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Clothing Retailing - Europe - October 2012

This report series covers the 19 leading economies of Western Europe. In total these countries account for around 95% of all European retail sales, excluding Russia. The remaining ten countries are either too small (e.g. Luxembourg) or are not sufficiently well developed to warrant detailed coverage (e.g. Romania and Bulgaria) in this report. These developing countries plus Russia and Turkey are covered in Mintel’s European Retail Handbook 2011/12 – September 2012 and the report, Retailing in Emerging Markets – July 2011.

This data in its entirety is contained in this single copy 19-country report, which gives a full overview of clothing retailing in Europe. Single country reports are also available for the UK, France, Germany, Spain and Italy.

This report concentrates on ‘clothing specialists’, as defined below and used by national statistics offices across Europe, such as H&M, Grupo Inditex, Arcadia and C&A. But, as noted above, we include coverage of non-specialist sectors in various sections of the report.

The definition in European countries is that used for the NACE category 47.71: Retail sale of clothing in specialised stores, including fur and accessories such as ties, braces, gloves etc.

The report covers:

  • Consumer spending on clothing
  • Retail sales
  • Retail forecast for 5 years
  • Market shares
  • Channels of distribution
  • Clothing specialists sector sales
  • Trends in inflation

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Table of contents

  1. Executive Summary

    • Consumer spending
      • Figure 1: Europe: Consumer spending on clothing, total of 19 markets, 2007-11
      • Figure 2: Europe: Distribution of European clothing spending by country, 2011
      • Figure 3: Europe: Consumer spending on clothing per capita, 2011
    • Retail sales
      • Figure 4: Europe: Clothing specialists’ sales, total of 19 markets, 2007-12
      • Figure 5: Europe: Distribution of European clothing specialists’ sales by country, 2011
    • Retail forecast
      • Figure 6: Europe: Clothing specialists’ retail sales forecasts, compound annual growth rates, 2012-17
    • Market shares
      • Figure 7: Europe: Leading ten clothing specialists’ shares of total consumer spending on clothing, 2011
  2. European Summary and Outlook

    • Key points
      • Consumer spending on clothing
        • Figure 8: Europe: Consumer spending on clothing, total of 19 markets, 2007-11
        • Figure 9: Europe: Households consumption expenditure on clothing (incl VAT), 2007-11
        • Figure 10: Europe: Consumer spending on clothing per capita, 2011
      • Channels of distribution
        • Figure 11: Europe: Distribution of spending on clothing, by channel, 2011
      • Clothing specialists sector sales
        • Figure 12: Europe: Clothing specialists’ sales, total of 19 markets, 2007-12
        • Figure 13: Europe: Clothing specialists’ retail sales, (excl vat), 2007-12
        • Figure 14: Europe: Clothing specialists’ retail sales, domestic currency, compound annual growth rates, 2007-11
      • Retail forecasts to 2017
        • Figure 15: Europe: Clothing specialists’ retail sales forecasts, (excl vat) 2012-17
        • Figure 16: Europe: Clothing specialists’ retail sales forecasts, compound annual growth rates, 2012-17
      • How robust are the national clothing retail sectors?
          • Figure 17: Europe: Percentage point difference between CAGR in clothing specialists sales and CAGRs in GDP and total consumer spending, in current prices and domestic currencies, 2007-11
        • Trends in inflation
          • Figure 18: Annual % change in global cotton prices, Jan 2010-Sep 2012
          • Figure 19: Europe: Harmonised indices of consumer prices for clothing: Annual % change, Jan – Aug 2012
        • The Retailers: Financials and outlets
          • Figure 20: Europe: Leading clothing specialists by revenues (excl vat), 2007-11
          • Figure 21: Europe: Leading clothing specialists’ revenues: Compound annual growth rates, 2007-11
        • Outlet numbers
          • Figure 22: Europe: Leading clothing specialists’ store numbers, 2007-11
        • Sales per outlet
          • Figure 23: Europe: Leading clothing specialists’ sales per outlet, 2007-11
          • Figure 24: Europe: Leading clothing specialists’ sales per outlet: Compound annual growth rates, 2007-11
        • The Retailers: Market shares
          • Figure 25: Europe: Leading ten clothing specialists’ shares of total consumer spending on clothing, 2011
          • Figure 26: Europe: Leading clothing specialists’ shares of consumer spending on clothing in Europe, 2007-11
      • Report Scope and Technical Notes

        • Coverage
          • New report format
            • Technical notes
              • Retail sector definitions
                • Consumer spending definitions
                  • Financial definitions
                    • Currencies
                      • Country codes
                        • VAT
                          • Figure 27: Europe: standard vat rates, 2010-12
                        • Abbreviations
                        • Austria

                          • Spending and inflation
                            • Figure 28: Austria: Households consumption expenditure (inc vat), 2007-11
                            • Figure 29: Austria: Harmonised indices of consumer prices: Annual % change, Jan 2011-Aug 2012
                          • Channels of distribution
                            • Figure 30: Austria: Estimated distribution of consumer spending on clothing, 2011
                          • Sector size and forecast
                            • Figure 31: Austria: Retail sales (excl vat), 2007-11
                            • Figure 32: Austria: Retail sales forecasts (excl vat), 2012-17
                          • The Retailers: Financials and outlets
                              • Figure 33: Austria: Leading clothing specialists, by revenues (excl vat), 2009-11
                              • Figure 34: Austria: Leading clothing specialists’ outlet numbers, 2009-11
                              • Figure 35: Austria: Leading clothing specialists’ sales per outlet, 2009-11
                            • The retailers: Market shares
                              • Figure 36: Austria: Leading clothing specialists’ shares of consumer spending on clothing and footwear, 2009-11
                          • Belgium

                            • Spending and inflation
                              • Figure 37: Belgium: Households consumption expenditure (incl vat), 2007-11
                              • Figure 38: Belgium: Harmonised indices of consumer prices: Annual % change, Jan 2011-Aug 2012
                            • Channels of distribution
                                • Figure 39: Belgium: Estimated distribution of consumer spending on clothing, 2011
                              • Sector size and forecast
                                • Figure 40: Belgium: Retail sales (excl sales tax), 2007-11
                                • Figure 41: Belgium: Retail sales forecasts (excl sales tax), 2012-17
                              • The retailers: Financials and outlets
                                • Figure 42: Belgium: Leading clothing specialists, by revenues (excl vat), 2009-11
                                • Figure 43: Belgium: Leading clothing specialists’ outlet numbers, 2009-11
                                • Figure 44: Belgium: Leading clothing specialists’ sales per outlet, 2009-11
                              • The retailers: market shares
                                • Figure 45: Belgium: Leading clothing specialists’ shares of consumer spending on clothing and footwear, 2009-11
                            • Czech Republic

                              • Spending and inflation
                                • Figure 46: Czech Republic: Households consumption expenditure, 2007-11
                                • Figure 47: Czech Republic: Harmonised indices of consumer prices: Annual % change, Jan 2011-Aug 2012
                              • Channels of distribution
                                  • Figure 48: Czech Republic: Estimated distribution of consumer spending on clothing, 2011
                                • Sector size and forecast
                                  • Figure 49: Czech Republic: Retail sales, 2007-11
                                  • Figure 50: Czech Republic: Retail sales forecasts, 2012-17
                                • The retailers: Financials and outlets
                                  • Figure 51: Czech Republic: Leading clothing specialists, by revenues, 2009-11
                                  • Figure 52: Czech Republic Leading clothing specialists’ outlet numbers, 2009-11
                                  • Figure 53: Czech Republic: Leading clothing specialists’ sales per outlet, 2009-11
                                • The retailers: Market shares
                                  • Figure 54: Czech Republic: Leading clothing specialists’ shares of consumer spending on clothing and footwear, 2009-11
                              • Denmark

                                • Spending and inflation
                                  • Figure 55: Denmark: Households consumption expenditure, 2007-11
                                  • Figure 56: Denmark: Harmonised indices of consumer prices: Annual % change, Jan 2011-Aug 2012
                                • Channels of distribution
                                    • Figure 57: Denmark: Estimated distribution of consumer spending on clothing, 2011
                                  • Sector size and forecast
                                    • Figure 58: Denmark: Retail sales, 2007-11
                                    • Figure 59: Denmark: Retail sales forecasts, 2012-17
                                  • The retailers: Financials and outlets
                                      • Figure 60: Denmark: Leading clothing specialists, by revenues (excl vat), 2009-11
                                      • Figure 61: Denmark: Leading clothing specialists’ outlet numbers, 2009-11
                                      • Figure 62: Denmark: Leading clothing specialists’ sales per outlet (excl vat), 2009-11
                                    • The retailers: Market shares
                                      • Figure 63: Denmark: Leading clothing specialists’ shares of consumer spending on clothing and footwear, 2009-11
                                  • Finland

                                    • Spending and inflation
                                      • Figure 64: Finland: Households consumption expenditure, 2007-11
                                      • Figure 65: Finland: Harmonised indices of consumer prices: Annual % change, Jan 2011-Aug 2012
                                    • Channels of distribution
                                        • Figure 66: Finland: Estimated distribution of consumer spending on clothing, 2011
                                      • Sector size and forecast
                                        • Figure 67: Finland: Retail sales (excl sales tax), 2007-11
                                        • Figure 68: Finland: Retail sales forecasts (excl sales tax), 2012-17
                                      • The retailers: Financials and outlets
                                        • Figure 69: Finland: Leading clothing specialists, by revenues (excl vat), 2009-11
                                        • Figure 70: Finland: Leading clothing specialists’ outlet numbers, 2009-11
                                        • Figure 71: Finland: Leading clothing specialists’ sales per outlet, 2009-11
                                      • The retailers: Market shares
                                        • Figure 72: Finland: Leading clothing specialists’ shares of consumer spending on clothing and footwear, 2009-11
                                    • France

                                      • Executive summary
                                        • Spending and inflation
                                          • Consumer spending on clothing and footwear
                                            • Figure 73: France: Household consumption expenditure on clothing and footwear, 2007-11
                                          • Inflation
                                            • Figure 74: France: Index of inflation, 2008-12 (Aug)
                                          • Channels of distribution
                                              • Figure 75: France: Estimated channels of distribution for clothing, 2011
                                              • Figure 76: France: Estimated channels of distribution, 2011
                                            • Sector size and forecast
                                              • Figure 77: France: Retail sales (excl vat), 2007-11
                                              • Figure 78: France: Retail sales forecast (excl vat), 2012-17
                                            • Retail enterprises
                                              • The retailers: Financials and outlets
                                                • Sales
                                                  • Figure 79: France: Leading clothing specialists’ sales, 2009-11
                                                • Outlets
                                                  • Figure 80: France: Leading clothing specialists outlets, 2009-11
                                                • Sales per outlet
                                                  • Figure 81: France: Leading clothing specialists sales per outlet, 2009-11
                                                • The retailers: Market shares
                                                  • Figure 82: France: Leading clothing retailers share of all spending on clothing, 2009-11
                                                • The retailers: Online
                                                  • Online shoppers
                                                    • Figure 83: France: Percentage of all individuals purchasing online in the past 12 months, 2006-11
                                                  • Online retailers
                                                    • Figure 84: France: Leading clothing specialists websites by total unique visitors, May 2012
                                                • Germany

                                                  • Executive summary
                                                    • Spending and inflation
                                                      • Key points
                                                        • Spending
                                                          • Figure 85: Germany: Households consumption expenditure, 2007-11
                                                          • Figure 86: Germany: Harmonised indices of consumer prices: Annual % change, Jan 2011-Aug 2012
                                                        • Channels of distribution
                                                          • Key points
                                                            • Distribution of spending
                                                                • Figure 87: Germany: Estimated distribution of consumer spending on clothing, 2011
                                                              • Sector size and forecast
                                                                • Key points
                                                                  • Economic outlook
                                                                    • Retail sales and forecast
                                                                      • Figure 88: Germany: Retail sales, 2007-11
                                                                      • Figure 89: Retail sales forecasts, 2012-17
                                                                    • Enterprises, outlets, employment
                                                                      • Figure 90: Germany: Enterprise numbers, 2007-10
                                                                      • Figure 91: Germany: Outlet numbers, 2007-10
                                                                      • Figure 92: Germany: Number of persons employed, 2007-10
                                                                    • The retailers: Financials and outlets
                                                                      • Key points
                                                                        • Top retailers by revenues
                                                                            • Figure 93: Germany: Leading clothing specialists by revenues (excl vat), 2009-11
                                                                            • Figure 94: Germany: Leading clothing specialists’ outlet numbers, 2009-11
                                                                            • Figure 95: Germany: Leading clothing specialists’ annual sales per outlet, 2009-11
                                                                          • The retailers: Market shares
                                                                            • Figure 96: Germany: Leading clothing specialists’ shares of consumer spending on clothing and footwear, 2009-11
                                                                          • The retailers: Online
                                                                            • Figure 97: Germany: Percentage of all individuals making an online purchase in the previous 12 months, 2007-11
                                                                            • Figure 98: Germany: Leading clothing retail sites, by unique visitor numbers, May 2012
                                                                        • Greece

                                                                          • Spending and inflation
                                                                            • Figure 99: Greece: Households consumption expenditure, 2007-11
                                                                            • Figure 100: Greece: Harmonised indices of consumer prices: Annual % change, Jan 2011-Sep 2012
                                                                          • Channels of distribution
                                                                            • Figure 101: Greece: Estimated distribution of consumer spending on clothing, 2011
                                                                          • Sector size and forecast
                                                                            • Figure 102: Greece: Retail sales (excl vat), 2007-11
                                                                            • Figure 103: Greece: Retail sales forecasts (excl vat), 2012-17
                                                                          • The retailers: Financials and outlets
                                                                              • Figure 104: Greece: Leading clothing specialists, by revenues (excl vat), 2009-11
                                                                              • Figure 105: Greece: Leading clothing specialists, outlet numbers, 2009-11
                                                                              • Figure 106: Greece: Leading clothing specialists, sales per outlet, 2009-11
                                                                            • The retailers: Market shares
                                                                              • Figure 107: Greece: Leading clothing specialists’ shares of consumer spending on clothing and footwear, 2009-11
                                                                          • Hungary

                                                                            • Spending and inflation
                                                                              • Figure 108: Hungary: Households consumption expenditure (incl vat), 2007-11
                                                                              • Figure 109: Hungary: Harmonised indices of consumer prices: Annual % change, Jan 2011-Sep 2012
                                                                            • Channels of distribution
                                                                              • Figure 110: Hungary: Estimated distribution of consumer spending on clothing and footwear, 2011
                                                                            • Sector size and forecast
                                                                              • Figure 111: Hungary: Retail sales (excl vat), 2007-11
                                                                              • Figure 112: Hungary: Retail sales (excl vat), 2012-17
                                                                            • The retailers: Financials and outlets
                                                                              • Figure 113: Hungary: Leading clothing specialists, by revenues (excl vat), 2009-11
                                                                              • Figure 114: Hungary: Leading clothing specialists, Outlets, 2009-11
                                                                              • Figure 115: Hungary: Leading clothing specialists’ sales per outlet, 2009-11
                                                                            • The retailers: Market shares
                                                                              • Figure 116: Hungary: Leading clothing specialists’ shares of consumer spending on clothing and footwear, 2009-11
                                                                          • Republic of Ireland

                                                                            • Spending and inflation
                                                                              • Figure 117: Republic of Ireland: Households consumption expenditure (incl vat), 2007-11
                                                                              • Figure 118: Republic of Ireland: Harmonised indices of consumer prices: Annual % change, Jan 2011-Aug 2012
                                                                            • Channels of distribution
                                                                              • Figure 119: Republic of Ireland: Estimated distribution of consumer spending on clothing, 2011
                                                                            • Sector size and forecast
                                                                              • Figure 120: Republic of Ireland: Retail sales (excl vat), 2007-11
                                                                              • Figure 121: Republic of Ireland: Retail sales (excl vat), 2012-17
                                                                            • The retailers: Financials and outlets
                                                                                • Figure 122: Republic of Ireland: Leading clothing specialists, by revenues (excl vat), 2009-11
                                                                                • Figure 123: Republic of Ireland: Leading clothing specialists, outlets, 2009-11
                                                                                • Figure 124: Republic of Ireland: Leading clothing specialists’ sales per outlet, 2009-11
                                                                              • The retailers: Market shares
                                                                                • Figure 125: Republic of Ireland: Leading clothing specialists’ shares of consumer spending on clothing and footwear, 2009-11
                                                                            • Italy

                                                                              • Executive summary
                                                                                • Spending and inflation
                                                                                  • Consumer spending on clothing and footwear
                                                                                    • Figure 126: Italy: Households consumption expenditure (incl vat), 2007-11
                                                                                  • Inflation
                                                                                    • Figure 127: Italy: Inflation in clothing and footwear, 2011-12
                                                                                  • Channels of distribution
                                                                                    • Figure 128: Italy: Distribution of consumer spending on clothing and footwear, 2011
                                                                                  • Sector size and forecast
                                                                                    • Figure 129: Italy: Retail sales (excl vat), 2007-11
                                                                                    • Figure 130: Retail sales forecasts (excl vat), 2012-17
                                                                                  • Retail enterprises
                                                                                    • Figure 131: Italy - Retail outlets, 2008-09
                                                                                  • The retailers: Financials and outlets
                                                                                    • Sales
                                                                                      • Figure 132: Italy: Leading clothing specialists, by revenues (excl vat), 2009-11
                                                                                    • Outlets
                                                                                      • Figure 133: Italy: Leading clothing specialists, outlets, 2009-11
                                                                                    • Sales per outlet
                                                                                      • Figure 134: Italy: Leading clothing specialists, by revenues: Sales per outlet, 2009-11
                                                                                    • The retailers: market shares
                                                                                      • Figure 135: Italy: Leading retailers: Share of all spending on clothing and footwear, 2009-11
                                                                                    • The retailers: Online
                                                                                      • Online shoppers
                                                                                        • Figure 136: Italy - Proportion of adults who have bought goods online, 2006-11
                                                                                      • Online retailers
                                                                                        • Figure 137: Leading clothing specialists websites: Total unique visitors, May 2012
                                                                                    • Netherlands

                                                                                      • Spending and inflation
                                                                                        • Figure 138: Netherlands: Households consumption expenditure (incl vat), 2007-11
                                                                                        • Figure 139: Netherlands: Harmonised indices of consumer prices: Annual % change, Jan 2011-Aug 2012
                                                                                      • Channels of distribution
                                                                                        • Figure 140: Netherlands: Estimated distribution of consumer spending on clothing, 2011
                                                                                      • Sector size and forecast
                                                                                        • Figure 141: Netherlands: Retail sales (excl sales tax), 2007-11
                                                                                        • Figure 142: Netherlands: Retail sales forecasts (excl sales tax), 2012-17
                                                                                      • The retailers: Financials and outlets
                                                                                          • Figure 143: Netherlands: Leading clothing specialists, by revenues (excl vat), 2009-11
                                                                                          • Figure 144: Netherlands: Leading clothing specialists’ outlet numbers, 2009-11
                                                                                          • Figure 145: Netherlands: Leading clothing specialists’ sales per outlet, 2009-11
                                                                                        • The retailers: Market shares
                                                                                          • Figure 146: Netherlands: Leading clothing specialists’ shares of consumer spending on clothing and footwear, 2009-11
                                                                                      • Norway

                                                                                        • Spending and inflation
                                                                                          • Figure 147: Norway: Households consumption expenditure (incl sales tax), 2007-11
                                                                                          • Figure 148: Norway: Harmonised indices of consumer prices: Annual % change, Jan 2011-Aug 2012
                                                                                        • Channels of distribution
                                                                                            • Figure 149: Norway: Estimated distribution of consumer spending on clothing, 2011
                                                                                          • Sector size and forecast
                                                                                            • Figure 150: Norway: Retail sales (excl sales tax), 2007-11
                                                                                            • Figure 151: Norway: Retail sales forecasts (excl sales tax), 2012-17
                                                                                          • The retailers: Financials and outlets
                                                                                              • Figure 152: Norway: Leading clothing specialists, by revenues (excl sales tax), 2009-11
                                                                                              • Figure 153: Norway: Leading clothing specialists, outlet numbers, 2009-11
                                                                                              • Figure 154: Norway: Leading clothing specialists, sales per outlet, 2009-11
                                                                                            • The retailers: Market shares
                                                                                              • Figure 155: Norway: Leading clothing specialists’ shares of consumer spending on clothing and footwear, 2009-11
                                                                                          • Poland

                                                                                            • Spending and inflation
                                                                                              • Figure 156: Poland: Consumer spending, 2007-11
                                                                                              • Figure 157: Poland: Harmonised indices of consumer prices: Annual % change, Jan 2011-Aug 2012
                                                                                            • Channels of distribution
                                                                                              • Sector size and forecast
                                                                                                • Figure 158: Poland: Estimated clothing specialists’ sales (excl vat), 2007-12
                                                                                                • Figure 159: Poland: Retail sales (excl vat), 2007-11
                                                                                                • Figure 160: Poland: Retail sales forecasts (excl vat), 2012-17
                                                                                              • The retailers: Financials and outlets
                                                                                                • Figure 161: Poland: Leading clothing specialists, by revenues (excl vat), 2009-11
                                                                                                • Figure 162: Poland: Leading clothing specialists’ outlet numbers, 2009-11
                                                                                                • Figure 163: Poland: Leading clothing specialists’ sales per outlet, 2009-11
                                                                                              • The retailers: Market shares
                                                                                                • Figure 164: Poland: Leading clothing specialists’ shares of consumer spending on clothing and footwear, 2009-11
                                                                                            • Portugal

                                                                                              • Spending and inflation
                                                                                                • Figure 165: Portugal: Households consumption expenditure (incl vat), 2007-11
                                                                                                • Figure 166: Portugal: Harmonised indices of consumer prices: Annual % change, Jan 2011-Aug 2012
                                                                                              • Channels of distribution
                                                                                                  • Figure 167: Portugal: Estimated distribution of consumer spending on clothing and footwear, 2011
                                                                                                • Sector size and forecast
                                                                                                  • Figure 168: Portugal: Retail sales (excl vat), 2007-11
                                                                                                  • Figure 169: Portugal: Retail sales forecasts (excl vat), 2012-17
                                                                                                • The retailers: Financials and outlets
                                                                                                  • Figure 170: Portugal: Leading clothing specialists, by revenues (excl vat), 2009-11
                                                                                                  • Figure 171: Portugal: Leading clothing specialists’ outlet numbers, 2009-11
                                                                                                  • Figure 172: Portugal: Leading clothing specialists’ sales per outlet, 2009-11
                                                                                                • The retailers: Market shares
                                                                                                  • Figure 173: Portugal: Leading clothing specialists’ shares of consumer spending on clothing and footwear, 2009-11
                                                                                              • Spain

                                                                                                • Key points
                                                                                                  • Spending and inflation
                                                                                                    • Consumer spending on clothing and footwear
                                                                                                      • Figure 174: Consumer expenditure on clothing and footwear (incl sales tax), 2007-11
                                                                                                    • Inflation
                                                                                                      • Figure 175: Spain: Inflation in clothing and footwear, 2006-12
                                                                                                    • Channels of distribution
                                                                                                        • Figure 176: Spain: Distribution of consumer spending on clothing, 2011
                                                                                                      • Sector size and forecast
                                                                                                        • Figure 177: Spain: Retail sales (excl vat), 2007-11
                                                                                                        • Figure 178: Spain: Retail sales forecasts (excl vat), 2012-17
                                                                                                      • Retail enterprises
                                                                                                        • The retailers: financials and outlets
                                                                                                          • Sales
                                                                                                            • Figure 179: Spain: Leading clothing retailers, sales (excl vat), 2009-11
                                                                                                          • Outlets
                                                                                                            • Figure 180: Spain: Leading clothing retailers, outlets 2009-11
                                                                                                          • Sales per outlet
                                                                                                            • Figure 181: Spain: Leading clothing retailers, sales per outlet 2009-11
                                                                                                          • The retailers: Market shares
                                                                                                            • Figure 182: Spain: Leading clothing retailers, market shares, 2009-11
                                                                                                          • The retailers: Online
                                                                                                            • Online shoppers
                                                                                                              • Figure 183: Spain: Percentage of all individuals purchasing online in the past 12 months, 2006-11
                                                                                                            • Online retailers
                                                                                                              • Figure 184: Leading clothing specialists websites by total unique visitors, May 2012
                                                                                                          • Sweden

                                                                                                            • Spending and inflation
                                                                                                              • Figure 185: Sweden: Households consumption expenditure, 2007-11
                                                                                                              • Figure 186: Sweden: Harmonised indices of consumer prices: Annual % change, Jan 2011-Aug 2012
                                                                                                            • Channels of distribution
                                                                                                                • Figure 187: Sweden: Estimated distribution of consumer spending on clothing, 2011
                                                                                                              • Sector size and forecast
                                                                                                                • Figure 188: Sweden: Retail sales, 2007-11
                                                                                                                • Figure 189: Sweden: Retail sales forecasts, 2012-17
                                                                                                              • The retailers: Financials and outlets
                                                                                                                  • Figure 190: Sweden: Leading clothing specialists, by revenues (excl vat), 2009-11
                                                                                                                  • Figure 191: Sweden: Leading clothing specialists’ outlet numbers, 2009-11
                                                                                                                  • Figure 192: Sweden: Leading clothing specialists’ sales per outlet, 2009-11
                                                                                                                • The retailers: Market shares
                                                                                                                  • Figure 193: Sweden: Leading clothing specialists’ shares of consumer spending on clothing and footwear, 2009-11
                                                                                                              • Switzerland

                                                                                                                • Spending and inflation
                                                                                                                  • Figure 194: Switzerland: Households consumption expenditure (incl vat), 2007-11
                                                                                                                  • Figure 195: Switzerland: Harmonised indices of consumer prices: Annual % change, Jan 2011-Aug 2012
                                                                                                                • Channels of distribution
                                                                                                                    • Figure 196: Switzerland: Estimated distribution of consumer spending on clothing, 2011
                                                                                                                  • Sector size and forecast
                                                                                                                    • Figure 197: Switzerland: Retail sales (excl vat), 2007-11
                                                                                                                    • Figure 198: Switzerland: Retail sales forecasts (excl vat), 2012-17
                                                                                                                  • The retailers: Financials and outlets
                                                                                                                      • Figure 199: Switzerland: Leading clothing specialists, by revenues (excl vat), 2009-11
                                                                                                                      • Figure 200: Switzerland: Leading clothing specialists’ outlet numbers, 2009-11
                                                                                                                      • Figure 201: Switzerland: Leading clothing specialists’ sales per outlet, 2009-11
                                                                                                                    • The retailers: Market shares
                                                                                                                      • Figure 202: Switzerland: Leading clothing specialists’ shares of consumer spending on clothing and footwear, 2009-11
                                                                                                                  • United Kingdom

                                                                                                                    • Introduction
                                                                                                                      • Changes to our UK report
                                                                                                                        • Data sources
                                                                                                                          • Financial definitions
                                                                                                                            • VAT
                                                                                                                              • Sales per store, sales per sq m
                                                                                                                                • Other
                                                                                                                                  • Abbreviations
                                                                                                                                    • Executive summary
                                                                                                                                      • The market
                                                                                                                                        • Figure 203: Clothing specialists’ sales (£m, incl. VAT), 2007-17
                                                                                                                                      • Market factors
                                                                                                                                        • Companies, brands and innovation
                                                                                                                                            • Figure 204: Top ten clothing retailers’ shares of consumer spending on clothing and footwear, 2010 and 2011
                                                                                                                                          • The consumer
                                                                                                                                            • Figure 205: Main shops used for clothing in the last 12 months, instore or online, July 2012
                                                                                                                                            • Figure 206: How consumers made their most recent clothing purchase, July 2012
                                                                                                                                            • Figure 207: Consumer attitudes to clothes shopping, July 2012
                                                                                                                                            • Figure 208: Customer satisfaction levels with factors impacting on fashion purchasing, July 2012
                                                                                                                                          • What we think
                                                                                                                                            • Issues in the market
                                                                                                                                              • How vulnerable is clothing retail to external factors?
                                                                                                                                                • What’s happening to the mid-market?
                                                                                                                                                  • How does social media figure in the customer journey?
                                                                                                                                                    • What are the category-extension opportunities?
                                                                                                                                                      • In a multichannel world, what’s the value of a store?
                                                                                                                                                        • Trend application
                                                                                                                                                          • Inspire trend: Secret, Secret
                                                                                                                                                            • Inspire trend: Let’s make a deal
                                                                                                                                                              • 2015 trend: Access Anything, Anywhere
                                                                                                                                                                • Economic and demographic context
                                                                                                                                                                  • Key points
                                                                                                                                                                    • Double-dip recession
                                                                                                                                                                      • Figure 209: GDP quarterly percentage change, Q1 2009-Q2 2012
                                                                                                                                                                    • Consumer expenditure
                                                                                                                                                                      • Figure 210: GDP, PDI, consumer expenditure and savings, at constant 2012 prices, 2007-17
                                                                                                                                                                    • Deflation wiped out by pay freezes
                                                                                                                                                                      • Figure 211: Year-on-year growth in consumer prices and average earnings, Sep-2011/June 2012
                                                                                                                                                                    • Consumer confidence at a low ebb
                                                                                                                                                                      • Figure 212: UK consumer confidence, Sep 2011-Sep 2012
                                                                                                                                                                    • Unseasonal weather brings forward summer sales
                                                                                                                                                                      • Figure 213: Rainfall (1981-2010) anomalies for 2012
                                                                                                                                                                    • Under-25s now beginning to feel the pinch
                                                                                                                                                                      • Figure 214: Trends in the age structure of the UK population, 2007-17
                                                                                                                                                                    • What does this mean for clothing shops future prospects?
                                                                                                                                                                      • Consumer spending on clothing
                                                                                                                                                                        • Key points
                                                                                                                                                                          • Spending breakdown
                                                                                                                                                                            • Figure 215: UK: Forecast breakdown of consumer spending on clothing, 2012
                                                                                                                                                                            • Figure 216: UK: Breakdown of consumer spending on clothing and personal adornment, (incl VAT), 2007-12
                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                            • Key points
                                                                                                                                                                              • Recent performance
                                                                                                                                                                                • Performance in 2012
                                                                                                                                                                                  • Forecast to 2017
                                                                                                                                                                                    • Figure 217: Clothing specialists’ sales (£m, incl. VAT), 2007-17
                                                                                                                                                                                    • Figure 218: Clothing specialists’ sales (£m, incl. VAT), at current and constant prices, 2007-17
                                                                                                                                                                                  • Share of all retail
                                                                                                                                                                                    • Figure 219: Clothing specialists’ share of all retail sales (excl. automotive fuel), 2007-12
                                                                                                                                                                                  • The Mintel forecast
                                                                                                                                                                                    • Strengths and weaknesses
                                                                                                                                                                                      • Strengths
                                                                                                                                                                                        • Weaknesses
                                                                                                                                                                                          • Brand research
                                                                                                                                                                                            • Brand map
                                                                                                                                                                                                • Figure 220: Attitudes towards and usage of brands in the clothing retail sector, July 2012
                                                                                                                                                                                              • Brand attitudes
                                                                                                                                                                                                • Figure 221: Attitudes by clothing retail brand, July 2012
                                                                                                                                                                                              • Brand personality
                                                                                                                                                                                                • Figure 222: Clothing retail brand personality – macro image, July 2012
                                                                                                                                                                                                • Figure 223: Clothing retail brand personality – micro image, July 2012
                                                                                                                                                                                              • Brand experience
                                                                                                                                                                                                • Figure 224: Clothing retail brand usage, July 2012
                                                                                                                                                                                                • Figure 225: Satisfaction with various clothing retail brands, July 2012
                                                                                                                                                                                                • Figure 226: Consideration of clothing retail brands, July 2012
                                                                                                                                                                                                • Figure 227: Consumer perceptions of current clothing retail brand performance, July 2012
                                                                                                                                                                                                • Figure 228: Clothing retail brand recommendation – Net Promoter Score, July 2012
                                                                                                                                                                                              • Brand index
                                                                                                                                                                                                • Figure 229: Clothing retail brand index, July 2012
                                                                                                                                                                                                • Figure 230: Clothing retail brand index vs. recommendation, July 2012
                                                                                                                                                                                              • Target group analysis
                                                                                                                                                                                                • Figure 231: Target groups, July 2012
                                                                                                                                                                                                • Figure 232: Clothing retail brand usage, by target groups, July 2012
                                                                                                                                                                                              • Group One – Conformists
                                                                                                                                                                                                • Group Two – Simply the Best
                                                                                                                                                                                                  • Group Three – Shelf Stalkers
                                                                                                                                                                                                    • Group Four – Habitual Shoppers
                                                                                                                                                                                                      • Group Five – Individualists
                                                                                                                                                                                                        • The consumer – Retail customer profile comparison
                                                                                                                                                                                                          • Gender
                                                                                                                                                                                                            • Figure 233: Customer profile, by gender, September 2012
                                                                                                                                                                                                          • Age
                                                                                                                                                                                                            • Figure 234: Customer profile, by age, September 2012
                                                                                                                                                                                                          • Socio-economic group
                                                                                                                                                                                                            • Figure 235: Customer profile, by socio-economic group, September 2012
                                                                                                                                                                                                          • Region
                                                                                                                                                                                                            • Figure 236: Customer profile, by region, September 2012
                                                                                                                                                                                                          • State of finances
                                                                                                                                                                                                            • Figure 237: Customer profile, by state of finances, September 2012
                                                                                                                                                                                                          • The consumer – Where they shop
                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                              • What we asked
                                                                                                                                                                                                                • Where consumers buy
                                                                                                                                                                                                                  • Figure 238: Where they buy, July 2012
                                                                                                                                                                                                                • Why shops are chosen
                                                                                                                                                                                                                  • Changes in shop usage, 2011-12
                                                                                                                                                                                                                    • Figure 239: Main shops used for clothing, 2011 and 2012
                                                                                                                                                                                                                  • Where consumers buy – offline/online split
                                                                                                                                                                                                                      • Figure 240: UK: where they buy, in-store and online, July 2012
                                                                                                                                                                                                                    • Who shops where
                                                                                                                                                                                                                      • Figure 241: Profile of in-store Clothing shoppers, July 2012
                                                                                                                                                                                                                    • Primark vs TopShop
                                                                                                                                                                                                                      • Older customers
                                                                                                                                                                                                                        • Online customers
                                                                                                                                                                                                                          • Figure 242: Profile of online customers, July 2012
                                                                                                                                                                                                                        • Consumer profiles
                                                                                                                                                                                                                          • Financial health
                                                                                                                                                                                                                            • Figure 243: Retail customer bases by financial health, Sept 2012
                                                                                                                                                                                                                          • Regional bias
                                                                                                                                                                                                                            • Figure 244: Leading clothing retailers, financial health and regional bias, September 2012
                                                                                                                                                                                                                          • The consumer – How they shop
                                                                                                                                                                                                                              • Figure 245: How consumers made their most recent clothing purchase, July 2012
                                                                                                                                                                                                                              • Figure 246: Ratio of in-store to online buyers, July 2012
                                                                                                                                                                                                                            • Profiles of shoppers by how they shop
                                                                                                                                                                                                                              • Figure 247: Profile of shoppers for womens outerwear, by how they shop, July 2012
                                                                                                                                                                                                                              • Figure 248: Profile of shoppers for womens underwear by how they shop, July 2012
                                                                                                                                                                                                                              • Figure 249: Profile of shoppers for childrenswear, by how they shop, July 2012
                                                                                                                                                                                                                            • The consumer – Customer satisfaction
                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                  • Figure 250: Satisfaction levels with factors impacting on fashion purchasing, July 2012
                                                                                                                                                                                                                                  • Figure 251: Satisfaction levels with factors impacting on fashion purchasing, July 2012
                                                                                                                                                                                                                                  • Figure 252: Satisfaction levels with factors impacting on fashion purchasing, July 2012
                                                                                                                                                                                                                                • Satisfaction by retailer used
                                                                                                                                                                                                                                  • Size
                                                                                                                                                                                                                                    • Figure 253: Satisfaction with sizing, by retailer relative to the average, July 2012
                                                                                                                                                                                                                                  • Quality
                                                                                                                                                                                                                                    • Figure 254: Satisfaction with product quality, by retailer relative to the average, July 2012
                                                                                                                                                                                                                                  • Value for money
                                                                                                                                                                                                                                      • Figure 255: Satisfaction with Value for money, by retailer relative to the average, July 2012
                                                                                                                                                                                                                                    • Browsing
                                                                                                                                                                                                                                      • Figure 256: Satisfaction with ease of browsing, by retailer relative to the average, July 2012
                                                                                                                                                                                                                                    • Promotions
                                                                                                                                                                                                                                      • Figure 257: Satisfaction with promotional offers, by retailer relative to the average, July 2012
                                                                                                                                                                                                                                    • Brands
                                                                                                                                                                                                                                      • Figure 258: Satisfaction with brands available, by retailer relative to the average, July 2012
                                                                                                                                                                                                                                    • Display
                                                                                                                                                                                                                                      • Figure 259: Satisfaction with product display, by retailer relative to the average, July 2012
                                                                                                                                                                                                                                    • Style
                                                                                                                                                                                                                                      • Figure 260: Satisfaction with product styling, by retailer relative to the average, July 2012
                                                                                                                                                                                                                                    • The consumer – Attitudes to clothes shopping
                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                        • What we asked
                                                                                                                                                                                                                                          • The weather really matters
                                                                                                                                                                                                                                            • Major sporting events have far less impact
                                                                                                                                                                                                                                              • Figure 261: Consumer attitudes to clothes shopping, July 2012
                                                                                                                                                                                                                                            • Gender differences
                                                                                                                                                                                                                                              • Figure 262: Consumer attitudes to clothes shopping, by gender, July 2012
                                                                                                                                                                                                                                            • The young act quickly
                                                                                                                                                                                                                                              • Figure 263: Consumer attitudes to clothes shopping, by age, July 2012
                                                                                                                                                                                                                                            • Who shops when the weather is bad?
                                                                                                                                                                                                                                              • Figure 264: Those who often visit their local shopping centre when the weather is bad, by socio-economic group, July 2012
                                                                                                                                                                                                                                            • The Burton shopper’s mentality
                                                                                                                                                                                                                                              • Figure 265: Burton shopper attitudes, July 2012
                                                                                                                                                                                                                                            • Fashion followers exhibit similar patterns of behaviour
                                                                                                                                                                                                                                                • Figure 266: Consumer attitudes, by select young fashion retailer, July 2012
                                                                                                                                                                                                                                              • Who’s innovating?
                                                                                                                                                                                                                                                • Multidimensional in-store experience
                                                                                                                                                                                                                                                  • M&S TV app
                                                                                                                                                                                                                                                    • Virtual reality experience that mirrors real-life
                                                                                                                                                                                                                                                      • Personal clothes shopping service for disabled shoppers
                                                                                                                                                                                                                                                        • Developing the multichannel retail strategy
                                                                                                                                                                                                                                                          • iPad point of sale
                                                                                                                                                                                                                                                            • Clothing on wheels
                                                                                                                                                                                                                                                              • Cash-for-clothing shops thriving in recessionary times
                                                                                                                                                                                                                                                                • Shwopping
                                                                                                                                                                                                                                                                  • Clothes that bridge the gap between the physical and the digital
                                                                                                                                                                                                                                                                    • A well-stocked bricks-and-mortar offering
                                                                                                                                                                                                                                                                      • Rewarding mobile-connective shoppers who visit physical clothing shops
                                                                                                                                                                                                                                                                        • Channels of distribution
                                                                                                                                                                                                                                                                          • The online/offline split
                                                                                                                                                                                                                                                                            • Figure 267: UK: Estimated distribution of spending on clothing, by online/offline sales, 2010-12
                                                                                                                                                                                                                                                                          • By retail sector
                                                                                                                                                                                                                                                                              • Figure 268: Estimated distribution of spending on clothing, 2009-11
                                                                                                                                                                                                                                                                            • Space allocation summary
                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                  • Figure 269: Space allocation for men’s, women’s and childrenswear, September 2012
                                                                                                                                                                                                                                                                                • Space allocations: Detailed estimates
                                                                                                                                                                                                                                                                                  • Figure 270: Space allocation estimates, M&S, Next, Zara, Debenhams, Primark, H&M, September 2012
                                                                                                                                                                                                                                                                                  • Figure 271: Space allocation estimates: TK Maxx, Matalan, Asda, Tesco, Sainsbury’s, New Look, September 2012
                                                                                                                                                                                                                                                                                  • Figure 272: Space allocation estimates: Womenswear specialists, September 2012
                                                                                                                                                                                                                                                                                  • Figure 273: Menswear specialists, September 2012
                                                                                                                                                                                                                                                                                • Retail product mix
                                                                                                                                                                                                                                                                                  • Clothing retailers: Estimated sales breakdown
                                                                                                                                                                                                                                                                                    • Figure 274: Estimated sales breakdown, M&S, Next, Debenhams, Primark, TK Maxx, New Look, 2011/12
                                                                                                                                                                                                                                                                                    • Figure 275: Estimated sales breakdown, Matalan, Asda, Tesco, Sainsbury’s, Zara, H&M, 2011/12
                                                                                                                                                                                                                                                                                  • Arcadia chains
                                                                                                                                                                                                                                                                                    • Figure 276: Arcadia chains: Estimated sales breakdown, 2011/12
                                                                                                                                                                                                                                                                                  • Sales density
                                                                                                                                                                                                                                                                                    • Figure 277: Major clothing retailers, sales densities by product, 2011
                                                                                                                                                                                                                                                                                    • Figure 278: Major clothing retailers, sales densities by product, 2011 ctd
                                                                                                                                                                                                                                                                                  • Market shares by product
                                                                                                                                                                                                                                                                                    • Figure 279: Clothing and footwear estimated market size (excl VAT), 2011
                                                                                                                                                                                                                                                                                    • Figure 280: Major clothing retailers: estimated market share by product, 2011
                                                                                                                                                                                                                                                                                    • Figure 281: Major clothing retailers: estimated market share by product, 2011 Ctd
                                                                                                                                                                                                                                                                                  • The retailers: Financials and outlets
                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                      • Introduction
                                                                                                                                                                                                                                                                                        • Value fashion: New Look falters
                                                                                                                                                                                                                                                                                          • Mid-market: M&S struggles
                                                                                                                                                                                                                                                                                            • Fast-fashion: Inditex soars
                                                                                                                                                                                                                                                                                              • Others: EWM surprises
                                                                                                                                                                                                                                                                                                  • Figure 282: Leading 25 clothing specialists, ranked by 2010 revenues (excl. VAT), 2007-11
                                                                                                                                                                                                                                                                                                  • Figure 283: Leading 25 clothing specialists’ revenues: compound annual growth rates, 2007-11
                                                                                                                                                                                                                                                                                                • Outlets and sales per outlet
                                                                                                                                                                                                                                                                                                  • Figure 284: Leading 25 clothing specialists’ outlet numbers, 2007-11
                                                                                                                                                                                                                                                                                                  • Figure 285: Leading 25 clothing specialists’ sales per outlet, 2007-11
                                                                                                                                                                                                                                                                                                  • Figure 286: Leading 25 clothing specialists’ sales per outlet: compound annual growth rates, 2007-11
                                                                                                                                                                                                                                                                                                • Sales area and sales densities
                                                                                                                                                                                                                                                                                                  • Figure 287: Selected leading clothing specialists’ total sales area and average store size, 2007-11
                                                                                                                                                                                                                                                                                                  • Figure 288: Selected leading clothing specialists’ total sales area: Compound annual growth rates, 2007-11
                                                                                                                                                                                                                                                                                                  • Figure 289: Selected leading clothing specialists’ sales per sq m, 2007-11
                                                                                                                                                                                                                                                                                                  • Figure 290: Selected leading clothing specialists’ sales per sq m: compound annual growth rates, 2007-11
                                                                                                                                                                                                                                                                                                • Operating profits and margins
                                                                                                                                                                                                                                                                                                  • Figure 291: Selected leading clothing specialists’ operating profits, 2007-11
                                                                                                                                                                                                                                                                                                  • Figure 292: Selected leading clothing specialists’ operating margins, 2007-11
                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                  • In brief: the top ten
                                                                                                                                                                                                                                                                                                    • Figure 293: Top ten clothing retailers’ shares of consumer spending on clothing and footwear, 2010 and 2011
                                                                                                                                                                                                                                                                                                  • In detail: the top 20
                                                                                                                                                                                                                                                                                                      • Figure 294: Top 20 clothing retailers’ shares of consumer spending on clothing and footwear, 2009-11
                                                                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                        • The online market
                                                                                                                                                                                                                                                                                                          • Online clothing sales
                                                                                                                                                                                                                                                                                                            • Figure 295: UK: Estimated online sales of clothing (incl. VAT), 2007-12
                                                                                                                                                                                                                                                                                                          • Leading retailers’ online revenues and online market shares
                                                                                                                                                                                                                                                                                                              • Figure 296: Major clothing retailers’ estimated online clothing sales and share of all online clothing spending (excl VAT), 2011
                                                                                                                                                                                                                                                                                                            • Profiling leading retailers’ online visitors
                                                                                                                                                                                                                                                                                                              • Figure 297: Leading clothing retailers: Composition of unique visitors to websites, by age, three month average to August 2012
                                                                                                                                                                                                                                                                                                              • Figure 298: Leading clothing retailers: Composition of unique visitors to websites, by sex, three month average to August 2012
                                                                                                                                                                                                                                                                                                              • Figure 299: Leading clothing retailers: Composition of unique visitors to websites, by social grade, three month average to August 2012
                                                                                                                                                                                                                                                                                                            • Leading sites by visitor numbers
                                                                                                                                                                                                                                                                                                              • Figure 300: Leading clothing-retail/department store websites, by total unique visitors, three month average to Aug 2012
                                                                                                                                                                                                                                                                                                            • The consumer: Shopping online by category
                                                                                                                                                                                                                                                                                                              • Figure 301: UK: What has been bought online in the last 12 months, leading categories, May 2012
                                                                                                                                                                                                                                                                                                            • The consumer: shopping online by device
                                                                                                                                                                                                                                                                                                              • Figure 302: UK: Percentage of consumers having shopped online (for any goods) in the last three months, July 2012
                                                                                                                                                                                                                                                                                                            • Social media
                                                                                                                                                                                                                                                                                                              • The consumer: social media usage
                                                                                                                                                                                                                                                                                                                • Figure 303: UK: Social media websites visited, April 2012
                                                                                                                                                                                                                                                                                                                • Figure 304: UK: Social media sites used for making contact with or sharing thoughts on clothing brands or designers, April 2012
                                                                                                                                                                                                                                                                                                                • Figure 305: UK: Use of social media for fashion, when feeling positively or negatively about a brand, April 2012
                                                                                                                                                                                                                                                                                                              • The consumer: Usage of Facebook and Twitter
                                                                                                                                                                                                                                                                                                                • Figure 306: Usage of Facebook and Twitter for making contact with or sharing thoughts on clothing brands or designers, by age group and sex, April 2012
                                                                                                                                                                                                                                                                                                                • Figure 307: UK: Use of Facebook for fashion, April 2012
                                                                                                                                                                                                                                                                                                                • Figure 308: UK: Use of Twitter for fashion, April 2012
                                                                                                                                                                                                                                                                                                              • Retailers’ social media innovations
                                                                                                                                                                                                                                                                                                                • Social media follower numbers
                                                                                                                                                                                                                                                                                                                  • Figure 309: UK: Leading clothing retailers’ social media follower numbers, October 2012
                                                                                                                                                                                                                                                                                                                • Retail advertising and promotion
                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                    • Advertising spend continues upward trend
                                                                                                                                                                                                                                                                                                                        • Figure 310: Main media advertising spend, by leading clothing retailers, 2008-11
                                                                                                                                                                                                                                                                                                                      • The press and TV are the most favoured advertising medium
                                                                                                                                                                                                                                                                                                                        • Figure 311: Percentage breakdown of leading clothing retailers’ advertising spend, by media type, 2011
                                                                                                                                                                                                                                                                                                                      • What we have seen in 2012
                                                                                                                                                                                                                                                                                                                        • Appendix – Brand research
                                                                                                                                                                                                                                                                                                                          • Figure 312: Brand usage, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 313: Brand commitment, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 314: Brand commitment, July 2012 (continued)
                                                                                                                                                                                                                                                                                                                          • Figure 315: Brand momentum, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 316: Brand momentum, July 2012 (continued)
                                                                                                                                                                                                                                                                                                                          • Figure 317: Brand diversity, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 318: Brand diversity, July 2012 (continued)
                                                                                                                                                                                                                                                                                                                          • Figure 319: Brand satisfaction, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 320: Brand satisfaction, July 2012 (continued)
                                                                                                                                                                                                                                                                                                                          • Figure 321: Brand recommendation, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 322: Brand recommendation, July 2012 (continued)
                                                                                                                                                                                                                                                                                                                          • Figure 323: Brand attitude, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 324: Brand attitude, July 2012 (continued)
                                                                                                                                                                                                                                                                                                                          • Figure 325: Brand image – Macro Image, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 326: Brand image – Macro Image, July 2012 (continued)
                                                                                                                                                                                                                                                                                                                          • Figure 327: Brand image – Micro Image, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 328: Brand image – Micro Image, July 2012 (consumer)
                                                                                                                                                                                                                                                                                                                          • Figure 329: Profile of target groups, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 330: Psychographic segmentation, by target groups, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 331: Brand usage, by target groups, July 2012
                                                                                                                                                                                                                                                                                                                        • Brand index
                                                                                                                                                                                                                                                                                                                          • Figure 332: Brand index, July 2012
                                                                                                                                                                                                                                                                                                                        • Appendix – The consumer: Where they shop
                                                                                                                                                                                                                                                                                                                          • Figure 333: Most popular clothing retailers purchased from in the last 12 months, instore and online, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 334: Next most popular clothing retailers purchased from in the last 12 months, instore and online, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 335: Other clothing retailers purchased from in the last 12 months, instore and online, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 336: Popular clothing retailers purchased from in the last 12 months, instore and online, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 337: Least popular clothing retailers purchased from in the last 12 months, instore and online, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 338: Most popular clothing retailers purchased from in the last 12 months, instore, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 339: Next most popular clothing retailers purchased from in the last 12 months, instore, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 340: Other clothing retailers purchased from in the last 12 months, instore, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 341: Least popular clothing retailers purchased from in the last 12 months, instore, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 342: Most popular clothing retailers purchased from in the last 12 months, online, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 343: Next most popular clothing retailers purchased from in the last 12 months, online, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 344: Other clothing retailers purchased from in the last 12 months, online, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 345: Least popular clothing retailers purchased from in the last 12 months, online, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                        • Appendix – The consumer: How they shop
                                                                                                                                                                                                                                                                                                                          • Figure 346: How consumers purchased women's wear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 347: How consumers purchased women’s outerwear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 348: How consumers purchased women’s underwear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 349: How consumers purchased menswear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 350: How consumers purchased men’s outerwear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 351: How consumers purchased men’s underwear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 352: How consumers purchased kids’ wear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 353: How consumers purchased childrenswear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 354: How consumers purchased babywear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 355: How consumers purchased fashion accessories, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 356: How consumers purchased footwear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                        • Appendix – The consumer: Customer satisfaction
                                                                                                                                                                                                                                                                                                                          • Figure 357: Satisfaction levels with availability of product in my size, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 358: Satisfaction levels with product quality, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 359: Satisfaction levels with value for money, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 360: Satisfaction levels with ease of browsing, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 361: Satisfaction levels with promotional offers, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 362: Satisfaction levels with brands available, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 363: Satisfaction levels with way products are displayed, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 364: Satisfaction levels with style of products available, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 365: Satisfaction levels with staff advice, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 366: Satisfaction levels with changing rooms, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 367: Satisfaction levels with queuing at the till, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 368: Satisfaction levels with store tidiness, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 369: Satisfaction levels with online customer service, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 370: Satisfaction levels with online delivery, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 371: Satisfaction levels with online style advice, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                        • Appendix – The consumer: Attitudes to clothes shopping
                                                                                                                                                                                                                                                                                                                          • Figure 372: Most popular consumer attitudes towards clothes shopping, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                          • Figure 373: Next most popular consumer attitudes towards clothes shopping, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                      • Arcadia Group

                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                            • A mixed picture
                                                                                                                                                                                                                                                                                                                              • Fashion brands: winners – and losers?
                                                                                                                                                                                                                                                                                                                                • BHS: finally on the path to recovery?
                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                      • Figure 374: Arcadia Group: Group financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                      • Figure 375: Arcadia Group: Outlet data, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                    • Asda

                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                          • George, a pioneer in food retailer fashion
                                                                                                                                                                                                                                                                                                                                            • New stores, less space
                                                                                                                                                                                                                                                                                                                                              • So appeal must grow
                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                    • Figure 376: Asda Group Ltd: Group financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                    • Figure 377: Asda Group Ltd: Outlet data, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                  • C&A Europe

                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                        • Facing squeeze on all fronts
                                                                                                                                                                                                                                                                                                                                                          • Eastern Europe focus for expansion
                                                                                                                                                                                                                                                                                                                                                            • Online key for growth
                                                                                                                                                                                                                                                                                                                                                              • Consolidating the brand
                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                    • Figure 378: C&A: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                    • Figure 379: C&A: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                  • Carrefour

                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                        • Domestic issues
                                                                                                                                                                                                                                                                                                                                                                          • Focusing on fashion
                                                                                                                                                                                                                                                                                                                                                                            • No online clothing offer
                                                                                                                                                                                                                                                                                                                                                                              • Future still fragile
                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 380: Carrefour: Group financial performance, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 381: Carrefour: Outlet data, 2007-11
                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                  • Debenhams

                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                        • Getting it right
                                                                                                                                                                                                                                                                                                                                                                                          • Improving the offer
                                                                                                                                                                                                                                                                                                                                                                                            • Loosening the purse-strings
                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 382: Debenhams: Group financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 383: Debenhams: Outlet data, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 384: Debenhams: Breakdown of sales by brand type, 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 385: Debenhams: Breakdown of own-bought product sales by category, 2010/11
                                                                                                                                                                                                                                                                                                                                                                                              • Edinburgh Woollen Mill

                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 386: Edinburgh Woollen Mill: Estimated customer base of retail businesses, 2012
                                                                                                                                                                                                                                                                                                                                                                                                  • A major challenge
                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 387: The Edinburgh Woollen Mill Ltd: Group financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 388: The Edinburgh Woollen Mill Ltd: Outlet data, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 389: The Edinburgh Woollen Mill Group: estimated pro-forma sales and outlets, 2011/12
                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                      • El Corte Inglés

                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                            • Holding its own in a tough market
                                                                                                                                                                                                                                                                                                                                                                                                              • A national institution
                                                                                                                                                                                                                                                                                                                                                                                                                • Online could do better
                                                                                                                                                                                                                                                                                                                                                                                                                  • Tough times ahead
                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 390: El Corte Ingles: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 391: El Corte Ingles: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                      • Esprit

                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                            • Bumpy road ahead
                                                                                                                                                                                                                                                                                                                                                                                                                              • Restoring brand credibility
                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 392: Esprit: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 393: Esprit: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 394: Esprit: Sales split by product type, 2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                • Gruppo Coin

                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Resilient in the face of hard times and stiff competition
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consolidating the business through acquisitions
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Tapping into the luxury sector
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 395: Gruppo Coin: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 396: Gruppo Coin: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Grupo Inditex

                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 397: Grupo Inditex: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 398: Grupo Inditex: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • H&M

                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Still room to grow
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Compelling offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online improving
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 399: H&M Hennes & Mauritz: Group financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 400: H&M Hennes & Mauritz: Outlet data, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • House of Fraser

                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Premium positioning paying off
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Multi-channel key for growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • New Houseoffraser.com concept stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Focus on House Brand development
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 401: House of Fraser Plc: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 402: House of Fraser Plc: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • John Lewis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 403: John Lewis Plc: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 404: John Lewis Plc: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Marks & Spencer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Changing customer profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 405: M&S: Customer profile by age and socio-economic group, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Food vs clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Personalities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 406: Marks & Spencer: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 407: Marks & Spencer: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Matalan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Keeping focus on value
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Expansion to tap into new regions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Looking to multichannel to revive growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 408: Matalan Ltd: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 409: Matalan Ltd: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New Look

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • McGeorge yet to make mark
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Multichannel coming to fore
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • 2012 hopeful despite poor weather
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online and international for the long term
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 410: New Look Group Plc: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 411: New Look Group Plc: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Next Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online-offline
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Larger stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Doubts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 412: Next Group: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 413: Next Group: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Otto Group (Multichannel Retail)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Multi-brand strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK rejuvenation needed
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 414: Otto Group (Multichannel Retail): Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Primark Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Management handover
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • No online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • ABF connection
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 415: Primark/Penneys: Group financial performance, 2006/07-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 416: Primark/Penneys: Outlet data, 2006/07-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • River Island

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • No direction?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Looking to accessories…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • …and overseas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 417: River Island Clothing Co Ltd: Group financial performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 418: River Island Clothing Co Ltd: Outlet data, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tesco

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 419: Tesco Plc: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 420: Tesco Plc: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • T.K. Maxx

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Keeping focus on value
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Pursuing further expansion in Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 421: TJX Europe (TK Maxx): Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 422: TJX Europe (TK Maxx): Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – Broader Market Environment

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 423: Europe: Population, by age group, 2005
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 424: Europe: Population, by age group, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 425: Europe: Population, by age group, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 426: Europe: Population, by age group, 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • GDP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 427: Europe: GDP (current prices), 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 428: Europe: Year-on-year growth in GDP (current prices), 2002-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 429: Europe: Year-on-year growth in GDP (constant prices), 2002-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 430: Europe: Households’ consumer spending (current prices), 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 431: Europe: Year-on-year growth in households’ consumption expenditure (current prices), 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 432: Europe: Year-on-year growth in households’ consumption expenditure (constant prices), 2007-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumer prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 433: Europe: Harmonised index of consumer prices, 2001-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Unemployment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 434: Europe: Average rate of unemployment, 2002-12 Q2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Interest rates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 435: Europe: Interest rates, 2007-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumer confidence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 436: Europe: Consumer confidence, Oct 2011-Sep 2012

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Alexon Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • All Saints
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Arcadia Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Aurora fashions UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Bhs Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Boden UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Bonmarché
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Debenhams (UK and Republic of Ireland)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Dorothy Perkins old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Dunnes Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Fat Face Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • French Connection (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Gap Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Grupo Inditex
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Hugo Boss
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Inditex UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Jane Norman Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • John Lewis Plc (department store)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • La Senza Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Lipsy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Mackays Stores Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Mango Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Marks & Spencer (UK) clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Matalan Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Miss Selfridge
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Monsoon Accessorize Ltd - UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Moss Bros Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Peacock Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Peacocks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Primark/Penneys
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Pull & Bear UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • River Island Clothing Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Shop Direct Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • SuperGroup Plc (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The Edinburgh Woollen Mill Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The TJX Companies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Topman old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Topshop old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Wallis old

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Clothing Retailing - Europe - October 2012

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  £2,895.00 (Excl.Tax)