                              • Figure 49: German shopping attitudes: Socio economic profile of respondents, 2009
                                                                                                              • Figure 50: Agreement with selected lifestyle statements, Germany, 2005-09
                                                                                                            • Channels of distribution
                                                                                                                • Figure 51: Germany: Estimated channels of distribution, 2009
                                                                                                              • Sector size and forecast
                                                                                                                • Key findings
                                                                                                                  • Outlook
                                                                                                                    • The economy
                                                                                                                      • Retail sales
                                                                                                                          • Figure 52: Germany: Clothing specialists’ retail sales, 2005-10
                                                                                                                          • Figure 53: Germany: Clothing specialists’ retail sales, 2010-15
                                                                                                                        • Outlet and enterprise data
                                                                                                                          • Figure 54: Germany: Retail enterprises and outlets, 2004-07
                                                                                                                        • Retail competitor analysis
                                                                                                                          • Key findings
                                                                                                                            • A growing split in the market
                                                                                                                              • Targeting the young
                                                                                                                                • Discounters
                                                                                                                                  • Targeting older customers
                                                                                                                                    • Figure 55: Germany: Leading clothing specialists, 2010
                                                                                                                                  • Internet usage
                                                                                                                                    • Figure 56: Germany: Clothing website visitors, June 2010
                                                                                                                                  • Market shares
                                                                                                                                    • Figure 57: Germany: Retail market shares, 2009/10
                                                                                                                                • Greece

                                                                                                                                    • Clothing market
                                                                                                                                      • Figure 58: Greece: Consumer spending on clothing, 2005-09
                                                                                                                                    • Clothing specialists sales and forecasts
                                                                                                                                      • Figure 59: Greece: Clothing/clothing and footwear specialists sales, 2005-09
                                                                                                                                      • Figure 60: Greece: Clothing specialists sales forecast, 2010-15
                                                                                                                                      • Figure 61: Greece: Estimated clothing channels of distribution, 2010
                                                                                                                                    • Leading specialists
                                                                                                                                      • Figure 62: Greece: Leading clothing retailers and market shares, 2009-10
                                                                                                                                  • Hungary

                                                                                                                                      • Clothing market
                                                                                                                                        • Figure 63: Hungary: Consumer spending on clothing and footwear, 2005-09
                                                                                                                                      • Clothing specialists sales and forecasts
                                                                                                                                        • Figure 64: Hungary: Clothing/clothing and footwear specialists sales, 2005-09
                                                                                                                                        • Figure 65: Hungary: Clothing and footwear specialists sales forecast, 2010-15
                                                                                                                                      • Channels of distribution
                                                                                                                                        • Leading specialists
                                                                                                                                          • Figure 66: Hungary: Leading clothing specialists and market shares, 2009-10
                                                                                                                                      • Italy

                                                                                                                                        • Market in brief
                                                                                                                                          • Broader market environment
                                                                                                                                            • Key findings
                                                                                                                                              • Demographic change
                                                                                                                                                • Figure 67: Italy: Population projections, by age group, 2010-30
                                                                                                                                              • Implications for clothing retailers
                                                                                                                                                • Economic progress
                                                                                                                                                    • Figure 68: Italy: Economic projections, 2010-15
                                                                                                                                                  • Implications for clothing retailers
                                                                                                                                                    • Competitive context
                                                                                                                                                      • Key findings
                                                                                                                                                          • Figure 69: Italy: Consumer expenditure on clothing and selected related categories, 2005-09
                                                                                                                                                          • Figure 70: Italy: The UK, France, Germany: Consumer expenditure on clothing as a percentage of total consumer expenditure, 2005-09
                                                                                                                                                        • Clothing sales relatively robust
                                                                                                                                                          • Low inflation
                                                                                                                                                              • Figure 71: Italy: Consumer price index for selected categories, 2005-09
                                                                                                                                                            • Channels of distribution
                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                • Key findings
                                                                                                                                                                  • Italy’s gradual economic recovery
                                                                                                                                                                    • Slow recovery for clothing retail
                                                                                                                                                                      • Figure 72: Italy: Retail sales, 2005-15
                                                                                                                                                                      • Figure 73: Italy: Growth in clothing specialists’ sales compared to total spending on clothing, 2005-09
                                                                                                                                                                    • Clothing specialists’ prospects
                                                                                                                                                                      • Enterprise data
                                                                                                                                                                        • Figure 74: Italy: Clothing retailers, enterprise numbers, 2003-07
                                                                                                                                                                      • Retail competitor analysis
                                                                                                                                                                        • Key findings
                                                                                                                                                                          • Domestic leadership
                                                                                                                                                                            • International operators challenging
                                                                                                                                                                                • Figure 75: Italy: Leading players in the clothing sector, 2009/10
                                                                                                                                                                              • Market shares
                                                                                                                                                                              • The Netherlands

                                                                                                                                                                                  • Clothing market
                                                                                                                                                                                    • Figure 76: Netherlands: Consumer spending on clothing and textiles, 2005-09
                                                                                                                                                                                  • Clothing specialists sales and forecasts
                                                                                                                                                                                    • Figure 77: Netherlands: Clothing/clothing and footwear specialists sales, 2005-09
                                                                                                                                                                                    • Figure 78: Netherlands: Clothing specialists sales forecast, 2010-15
                                                                                                                                                                                    • Figure 79: Netherlands: Estimated clothing channels of distribution, 2010
                                                                                                                                                                                  • Leading specialists
                                                                                                                                                                                    • Figure 80: Netherlands: Leading clothing retailers and market shares, 2009-10
                                                                                                                                                                                • Norway

                                                                                                                                                                                    • Clothing market
                                                                                                                                                                                      • Figure 81: Norway: Consumer spending on clothing, 2005-09
                                                                                                                                                                                    • Clothing specialists’ sales and forecasts
                                                                                                                                                                                      • Figure 82: Norway: Clothing specialists’ sales, 2005-09
                                                                                                                                                                                      • Figure 83: Norway: Clothing specialists sales forecast, 2010-15
                                                                                                                                                                                      • Figure 84: Norway: Estimated clothing channels of distribution, 2009
                                                                                                                                                                                    • Leading specialists
                                                                                                                                                                                      • Figure 85: Norway: Leading clothing retailers and market shares, 2009
                                                                                                                                                                                  • Poland

                                                                                                                                                                                      • Clothing market
                                                                                                                                                                                        • Figure 86: Poland: Consumer spending on clothing, 2005-09
                                                                                                                                                                                      • Clothing specialists sales and forecasts
                                                                                                                                                                                        • Figure 87: Poland: Non-food retailers’ sales, 2005-09
                                                                                                                                                                                        • Figure 88: Poland: Non-food retail sales forecast, 2010-15
                                                                                                                                                                                      • Leading specialists
                                                                                                                                                                                          • Figure 89: Poland: Leading clothing retailers and market shares, 2009-10
                                                                                                                                                                                      • Portugal

                                                                                                                                                                                          • Clothing market
                                                                                                                                                                                              • Figure 90: Portugal: Consumer spending on clothing, 2005-09
                                                                                                                                                                                            • Clothing specialists’ sales and forecasts
                                                                                                                                                                                              • Figure 91: Portugal: Clothing specialists’ sales, 2005-09
                                                                                                                                                                                              • Figure 92: Portugal: Clothing specialists’ sales forecast, 2010-15
                                                                                                                                                                                              • Figure 93: Portugal: Estimated clothing channels of distribution, 2009
                                                                                                                                                                                            • Leading specialists
                                                                                                                                                                                                • Figure 94: Portugal: Leading clothing retailers and market shares, 2009
                                                                                                                                                                                            • Republic of Ireland

                                                                                                                                                                                                • Clothing market
                                                                                                                                                                                                  • Figure 95: Republic of Ireland: Consumer spending on clothing, footwear and textiles, 2005-09
                                                                                                                                                                                                • Clothing specialists sales and forecasts
                                                                                                                                                                                                  • Figure 96: Republic of Ireland: Clothing/clothing and footwear specialists sales, 2005-09
                                                                                                                                                                                                  • Figure 97: Republic of Ireland: Clothing specialists sales forecast, 2010-15
                                                                                                                                                                                                  • Figure 98: Republic of Ireland: Estimated clothing channels of distribution, 2010
                                                                                                                                                                                                • Leading specialists
                                                                                                                                                                                                  • Figure 99: Republic of Ireland: Leading clothing retailers and market shares, 2009/10
                                                                                                                                                                                              • Spain

                                                                                                                                                                                                • Market in brief
                                                                                                                                                                                                  • Broader market environment
                                                                                                                                                                                                    • The economy
                                                                                                                                                                                                      • Population
                                                                                                                                                                                                        • Competitive context
                                                                                                                                                                                                          • Key findings
                                                                                                                                                                                                            • Figure 100: Spain: Consumer spending on clothing and selected other goods, 2004-08
                                                                                                                                                                                                            • Figure 101: Spain: Selected inflation rates, 2004-09
                                                                                                                                                                                                          • Channels of distribution
                                                                                                                                                                                                            • Figure 102: Spain: Clothing estimated channels of distribution, 2008
                                                                                                                                                                                                          • Consumer attitudes
                                                                                                                                                                                                            • Key findings
                                                                                                                                                                                                                • Figure 103: Spain: Attitudes to buying clothes, 2009
                                                                                                                                                                                                                • Figure 104: Spain shopping attitudes: Socio-economic profile of respondents, 2009
                                                                                                                                                                                                                • Figure 105: Agreement with selected lifestyle statements, Spain, 2005-09
                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                • Key findings
                                                                                                                                                                                                                    • Figure 106: Spain: Clothing retailers’ sales, 2005-10
                                                                                                                                                                                                                    • Figure 107: Spain: Clothing retailers’ forecast sales, 2010-15
                                                                                                                                                                                                                  • Outlet and enterprise data
                                                                                                                                                                                                                    • Figure 108: Spain: Clothing retailers businesses and outlets, 2009
                                                                                                                                                                                                                  • Retailer competitive analysis
                                                                                                                                                                                                                    • Key findings
                                                                                                                                                                                                                        • Figure 109: Spain: Leading clothing specialists, 2009/10
                                                                                                                                                                                                                      • E-commerce
                                                                                                                                                                                                                        • Figure 110: Spain: Clothing website visitors, June 2010
                                                                                                                                                                                                                      • Market share
                                                                                                                                                                                                                        • Figure 111: Spain: Estimated market shares, 2009
                                                                                                                                                                                                                    • Sweden

                                                                                                                                                                                                                        • Clothing market
                                                                                                                                                                                                                          • Figure 112: Sweden: Consumer spending on clothing, 2005-09
                                                                                                                                                                                                                        • Clothing specialists’ sales and forecasts
                                                                                                                                                                                                                          • Figure 113: Sweden: Clothing specialists’ retail sales, 2005-09
                                                                                                                                                                                                                          • Figure 114: Sweden: Clothing specialists sales forecast, 2010-15
                                                                                                                                                                                                                          • Figure 115: Sweden: Estimated clothing channels of distribution, 2009
                                                                                                                                                                                                                        • Leading specialists
                                                                                                                                                                                                                            • Figure 116: Sweden: Leading clothing retailers and market shares, 2009
                                                                                                                                                                                                                        • Switzerland

                                                                                                                                                                                                                            • Clothing market
                                                                                                                                                                                                                              • Figure 117: Switzerland: Consumer spending on clothing and footwear, 2005-09
                                                                                                                                                                                                                            • Clothing specialists sales and forecasts
                                                                                                                                                                                                                              • Figure 118: Switzerland: Clothing/clothing and footwear specialists sales, 2005-09
                                                                                                                                                                                                                              • Figure 119: Switzerland: Clothing specialists sales forecast, 2010-15
                                                                                                                                                                                                                              • Figure 120: Switzerland: Estimated clothing channels of distribution, 2010
                                                                                                                                                                                                                            • Leading specialists
                                                                                                                                                                                                                              • Figure 121: Switzerland: Leading clothing retailers and market shares, 2009-10
                                                                                                                                                                                                                          • United Kingdom

                                                                                                                                                                                                                            • Issues in the market
                                                                                                                                                                                                                              • Main themes
                                                                                                                                                                                                                                • Financial definitions
                                                                                                                                                                                                                                  • Abbreviations
                                                                                                                                                                                                                                    • Future opportunities
                                                                                                                                                                                                                                      • The new clothing norm – inflation and low growth
                                                                                                                                                                                                                                        • Offline online – blending the best of both worlds
                                                                                                                                                                                                                                          • Market in brief
                                                                                                                                                                                                                                            • Future
                                                                                                                                                                                                                                              • Clothing sales
                                                                                                                                                                                                                                                • Channels of distribution
                                                                                                                                                                                                                                                  • Consumer context
                                                                                                                                                                                                                                                    • Competitive context
                                                                                                                                                                                                                                                      • Internal market environment
                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                          • Shoppers still cutting back on clothing
                                                                                                                                                                                                                                                            • Figure 122: UK: Consumer spending priorities over the past year (indicative score), May 2010
                                                                                                                                                                                                                                                          • Uncertainty replaces fear
                                                                                                                                                                                                                                                            • E-commerce trends
                                                                                                                                                                                                                                                              • Internet sales set to slow from historically high levels
                                                                                                                                                                                                                                                                • Significant potential remains
                                                                                                                                                                                                                                                                  • Pros and cons
                                                                                                                                                                                                                                                                    • Auction sites may have boosted sales in the downturn
                                                                                                                                                                                                                                                                        • Figure 123: UK: Top websites purchased from in last three months, April 2008-10
                                                                                                                                                                                                                                                                      • Internet usage
                                                                                                                                                                                                                                                                          • Figure 124: UK: Clothing website visitors, August 2010
                                                                                                                                                                                                                                                                        • Lifestyle statements
                                                                                                                                                                                                                                                                          • Has the disposable fashion trend peaked?
                                                                                                                                                                                                                                                                            • A mismatch between preference and provision?
                                                                                                                                                                                                                                                                              • Jeans and homemade clothes on the up
                                                                                                                                                                                                                                                                                  • Figure 125: GB: Agreement with selected lifestyle statements, 2005-09
                                                                                                                                                                                                                                                                                • Interest drops off from mid-30s
                                                                                                                                                                                                                                                                                  • Seismic shift in womenswear
                                                                                                                                                                                                                                                                                    • Broader market environment
                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                        • Implications for clothing retailers
                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                            • Spending on clothing, footwear and other personal adornment
                                                                                                                                                                                                                                                                                              • Figure 126: Consumer spend on clothing, footwear and other personal adornment at current prices, 2005-09
                                                                                                                                                                                                                                                                                            • Clothing deflation much deeper than footwear
                                                                                                                                                                                                                                                                                              • Figure 127: Clothing and footwear inflation, 1997-2009
                                                                                                                                                                                                                                                                                            • …leads to strong volume growth
                                                                                                                                                                                                                                                                                              • Figure 128: Consumer spending on clothing, footwear and other personal adornment at constant 2006 prices, 2005-09
                                                                                                                                                                                                                                                                                            • Deflation for over a decade …
                                                                                                                                                                                                                                                                                              • … finally starts to ease
                                                                                                                                                                                                                                                                                                • Figure 129: UK: Clothing price deflation, 2007-May 2010
                                                                                                                                                                                                                                                                                              • Volume sales contract in 2010 second quarter
                                                                                                                                                                                                                                                                                                • Who’s innovating?
                                                                                                                                                                                                                                                                                                  • Tapping into the plus size market
                                                                                                                                                                                                                                                                                                    • Very.co.uk targets mums
                                                                                                                                                                                                                                                                                                      • The real McCoy
                                                                                                                                                                                                                                                                                                        • Written communication
                                                                                                                                                                                                                                                                                                          • A right chocolaty partnership
                                                                                                                                                                                                                                                                                                            • E-tailing becomes more sophisticated
                                                                                                                                                                                                                                                                                                              • Vogue’s fashion night in
                                                                                                                                                                                                                                                                                                                • Mobilising the smart phone
                                                                                                                                                                                                                                                                                                                  • Strengths and weaknesses
                                                                                                                                                                                                                                                                                                                    • Strengths
                                                                                                                                                                                                                                                                                                                      • Weaknesses
                                                                                                                                                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                            • Retail forecasts
                                                                                                                                                                                                                                                                                                                              • Figure 130: UK: Clothing specialists sales, 2005-15
                                                                                                                                                                                                                                                                                                                              • Figure 131: UK: Clothing specialists sales as % of non-food and all retail sales, 2005-15
                                                                                                                                                                                                                                                                                                                            • Factors used in the forecast
                                                                                                                                                                                                                                                                                                                              • Economic and consumer outlook
                                                                                                                                                                                                                                                                                                                                • Outlook for retailing…
                                                                                                                                                                                                                                                                                                                                  • …and clothing specialists
                                                                                                                                                                                                                                                                                                                                    • Past trends
                                                                                                                                                                                                                                                                                                                                        • Figure 132: UK: Clothing specialists sales, 2005-09
                                                                                                                                                                                                                                                                                                                                        • Figure 133: UK: Clothing specialists as % of all retail sales, 2000-09
                                                                                                                                                                                                                                                                                                                                      • Outlets and enterprises
                                                                                                                                                                                                                                                                                                                                        • Figure 134: UK: Footwear retailers, number of outlets and enterprises, 2003-08
                                                                                                                                                                                                                                                                                                                                      • Channels of distribution
                                                                                                                                                                                                                                                                                                                                        • Figure 135: UK: Clothing market – channels of distribution, 2009
                                                                                                                                                                                                                                                                                                                                      • Specialists cling on
                                                                                                                                                                                                                                                                                                                                        • Department stores face a tough challenge ahead
                                                                                                                                                                                                                                                                                                                                          • Sainsbury’s takes up the running
                                                                                                                                                                                                                                                                                                                                            • Home shopping
                                                                                                                                                                                                                                                                                                                                              • Others
                                                                                                                                                                                                                                                                                                                                                • Competition from non-specialists
                                                                                                                                                                                                                                                                                                                                                  • Figure 136: Clothing specialists as % of all spending on clothing and footwear, 2002-09
                                                                                                                                                                                                                                                                                                                                                • Retailer competitor analysis
                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                    • Leading specialists
                                                                                                                                                                                                                                                                                                                                                      • What constitutes Value?
                                                                                                                                                                                                                                                                                                                                                        • The young – old divide
                                                                                                                                                                                                                                                                                                                                                          • Targeting the older customer
                                                                                                                                                                                                                                                                                                                                                            • That leaves Arcadia
                                                                                                                                                                                                                                                                                                                                                              • Where next?
                                                                                                                                                                                                                                                                                                                                                                • Figure 137: Leading clothing retailers, 2009/10
                                                                                                                                                                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                                                                                                                                                                • Figure 138: UK: Leading clothing retailers, market shares, 2009
                                                                                                                                                                                                                                                                                                                                                              • Retail advertising and promotion
                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                  • Recession hits advertising spend
                                                                                                                                                                                                                                                                                                                                                                      • Figure 139: Main media advertising spend, by leading clothing retailers, 2006/07-2009/10
                                                                                                                                                                                                                                                                                                                                                                    • M&S leads the way
                                                                                                                                                                                                                                                                                                                                                                      • Next’s spend remains steady
                                                                                                                                                                                                                                                                                                                                                                        • Spending by media
                                                                                                                                                                                                                                                                                                                                                                          • Figure 140: Main media advertising spend, by leading clothing retailers, by media, 2010
                                                                                                                                                                                                                                                                                                                                                                        • Brand elements
                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                            • Brand map
                                                                                                                                                                                                                                                                                                                                                                                • Figure 141: Attitudes towards and visitation of clothing retail stores, July 2010
                                                                                                                                                                                                                                                                                                                                                                              • Brand qualities of clothing retail stores
                                                                                                                                                                                                                                                                                                                                                                                • Accessibility and style most important
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 142: Personalities of various clothing retail stores, July 2010
                                                                                                                                                                                                                                                                                                                                                                                • Experience of clothing retail stores
                                                                                                                                                                                                                                                                                                                                                                                  • General stores most visited
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 143: Consumer usage of various clothing retail stores, July 2010
                                                                                                                                                                                                                                                                                                                                                                                  • Brand consideration for clothing retail stores
                                                                                                                                                                                                                                                                                                                                                                                    • Affordability a major draw
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 144: Consideration of various clothing retail stores, July 2010
                                                                                                                                                                                                                                                                                                                                                                                    • Brand satisfaction for clothing retail stores
                                                                                                                                                                                                                                                                                                                                                                                      • Value-for-money most satisfactory, not pure value
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 145: Satisfaction with various clothing retail stores, July 2010
                                                                                                                                                                                                                                                                                                                                                                                      • Brand commitment to clothing retail stores
                                                                                                                                                                                                                                                                                                                                                                                        • Accessibility aids loyalty
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 146: Commitment to various clothing retail stores, July 2010
                                                                                                                                                                                                                                                                                                                                                                                        • Brand intentions for clothing retail stores
                                                                                                                                                                                                                                                                                                                                                                                          • Generalists have best retention
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 147: Future visiting intentions for various clothing retail stores, July 2010
                                                                                                                                                                                                                                                                                                                                                                                          • Brand recommendation for clothing retail stores
                                                                                                                                                                                                                                                                                                                                                                                            • M&S and Asda most recommended – established accessibility
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 148: Recommendation of various clothing retail stores, July 2010
                                                                                                                                                                                                                                                                                                                                                                                            • Next
                                                                                                                                                                                                                                                                                                                                                                                              • What the consumer thinks
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 149: Attitudes towards the Next brand, July 2010
                                                                                                                                                                                                                                                                                                                                                                                              • Primark
                                                                                                                                                                                                                                                                                                                                                                                                • What the consumer thinks
                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 150: Attitudes towards the Primark brand, July 2010
                                                                                                                                                                                                                                                                                                                                                                                                • Asda/George
                                                                                                                                                                                                                                                                                                                                                                                                  • What the consumer thinks
                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 151: Attitudes towards the Asda/George brand, July 2010
                                                                                                                                                                                                                                                                                                                                                                                                  • Debenhams
                                                                                                                                                                                                                                                                                                                                                                                                    • What the consumer thinks
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 152: Attitudes towards the Debenhams brand, July 2010
                                                                                                                                                                                                                                                                                                                                                                                                    • Burton
                                                                                                                                                                                                                                                                                                                                                                                                      • What the consumer thinks
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 153: Attitudes towards the Burton brand, July 2010
                                                                                                                                                                                                                                                                                                                                                                                                      • New Look
                                                                                                                                                                                                                                                                                                                                                                                                        • What the consumer thinks
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 154: Attitudes towards the New Look brand, July 2010
                                                                                                                                                                                                                                                                                                                                                                                                        • H&M
                                                                                                                                                                                                                                                                                                                                                                                                          • What the consumer thinks
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 155: Attitudes towards the H&M brand, July 2010
                                                                                                                                                                                                                                                                                                                                                                                                          • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                            • What the consumer thinks
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 156: Attitudes towards the Marks & Spencer brand, July 2010
                                                                                                                                                                                                                                                                                                                                                                                                            • The consumer – Where they buy clothing
                                                                                                                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 157: UK: Where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                • The changing face of ‘bricks and mortar’
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 158: UK: Outlets used for purchasing clothing in the last 12 months, 2005-10
                                                                                                                                                                                                                                                                                                                                                                                                                  • Home shopping gained the most ground
                                                                                                                                                                                                                                                                                                                                                                                                                    • Retailer market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 159: UK: Market positioning of leading retailers/channels, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                      • The changing face of home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 160: UK: Online channel, by socio-eonomic group, July 2009 and August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 161: UK: Online channel, by age group, July 2009 and August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 162: UK: Online and mail order channels, by age group, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                      • M&S customer base is ageing fast
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 163: UK: M&S, by age group, April 2005 and August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                      • The consumer – how they shop for clothing
                                                                                                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                          • Shopping habits
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 164: UK: How they shop for clothing compared to previous year, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                            • Patterns of behaviour by age and affluence
                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 165: UK: how they shop for clothing, by age and affluence, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                              • Shopping habits at the most popular stores
                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 166: Attitudes towards clothes purchasing, by most popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                              • The consumer – clothing shopping attitudes
                                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 167: Attitudes towards clothes purchasing, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Cross channel shopping and the gender divide
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Women are
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 168: Difference in attitudes to clothes shopping, by gender, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Young people like web-based ideas
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 169: Difference in attitudes to clothes shopping among under 25s, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Hard pressed families
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Families are
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 170: Difference in attitudes to delivery charges, by lifestage, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 171: Difference in attitudes to ‘click and collect’, by lifestage, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                        • M-commerce – how will it emerge?
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Attitudes of shoppers by outlets used
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 172: Attitudes towards clothes purchasing, by where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 173: Attitudes towards clothes purchasing, by where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                          • The consumer – target groups
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 174: Clothing consumer typologies, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 175: Attitudes towards clothes purchasing, by target groups, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Group 1: Unchanged (61%)
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Group 2: Lower Spenders (18%)
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Group 3: Higher Spenders (12%)
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Group 4: Savvy Frugals (9%)
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Where target groups shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 176: Where they buy clothes, by target groups, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Appendix – Internal market environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 177: GB agreement with selected lifestyle statements, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 178: GB agreement with selected lifestyle statements, 2009 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 179: GB agreement with selected lifestyle statements, 2009 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 180: GB agreement with selected lifestyle statements, 2009 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Appendix – Broader market environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Population
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 181: Europe Top 5: Population breakdown, by age group, 2005
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 182: Europe Top 5: Population breakdown, by age group, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 183: Europe Top 5: Population breakdown, by age group, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 184: Europe Top 5: Population breakdown, by age group, 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • GDP
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 185: Europe Top 5: GDP (in current prices) 2000-Q2 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 186: Europe top 5: GDP growth rates (in constant prices), 2000-Q2 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 187: Europe Top 5: Consumer spending (in current prices), 2001-Q2 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 188: Europe Top 5: Consumer spending growth rates (in constant prices), 2001-Q2 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 189: Europe Top 5: Consumer prices, 2001-Q3 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Unemployment
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 190: Europe Top 5: Average rate of unemployment, 2001-Q2 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Interest rates
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 191: UK and Eurozone: Interest rates, 2004-Q2 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer confidence
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 192: Europe top 5: Consumer confidence, January 2009-Sept 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – Where they buy clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 193: Most popular outlets where they buy clothes, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 194: Next most popular outlets where they buy clothes, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 195: Popular outlets where they buy clothes, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 196: Other outlets where they buy clothes, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 197: Least popular outlets where they buy clothes, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – How they shop for clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 198: Most popular attitudes towards clothes purchasing, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 199: Next most popular attitudes towards clothes purchasing, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 200: Other attitudes towards clothes purchasing, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 201: Attitudes towards clothes purchasing, by most popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 202: Attitudes towards clothes purchasing, by next most popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 203: Attitudes towards clothes purchasing, by next popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 204: Attitudes towards clothes purchasing, by popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 205: Attitudes towards clothes purchasing, by other outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 206: Attitudes towards clothes purchasing, by least popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – Clothing shopping attitudes
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 207: Most popular attitudes towards clothes purchasing, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 208: Next most popular attitudes towards clothes purchasing, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 209: Attitudes towards clothes purchasing, by most popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 210: Attitudes towards clothes purchasing, by next most popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 211: Attitudes towards clothes purchasing, by next most popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 212: Attitudes towards clothes purchasing, by popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 213: Attitudes towards clothes purchasing, by other outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 214: Attitudes towards clothes purchasing, by least popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – Consumer target groups
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 215: Target groups, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Alexon Group Plc

                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 216: Alexon Group Plc: Sales as share of clothing, retailers in UK, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 217: Alexon Group Plc: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 218: Alexon Group Plc: Outlet data, 2005-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Arcadia Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 219: Arcadia Group: Sales as share of clothing in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The Bhs house of brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Focus on Topshop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • International markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 220: Arcadia Group: Group financial performance, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 221: Arcadia Group: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bhs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Topshop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Topman
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dorothy Perkins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Burton
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Miss Selfridge
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Evans
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Wallis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Outfit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 222: Arcadia Group: Websites, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Bhs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 223: Bhs Plc: Sales as share of clothing in UK, 2004-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 224: Bhs Plc: Group financial performance, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 225: Bhs Plc: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Aurora Fashions

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 226: Aurora Fashions: Sales as share of clothing, footwear & textiles in Europe, 2004-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 227: Aurora Fashions: Group financial performance, 2005-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 228: Aurora Fashions: Outlet data, 2005-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Benetton Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 229: Benetton Group: Sales as share of clothing, footwear & textiles in Europe, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Growth opportunities mostly outside Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Competition increasing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Vertical integration still a strength
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Lack of internet strategy worrying
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 230: Benetton Group: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • First half of 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 231: Benetton Group: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 232: Benetton Group: Sales, by brand, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • C&A Europe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 233: C&A Germany: Sales as share of clothing retailers’ sales in Germany, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 234: C&A Europe: Group sales performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 235: C&A Europe: estimated sales, by country, 2008/09-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 236: C&A europe: Share of group sales, by country, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 237: C&A Europe: Outlet data, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 238: C&A: Fascias operated by C&A in Europe, April 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 239: C&A Europe: Own brands, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Cortefiel

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 240: Cortefiel: Sales as share of clothing, footwear & textiles in Europe, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Flexible in moving into new markets, but a late mover
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online will add sales and help expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Rapid foreign growth needed to overcome slide in home market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Prospects at home still not good
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 241: Grupo Cortefiel: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sales by fascia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 242: Grupo Cortefiel: Sales by brand, percentage share, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 243: Grupo Cortefiel: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 244: Grupo Cortefiel: Outlet data, 2008-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Gap (Europe)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 245: Gap (Europe): Sales as share of clothing, footwear & textiles in Europe, 2004-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 246: Gap (Europe): Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 247: Gap (Europe): Outlet data, 2005-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Grupo Inditex

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 248: Grupo Inditex: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 249: Grupo Inditex: Sales growth, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 250: Grupo Inditex: Estimated sales in key European markets, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 251: Europe: Grupo Inditex: Sales by retail brand, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • H1 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 252: Grupo Inditex: Sales H12009/10 and 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 253: Grupo Inditex: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 254: Grupo Inditex: Outlet numbers, by fascia, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 255: Grupo Inditex: Other outlet data, by fascia, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 256: Grupo Inditex: European Stores by country and by fascia, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • H&M Hennes & Mauritz

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 257: H&M Hennes & Mauritz: Group financial performance, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • First half 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 258: H&M Hennes & Mauritz: Outlet data, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Marks & Spencer (M&S)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 259: Marks & Spencer: Sales as share of clothing, footwear & textiles in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • M&S and the older customer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumers recover in clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • M&S continues with core values
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Pricing architecture appeals to different budgets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Clothing stronger but are sub-brands confusing?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Year to end March 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 260: Marks & Spencer: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 261: Marks & Spencer (UK): UK sales and like-for-like growth, 2004/05-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Investing for the future
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 262: M&S: UK retail sales, by product category, 2005-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial year 2010/11 Q1
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial year 2010/11 Q2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 263: Marks & Spencer: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 264: M&S: UK Outlets not specialising in food, by type, 2008-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • International store developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Operational issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Womenswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Lingerie
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Menswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Childrenswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 265: Marks & Spencer: Clothing own brand portfolio, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 266: M&S: M&S Direct sales, 2006/07-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Mango Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 267: Mango Spain: Sales as share of all clothing specialists’ sales in Spain, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Global presence – too big?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Distinct from its competitors and staying true to the core brand message
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Developing a multi-brand strategy?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 268: Mango Group: Group sales performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 269: Mango: Estimated performance, by major markets, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 270: Mango Group: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 271: Mango Group: Breakdown of stores in Europe, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Matalan Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 272: Matalan Ltd: Sales as share of clothing, footwear & textiles in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Loss of momentum in the latter plc years
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Private control revitalises Matalan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Renewed expansion in the UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • International growth opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online also a growth area
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 273: Matalan Ltd: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 274: Matalan Ltd: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Monsoon

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 275: Monsoon Plc: Sales as share of clothing, footwear & textiles in UK, 2004-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 276: Monsoon: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 277: Monsoon: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New Look Retail Group Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 278: New Look Group Plc: Sales as share of clothing, footwear & textiles in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Can New Look really double in size?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strength of value fashion proposition is key
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Widening range offers growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Ambitious multi-channel expansion plans
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • International expansion opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 279: New Look Group Plc: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 280: New Look Group Plc: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Next Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 281: Next: UK sales as share of clothing specialists’ sales in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • More fashion-led
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Next international goes online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK opportunities for growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand diversification
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Trouble ahead?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Home shopping star performer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Like-for-like growth at Next Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Challenges contained
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recession hits in Central Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Lipsy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 282: Next Group: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • First half 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 283: Next Group: Group interim financial performance, 2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bigger still better
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Profitable new space
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 284: Next Group: Next Retail like-for-like sales performance, 2006/07-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Next at Home
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Makeover
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sportswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 285: Next Group: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 286: Next: International outlets, 2008-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Peek & Cloppenburg (Düsseldorf)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 287: Peek & Cloppenburg (Düsseldorf): Sales as share of clothing in Germany, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 288: Peek & Cloppenburg (Düsseldorf): Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 289: Peek & Cloppenburg (Düsseldorf): Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 290: Peek & Cloppenburg (Düsseldorf): Outlets by country, 2005-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Peacock Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 291: Peacock Group: Sales as share of clothing, retailers in UK, 2004-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 292: Peacock Group: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 293: Peacock Group: Outlet data, 2005-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Primark/Penneys

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 294: Primark: Sales as share of UK clothing, footwear & textiles in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Plenty of soft targets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Bigger is better
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Continental European growth a key objective
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Holding back on online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Ensuring ethics are not an issue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 295: Primark/Penneys: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 296: Primark/Penneys: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • River Island Clothing Co Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 297: River Island Clothing Co Ltd: Sales as share of clothing, footwear & textiles in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 298: River Island Clothing Co Ltd: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 299: River Island Clothing Co Ltd: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • TK Maxx

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 300: TK Maxx UK: Sales as share of clothing, footwear & textiles in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 301: TJX (TK Maxx – Europe): Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 302: TJX (TK Maxx – Europe): Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Vivarte

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 303: Vivarte: Estimated sales as share of clothing specialists’ sales in Europe, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 304: Vivarte: Estimated group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 305: Vivarte: European outlet data, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Broader Market Environment

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 306: Europe: Population, by age group, 2005
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 307: Europe: Population, by age group, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 308: Europe: Population, by age group, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 309: Europe: Population, by age group, 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • GDP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 310: Europe: GDP (in current prices), 2000-10Q2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 311: Europe: GDP Growth rates (in constant prices), 2000-10Q2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 312: Europe: Consumer spending (in current prices), 2001-10Q2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 313: Europe: Consumer spending growth rates (in constant prices), 2001-10Q2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 314: Europe: Consumer prices, 2000-Q3 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Unemployment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 315: Europe: Average rate of unemployment, 2000-Q2 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Interest rates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 316: Europe: Interest rates, 2004-Q1 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer confidence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 317: Europe: Consumer confidence, Aug 2009-Sept 2010

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Marks & Spencer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Clothing Retailing - Europe - November 2010

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    £2,895.00 (Excl.Tax)