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Clothing Retailing - Europe - October 2014

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.

This data in its entirety is contained in the 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.

As in previous years, the focus of the European clothing report is the clothing specialists, because these are the dominant players in the sector. Nevertheless, for each country in this report we provide total consumer spending data for clothing, which includes expenditure through all channels. And we include Mintel’s Channels of Distribution estimates for each European country, which indicate how this spending is distributed by retail sector.

This year, our exclusive consumer research spanned the UK, France, Germany, Italy and Spain. In each of these markets, we asked consumers which retailers they had bought clothing from in the past year, and whether this was online or offline, and how important certain attributes are to them when shopping for clothes.

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Table of contents

  1. Executive Summary – Europe

    • Consumer spending on clothing: growth recovers
      • Figure 1: Europe: Consumer spending on clothing, (incl sales tax), 2009-14
    • Spending by country: big five dominate
      • Figure 2: Europe: Estimated consumer spending on clothing, by country (incl sales tax), 2014
      • Figure 3: Europe: Estimated per-capita consumer spending on clothing, by country (incl sales tax), 2014
    • The specialists sector in Europe: lagging growth in spending
      • Figure 4: Europe: Clothing and footwear specialists’ sales (excl sales tax), 2009-14
      • Figure 5: Europe: Clothing and footwear specialists’ sales forecast (excl sales tax), 2014-19
    • Europe’s leading specialists: Young-fashion leaders pull ahead
      • Figure 6: Europe: Leading clothing specialists’ market shares, 2012 and 2013
  2. Introduction and Report Scope

    • Report coverage
      • Definitions
        • Retail sector definitions
          • Consumer spending definitions
            • Financial definitions
              • Currencies
                • Sales tax rates
                  • Figure 7: VAT rates, 2010-14
                • Abbreviations
                • European Summary – The Market

                  • Key points
                    • Spending
                      • Figure 8: Europe: Consumer spending on clothing, by country (incl sales tax), 2009-14
                      • Figure 9: Estimated per-capita consumer spending on clothing, by country (incl sales tax), 2014
                      • Figure 10: Europe: Per-capita consumer spending on clothing, by country (incl sales tax), 2009-14
                    • Online sales estimates
                      • Figure 11: Europe: Estimated online sales of clothing and footwear, 2013 and 2014
                      • Figure 12: Europe: Estimated online sales as % of all spending on clothing and footwear, 2013 and 2014
                    • Major online-only retailers
                      • Figure 13: Europe: Selected major online-only retailers’ revenues, 2012 and 2013
                    • Europe’s clothing specialists sector
                      • Figure 14: Europe: Clothing and footwear specialists’ sales (excl sales tax), 2009-14
                      • Figure 15: Europe: Clothing and footwear specialists’ sales forecasts (excl sales tax), 2014-19
                    • Europe’s leading clothing specialists
                      • Figure 16: Europe: Leading clothing specialists’ net revenues, 2009-13
                    • Store numbers
                      • Figure 17: Europe: Leading clothing specialists’ outlet numbers, 2009-13
                  • European Summary – The Consumer

                    • Key points
                      • Where they shop: European comparisons
                          • Figure 18: Europe: The consumer: Purchasing of clothing in past 12 months, August 2014 (July 2014 for UK)
                        • Online-only retailers
                            • Figure 19: Europe: The consumer: Purchasing of clothing from online-only retailers in past 12 months, August 2014 (July 2014 for UK)
                          • Supermarket retailers
                            • Figure 20: Europe: The consumer: Purchasing of clothing from supermarket retailers in past 12 months, August 2014 (July 2014 for UK)
                          • Sports goods retailers
                            • Figure 21: Europe: The consumer: Purchasing of clothing from sports stores in past 12 months, August 2014 (July 2014 for UK)
                          • Where they shop: by country
                              • Figure 22: Retailers used to buy clothes in-store or online in the last 12 months, UK, July 2014
                              • Figure 23: Retailers used to buy clothes in-store or online in the last 12 months, France, August 2014
                              • Figure 24: Retailers used to buy clothes in-store or online in the last 12 months, Germany, August 2014
                              • Figure 25: Retailers used to buy clothes in-store or online in the last 12 months, Italy, August 2014
                              • Figure 26: Retailers used to buy clothes in-store or online in the last 12 months, Spain, August 2014
                            • What they want online
                                • Figure 27: Europe: The consumer: Services that would encourage consumers to buy/buy more online, July/August 2014
                            • Austria

                              • Clothing retailing in Austria
                                • The market
                                  • The retailers
                                    • Market size
                                      • Figure 28: Austria: Households’ expenditure on clothing (incl. VAT), 2009-14 (current prices)
                                      • Figure 29: Austria: Households consumption expenditure (incl. VAT), 2009-14 (current prices)
                                    • Inflation
                                      • Figure 30: Austria: Consumer prices: annual % change, January 2013-August 2014
                                    • Clothing retail sector size
                                      • Figure 31: Austria: Specialist clothing retailers’ sales (excl. VAT), 2009-14
                                      • Figure 32: Austria: Retail sales (excl. VAT), 2009-14
                                      • Figure 33: Austria: Retail sales forecasts (excl. VAT), 2015-19
                                    • The leading specialist retailers – Financials and outlets
                                      • Figure 34: Austria: Top clothing retailers, by sales (excl VAT), 2011-13
                                      • Figure 35: Austria: Top clothing retailers, outlet numbers, 2011-13
                                      • Figure 36: Austria: Top clothing retailers, sales per outlet, 2011-13
                                      • Figure 37: Austria: Top clothing retailers, market shares (estimated), 2011-13
                                    • Online
                                      • Figure 38: Austria: Percentage of all individuals having purchased clothing or sports goods online in the past 12 months, selected categories, 2009-13
                                  • Belgium

                                    • Clothing retailing in Belgium
                                      • The market
                                        • The retailers
                                          • Other channels
                                            • Market size
                                              • Figure 39: Belgium: Households consumption expenditure on clothing (incl. VAT), 2009-14 (current prices)
                                              • Figure 40: Belgium: Households consumption expenditure (incl. VAT), 2009-14 (current prices)
                                            • Clothing retail sector size
                                              • Figure 41: Belgium: Clothing retailers’ sales (excl. VAT), 2009-14
                                              • Figure 42: Belgium: Retail sales (excl. VAT), 2009-14
                                              • Figure 43: Belgium: Retail sales forecasts (excl. VAT), 2015-19
                                            • Inflation
                                              • Figure 44: Belgium: Consumer prices: Annual % change, January 2013-August 2014
                                            • The leading specialist retailers – Financials and outlets
                                              • Figure 45: Belgium: Top ten clothing retailers, by sales (excl VAT), 2011-13
                                              • Figure 46: Belgium: Top ten clothing retailers, Outlet numbers, 2011-13
                                              • Figure 47: Belgium: Top ten clothing retailers, sales per outlet, 2011-13
                                              • Figure 48: Belgium: Top ten clothing retailers, market shares, 2011-13
                                            • Online
                                              • Figure 49: Belgium: Percentage of all individuals having purchased clothing or sports goods online in the past 12 months, selected categories, 2009-13
                                          • Czech Republic

                                            • Clothing retailing in the Czech Republic
                                              • The market
                                                • The retailers
                                                  • Market size
                                                    • Figure 50: Czech Republic: Households’ expenditure on clothing (incl. VAT), 2009-14 (current prices)
                                                    • Figure 51: Czech Republic: Households consumption expenditure (current prices incl. VAT), 2009-14
                                                    • Figure 52: Czech Republic: Consumer prices: annual % change, January 2013-August 2014
                                                  • Clothing retail sector size
                                                    • Figure 53: Czech Republic: Specialist clothing retailers’ sales (excl. VAT), 2009-14
                                                    • Figure 54: Czech Republic: Retail sales (excl. VAT), 2009-14
                                                    • Figure 55: Czech Republic: Retail sales forecasts (excl. VAT), 2015-19
                                                  • The leading specialist retailers – Financials and outlets
                                                    • Figure 56: Czech Republic: Top clothing retailers, by sales (excl VAT), 2011-13
                                                    • Figure 57: Czech Republic: Top clothing retailers, outlet numbers, 2011-13
                                                    • Figure 58: Czech Republic: Top clothing retailers, sales per outlet, 2011-13
                                                    • Figure 59: Czech Republic: Top clothing retailers, market shares (estimated), 2011-13
                                                  • Online
                                                    • Figure 60: Czech Republic: Percentage of all individuals having purchased clothing or sports goods online in the past 12 months, selected categories, 2009-13
                                                • Denmark

                                                  • Clothing retailing in Denmark
                                                    • The market
                                                      • The retailers
                                                        • Other channels
                                                          • Market size
                                                            • Figure 61: Denmark: Households consumption expenditure on clothing (current prices incl. VAT), 2009-14
                                                            • Figure 62: Denmark: Households consumption expenditure (incl. VAT), 2009-14 (current prices)
                                                          • Inflation
                                                            • Figure 63: Denmark: Consumer prices: Annual % change, January 2013-August 2014
                                                          • Clothing retail sector size
                                                            • Figure 64: Denmark: Clothing retailers’ sales (excl. VAT), 2009-14
                                                            • Figure 65: Denmark: Retail sales (excl. VAT), 2009-14
                                                            • Figure 66: Denmark: Retail sales forecasts (excl. VAT), 2015-19
                                                          • The leading specialist retailers – Financials and outlets
                                                            • Figure 67: Denmark: Top ten clothing retailers, by sales (excl VAT), 2011-13
                                                            • Figure 68: Denmark: Top ten clothing retailers, outlet numbers, 2011-13
                                                            • Figure 69: Denmark: Top ten clothing retailers, sales per outlet, 2011-13
                                                            • Figure 70: Denmark: Top ten clothing retailers, market shares, 2011-13
                                                          • Online
                                                              • Figure 71: Denmark: Percentage of all individuals having purchased clothing or sports goods online in the past 12 months, selected categories, 2009-13
                                                          • Finland

                                                            • Clothing retailing in Finland
                                                              • The market
                                                                • The retailers
                                                                  • Other channels
                                                                    • Market size
                                                                      • Figure 72: Finland: Households consumption expenditure on clothing (incl. VAT), 2009-14 (current prices)
                                                                      • Figure 73: Finland: Households consumption expenditure (incl. VAT), 2009-14 (current prices)
                                                                    • Inflation
                                                                      • Figure 74: Finland: Consumer prices (HICP): Annual % change, January 2013-August 2014
                                                                    • Clothing retail sector size
                                                                      • Figure 75: Finland: Clothing retailers’ sales (excl. VAT), 2009-14
                                                                      • Figure 76: Finland: Retail sales (excl. VAT), 2009-14
                                                                      • Figure 77: Finland: Retail sales forecasts (excl. VAT), 2015-19
                                                                    • The leading specialist retailers – Financials and outlets
                                                                      • Figure 78: Finland: Top ten clothing retailers, by sales (excl VAT), 2011-13
                                                                      • Figure 79: Finland: Top ten clothing retailers, outlet numbers, 2011-13
                                                                      • Figure 80: Finland: Top ten clothing retailers, sales per outlet, 2011-13
                                                                      • Figure 81: Finland: Top ten clothing retailers, market shares, 2011-13
                                                                    • Online
                                                                      • Figure 82: Finland: Percentage of all individuals having purchased clothing or sports goods online in the past 12 months, selected categories, 2009-13
                                                                  • France

                                                                    • Executive summary
                                                                      • Spending and inflation
                                                                        • Sector size and forecast
                                                                          • Channels of distribution
                                                                            • The retailers – Financials and outlets
                                                                              • Online
                                                                                • The consumer
                                                                                  • What we think
                                                                                    • Spending and inflation
                                                                                      • Key points
                                                                                        • Figure 83: France: Consumer spending (inc VAT), 2010-14
                                                                                      • Inflation
                                                                                        • Figure 84: France: Clothing and footwear inflation, Aug 2013- Aug 14
                                                                                      • Consumer confidence
                                                                                        • Figure 85: France: Consumer confidence, 2007-14
                                                                                      • Channels of distribution
                                                                                        • Key points
                                                                                          • Figure 86: France: Estimated channels of distribution for clothing and footwear, 2013
                                                                                        • Sector size and forecast
                                                                                          • Key points
                                                                                            • Figure 87: France: Clothing retailers sales, 2009-14
                                                                                            • Figure 88: France: Forecast clothing retailers sales, 2014-19
                                                                                          • Specialists performing well
                                                                                            • Figure 89: France: Clothing and footwear specialists sales as % all retail sales (exc fuel), 2009-14
                                                                                          • Enterprises and employment
                                                                                            • Figure 90: France: Clothing and footwear retailers: Enterprise data, 2008-11
                                                                                            • Figure 91: France: Clothing and footwear retailers: Employment data, 2008-11
                                                                                          • The leading specialists – Financials and outlets
                                                                                            • Key points
                                                                                                • Figure 92: France: Leading clothing retailers, sales (excl-VAT), 2011-13
                                                                                                • Figure 93: France: Leading clothing retailers, Outlet numbers 2011-13
                                                                                                • Figure 94: France: Leading clothing retailers sales per outlet, 2011-13
                                                                                              • Market shares
                                                                                                • Figure 95: France: Leading clothing retailers: Market shares, 2011-13
                                                                                              • Online
                                                                                                • Key points
                                                                                                  • Figure 96: France: Online buyers of clothing in previous three months, 2009-13
                                                                                                • Retailers
                                                                                                  • The consumer – Where they shop
                                                                                                    • Key points
                                                                                                        • Figure 97: France: Where people shopped in the last 12 months, August 2014
                                                                                                      • Who shops where
                                                                                                        • Figure 98: France: Profile of shoppers from leading retailers, August 2014
                                                                                                        • Figure 99: France: The consumer: Selected major retailers used to buy clothes in-store or online in the last 12 months, August 2014/August 2013
                                                                                                      • Online shoppers
                                                                                                        • Figure 100: France: Customer profile of online clothing retailers, August 2014
                                                                                                      • The consumer – What they want online
                                                                                                          • Figure 101: France: What would make consumers buy more clothing online, August 2014.
                                                                                                        • Who wants what?
                                                                                                          • Figure 102: France: Profile of what shoppers want to make them shop more online, August 2014
                                                                                                          • Figure 103: France: Attitudes to online shopping by shops actually used, August 2014
                                                                                                          • Figure 104: France: Attitudes to online shopping by shops actually used, August 2014 (continued)
                                                                                                      • Germany

                                                                                                        • Executive summary
                                                                                                          • Consumer spending
                                                                                                            • Specialists sector
                                                                                                              • Leading specialists
                                                                                                                • Online
                                                                                                                  • The consumer: where they shop
                                                                                                                    • The consumer: what they want online
                                                                                                                      • What we think
                                                                                                                        • Spending and inflation
                                                                                                                          • Key points
                                                                                                                            • Raised inflation likely to underpin spending in 2014
                                                                                                                              • Figure 105: Germany: Consumer spending (incl VAT), 2009-14
                                                                                                                              • Figure 106: Germany: Harmonised indices of consumer prices: Annual % change, Jan 13-Aug 14
                                                                                                                              • Figure 107: Germany: Harmonised indices of consumer prices: annual % change, 2009-13
                                                                                                                              • Figure 108: Global cotton prices: Annual % change, January 2013-July 2014
                                                                                                                            • Channels of distribution
                                                                                                                                • Figure 109: Germany: Estimated distribution of consumer spending on clothing, by value, in % terms, 2012-14
                                                                                                                                • Figure 110: Germany: Estimated distribution of consumer spending on clothing, by value, in € (incl VAT), 2012-14
                                                                                                                              • Sector size and forecast
                                                                                                                                • Key points
                                                                                                                                  • Specialists lag spending growth
                                                                                                                                    • Figure 111: Germany: Retail sales (excl VAT), 2009-14
                                                                                                                                    • Figure 112: Germany: Retail sales forecasts (excl VAT), 2014-19
                                                                                                                                  • The leading specialists – Financial and outlets
                                                                                                                                    • Key points
                                                                                                                                      • International retailers outperform
                                                                                                                                          • Figure 113: Germany: Leading clothing specialists: Net revenues, 2011-13
                                                                                                                                          • Figure 114: Germany: Leading clothing specialists: outlet numbers, 2011-13
                                                                                                                                          • Figure 115: Germany: Leading clothing specialists: Annual sales per outlet, 2011-13
                                                                                                                                        • Market shares
                                                                                                                                          • Figure 116: Germany: Leading specialist retailers’ shares of spending on clothing and footwear, 2011-13
                                                                                                                                        • Online
                                                                                                                                          • Key points
                                                                                                                                            • Online sales to reach €12bn
                                                                                                                                              • Leading online clothing and footwear retailers
                                                                                                                                                • Figure 117: Germany: Leading retailers’ online clothing and footwear sales (excl. VAT), 2013
                                                                                                                                              • The online consumer
                                                                                                                                                • Figure 118: Germany: Proportion of all individuals who have purchased clothing/sports goods online in the past 12 months, 2009-13
                                                                                                                                                • Figure 119: Online payment options at Ernstings Family, September 2014
                                                                                                                                                • Figure 120: Payment options at Zalando.de, September 2014
                                                                                                                                              • The consumer – Where they shop
                                                                                                                                                • Key points
                                                                                                                                                  • What we asked
                                                                                                                                                    • Amazon remains third-most popular retailer
                                                                                                                                                      • Figure 121: Germany: The consumer: Retailers used to buy clothes in-store or online in the last 12 months, August 2014
                                                                                                                                                    • 2014 versus 2013
                                                                                                                                                      • Figure 122: Germany: The consumer: Selected major retailers used to buy clothes in-store or online in the last 12 months, August 2014/August 2013
                                                                                                                                                    • Online/offline: Amazon leads online
                                                                                                                                                      • Figure 123: Germany: The consumer: Retailers used to buy clothes in the last 12 months, by in-store/online, August 2014
                                                                                                                                                      • Figure 124: Germany: The consumer: Selected major retailers used to buy clothes in-store or online in the last 12 months, by age, August 2014
                                                                                                                                                      • Figure 125: Germany: The consumer: Most popular retailers used to buy clothes in-store or online in the last 12 months, by average age/affluence, August 2014
                                                                                                                                                      • Figure 126: Germany: The consumer: Less popular retailers used to buy clothes in-store or online in the last 12 months, by average age/affluence, August 2014
                                                                                                                                                    • The consumer – What they want online
                                                                                                                                                      • Key points
                                                                                                                                                        • What we asked
                                                                                                                                                          • Cheaper delivery, more product information top shopper demands
                                                                                                                                                            • Figure 127: Germany: The consumer: Services that would encourage consumers to buy/buy more online, August 2014
                                                                                                                                                            • Figure 128: Germany: The consumer: Services that would encourage consumers to buy more online – Online shoppers only, August 2014
                                                                                                                                                            • Figure 129: Germany: The consumer: Services that would encourage consumers to buy/buy more online, by selected major retailers used to buy clothes online in the last 12 months, August 2014
                                                                                                                                                        • Greece

                                                                                                                                                          • Clothing retailing in Greece
                                                                                                                                                            • The market
                                                                                                                                                              • The retailers
                                                                                                                                                                • Other channels
                                                                                                                                                                  • Market size
                                                                                                                                                                    • Figure 130: Greece: Households’ expenditure on clothing (incl. VAT), 2009-14 (current prices)
                                                                                                                                                                    • Figure 131: Greece: Households consumption expenditure (incl. VAT), 2009-14 (current prices)
                                                                                                                                                                  • Inflation
                                                                                                                                                                    • Figure 132: Greece: Consumer prices: Annual % change, January 2013-August 2014
                                                                                                                                                                  • Clothing retail sector size
                                                                                                                                                                    • Figure 133: Greece: Specialist clothing retailers’ sales (excl. VAT), 2009-14
                                                                                                                                                                    • Figure 134: Greece: Retail sales (excl. VAT), 2009-14
                                                                                                                                                                    • Figure 135: Greece: Retail sales forecasts (excl. VAT), 2015-19
                                                                                                                                                                  • The leading specialist retailers – Financials and outlets
                                                                                                                                                                    • Figure 136: Greece: Top ten clothing retailers, by sales (excl VAT), 2011-13
                                                                                                                                                                    • Figure 137: Greece: Top ten clothing retailers, outlet numbers, 2011-13
                                                                                                                                                                    • Figure 138: Greece: Top ten clothing retailers, sales per outlet, 2011-13
                                                                                                                                                                    • Figure 139: Greece: Top ten clothing retailers, market shares (estimated), 2011-13
                                                                                                                                                                  • Online
                                                                                                                                                                    • Figure 140: Greece: Percentage of all individuals having purchased clothing or sports goods online in the past 12 months, selected categories, 2009-13
                                                                                                                                                                • Hungary

                                                                                                                                                                  • Clothing retailing in Hungary
                                                                                                                                                                    • The market
                                                                                                                                                                      • The retailers
                                                                                                                                                                        • Market size
                                                                                                                                                                          • Figure 141: Hungary: Households’ expenditure on clothing (incl. VAT), 2009-14 (current prices)
                                                                                                                                                                          • Figure 142: Hungary: Households consumption expenditure (current prices incl. VAT), 2009-14
                                                                                                                                                                        • Inflation
                                                                                                                                                                          • Figure 143: Hungary: Consumer prices: Annual % change, January 2013-August 2014
                                                                                                                                                                        • Clothing retail sector size
                                                                                                                                                                          • Figure 144: Hungary: Specialist clothing retailers’ sales (excl. VAT), 2009-14
                                                                                                                                                                          • Figure 145: Hungary: Retail sales (excl. VAT), 2009-14
                                                                                                                                                                          • Figure 146: Hungary: Retail sales forecasts (excl. VAT), 2015-19
                                                                                                                                                                        • The leading specialist retailers – Financials and outlets
                                                                                                                                                                          • Figure 147: Hungary: Top clothing retailers, by sales (excl. VAT), 2011-13
                                                                                                                                                                          • Figure 148: Hungary: Top clothing retailers, outlet numbers, 2011-13
                                                                                                                                                                          • Figure 149: Hungary: Top clothing retailers, sales per outlet, 2011-13
                                                                                                                                                                          • Figure 150: Hungary: Top clothing retailers, market shares (estimated), 2011-13
                                                                                                                                                                        • Online
                                                                                                                                                                          • Figure 151: Hungary: Percentage of all individuals having purchased clothing or sports goods online in the past 12 months, selected categories, 2009-13
                                                                                                                                                                      • Republic of Ireland

                                                                                                                                                                        • Clothing retailing in Republic of Ireland
                                                                                                                                                                          • The market
                                                                                                                                                                            • The retailers
                                                                                                                                                                              • Market size
                                                                                                                                                                                • Figure 152: Republic of Ireland: Households’ expenditure on clothing (incl. VAT), 2009-14 (current prices)
                                                                                                                                                                                • Figure 153: Republic of Ireland: Households’ expenditure on clothing (incl. VAT), 2009-14 (current prices)
                                                                                                                                                                              • Inflation
                                                                                                                                                                                • Figure 154: Republic of Ireland: Consumer prices: Annual % change, January 2013 - August 2014
                                                                                                                                                                              • Clothing retail sector size
                                                                                                                                                                                • Figure 155: Republic of Ireland: Clothing retailers’ sales (excl. VAT), 2009-14
                                                                                                                                                                                • Figure 156: Republic of Ireland: Retail sales (excl. VAT), 2009-14
                                                                                                                                                                                • Figure 157: Republic of Ireland: Retail sales (excl. VAT), 2015-19
                                                                                                                                                                              • The leading specialist retailers – Financials and outlets
                                                                                                                                                                                • Figure 158: Republic of Ireland: Leading clothing specialists, Net revenues, 2011-13
                                                                                                                                                                                • Figure 159: Republic of Ireland: Leading clothing specialists, outlet numbers, 2011-13
                                                                                                                                                                                • Figure 160: Republic of Ireland: Leading clothing specialists, annual sales per outlet, 2011-13
                                                                                                                                                                                • Figure 161: Republic of Ireland: Top ten clothing retailers, market shares (estimated), 2011-13
                                                                                                                                                                              • Online
                                                                                                                                                                                • Figure 162: Ireland: Percentage of all individuals having purchased clothing or sports goods online in the past 12 months, selected categories, 2009-13
                                                                                                                                                                            • Italy

                                                                                                                                                                              • Executive summary
                                                                                                                                                                                • The market
                                                                                                                                                                                  • The specialists’ sector
                                                                                                                                                                                    • The leading specialists
                                                                                                                                                                                      • Online
                                                                                                                                                                                        • The consumer: where they shop
                                                                                                                                                                                          • The consumer: what they want online
                                                                                                                                                                                            • What we think
                                                                                                                                                                                              • Consumer spending and inflation
                                                                                                                                                                                                • Key points
                                                                                                                                                                                                  • Consumer spending fell again in 2013
                                                                                                                                                                                                    • Figure 163: Italy: Consumer spending on clothing and footwear (incl. VAT), 2009-14
                                                                                                                                                                                                  • Inflation
                                                                                                                                                                                                    • Figure 164: Italy: Harmonised indices of consumer prices: Annual % change, January 2013-August 2014
                                                                                                                                                                                                    • Figure 165: Italy: Harmonised indices of consumer prices: Annual % change, 2009-13
                                                                                                                                                                                                    • Figure 166: Global cotton prices: annual % change, January 2013-July 2014
                                                                                                                                                                                                  • Channels of distribution
                                                                                                                                                                                                      • Figure 167: Italy: Estimated distribution of spending on clothing, by retail sector, 2013
                                                                                                                                                                                                    • Sector size and forecast
                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                        • Specialists gaining share of spending
                                                                                                                                                                                                          • Figure 168: Italy: Retail sales (excl. VAT), 2009-14
                                                                                                                                                                                                          • Figure 169: Italy: Retail sales forecasts (excl. VAT), 2014-19
                                                                                                                                                                                                        • Enterprises and employment
                                                                                                                                                                                                          • Figure 170: Italy: Number of retail enterprises, 2008-11
                                                                                                                                                                                                          • Figure 171: Italy: Number of persons employed in retail, full-time equivalents, 2008-11
                                                                                                                                                                                                        • The leading specialist retailers – Financials and outlets
                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                            • OVS plans IPO
                                                                                                                                                                                                              • Restructuring at Benetton
                                                                                                                                                                                                                • Inditex and H&M gain ground
                                                                                                                                                                                                                  • Vertically-integrated operations
                                                                                                                                                                                                                    • Calzedonia growing internationally
                                                                                                                                                                                                                      • Figure 172: Italy: Leading clothing specialists’ net revenues, excl. VAT, 2011-13
                                                                                                                                                                                                                      • Figure 173: Italy: Leading clothing specialists’ outlet numbers, 2011-13
                                                                                                                                                                                                                      • Figure 174: Italy: Leading clothing specialists’ annual sales per outlet, 2011-13
                                                                                                                                                                                                                    • Market shares
                                                                                                                                                                                                                      • Figure 175: Italy: Leading clothing specialists’ shares of consumer spending on clothing and footwear, 2011-13
                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                        • Online spending
                                                                                                                                                                                                                          • Online shoppers
                                                                                                                                                                                                                            • Figure 176: Italy: Percentage of all individuals purchasing online in the last 12 months, 2008-13
                                                                                                                                                                                                                          • Online retailers
                                                                                                                                                                                                                            • The consumer – Where they shop
                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                • What we asked
                                                                                                                                                                                                                                  • OVS leads the way
                                                                                                                                                                                                                                    • H&M opens up its lead over Zara
                                                                                                                                                                                                                                      • Non-specialist channels important
                                                                                                                                                                                                                                          • Figure 177: Italy: Clothing retailers purchased from in the last 12 months, whether in-store or online, August 2014
                                                                                                                                                                                                                                        • The online/offline split
                                                                                                                                                                                                                                          • Figure 178: Italy: Clothing retailers purchased from in the last 12 months, in-store versus online, August 2014
                                                                                                                                                                                                                                        • Trend data
                                                                                                                                                                                                                                          • Shopper numbers fall in 2013/14
                                                                                                                                                                                                                                            • Figure 179: Italy: Clothing retailers purchased from in the last 12 months, whether in-store or online, August 2013 and august 2014
                                                                                                                                                                                                                                          • The consumer – What they want online
                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                              • What we asked
                                                                                                                                                                                                                                                • Cheaper delivery heads shopper preferences
                                                                                                                                                                                                                                                  • Minimising risk
                                                                                                                                                                                                                                                    • Figure 180: Italy: Services that would encourage consumers to buy/buy more online, August 2014
                                                                                                                                                                                                                                                  • Responses by where people shop
                                                                                                                                                                                                                                                    • Figure 181: Italy: Services that would encourage consumers to buy/buy more online, by selected major retailers used to buy clothes online in the last 12 months, August 2014
                                                                                                                                                                                                                                                • Netherlands

                                                                                                                                                                                                                                                  • Clothing retailing in the Netherlands
                                                                                                                                                                                                                                                    • The market
                                                                                                                                                                                                                                                      • The retailers
                                                                                                                                                                                                                                                        • Other channels
                                                                                                                                                                                                                                                          • Market size
                                                                                                                                                                                                                                                            • Figure 182: Netherlands: Households consumption expenditure on clothing (incl. VAT), 2009-14 (current prices)
                                                                                                                                                                                                                                                            • Figure 183: Netherlands: Households consumption expenditure (current prices incl. VAT), 2009-14
                                                                                                                                                                                                                                                          • Inflation
                                                                                                                                                                                                                                                            • Figure 184: Netherlands: Consumer prices: Annual % change, January 2013-August 2014
                                                                                                                                                                                                                                                          • Clothing retail sector size
                                                                                                                                                                                                                                                            • Figure 185: Netherlands: Clothing retailers’ sales (excl. VAT), 2009-14
                                                                                                                                                                                                                                                            • Figure 186: Netherlands: Retail sales (excl. VAT), 2009-14
                                                                                                                                                                                                                                                            • Figure 187: Netherlands: Retail sales forecasts (excl. VAT), 2015-19
                                                                                                                                                                                                                                                          • The leading specialist retailers – Financials and outlets
                                                                                                                                                                                                                                                            • Figure 188: Netherlands: Top ten clothing retailers, by sales (excl VAT), 2011-13
                                                                                                                                                                                                                                                            • Figure 189: Netherlands: Top ten clothing retailers, outlet numbers, 2011-13
                                                                                                                                                                                                                                                            • Figure 190: Netherlands: Top ten clothing retailers, sales per outlet, 2011-13
                                                                                                                                                                                                                                                            • Figure 191: Netherlands: Top ten clothing retailers, market shares, 2011-13
                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                              • Figure 192: Netherlands: Percentage of all individuals having purchased clothing or sports goods online in the past 12 months, selected categories, 2009-13
                                                                                                                                                                                                                                                          • Norway

                                                                                                                                                                                                                                                            • Clothing retailing in Norway
                                                                                                                                                                                                                                                              • The market
                                                                                                                                                                                                                                                                • The retailers
                                                                                                                                                                                                                                                                  • Other channels
                                                                                                                                                                                                                                                                    • Market size
                                                                                                                                                                                                                                                                      • Figure 193: Norway: Households consumption expenditure on clothing (current prices incl. VAT), 2009-14
                                                                                                                                                                                                                                                                      • Figure 194: Norway: Households consumption expenditure (current prices incl. VAT), 2009-14
                                                                                                                                                                                                                                                                    • Inflation
                                                                                                                                                                                                                                                                      • Figure 195: Norway: Consumer prices: Annual % change, January 2013-August 2014
                                                                                                                                                                                                                                                                    • Clothing retail sector size
                                                                                                                                                                                                                                                                      • Figure 196: Norway: Clothing retailers’ sales (excl. VAT), 2009-14
                                                                                                                                                                                                                                                                      • Figure 197: Norway: Retail sales (excl. VAT), 2009-14
                                                                                                                                                                                                                                                                      • Figure 198: Norway: Retail sales forecasts (excl. VAT), 2015-19
                                                                                                                                                                                                                                                                    • The leading specialist retailers – Financials and outlets
                                                                                                                                                                                                                                                                      • Figure 199: Norway: Top ten clothing retailers, by sales (excl VAT), 2011-13
                                                                                                                                                                                                                                                                      • Figure 200: Norway: Top ten clothing retailers, outlet numbers, 2011-13
                                                                                                                                                                                                                                                                      • Figure 201: Norway: Top ten clothing retailers, sales per outlet, 2011-13
                                                                                                                                                                                                                                                                      • Figure 202: Norway: Top ten clothing retailers, market shares, 2011-13
                                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                                        • Figure 203: Norway: Percentage of all individuals having purchased clothing or sports goods online in the past 12 months, selected categories, 2009-13
                                                                                                                                                                                                                                                                    • Poland

                                                                                                                                                                                                                                                                      • Clothing retailing in Poland
                                                                                                                                                                                                                                                                        • The market
                                                                                                                                                                                                                                                                          • The retailers
                                                                                                                                                                                                                                                                            • Market size
                                                                                                                                                                                                                                                                              • Figure 204: Poland: Consumer spending on clothing (incl. VAT), 2009-14
                                                                                                                                                                                                                                                                              • Figure 205: Poland: Consumer spending (incl. sales tax), 2009-14
                                                                                                                                                                                                                                                                            • Inflation
                                                                                                                                                                                                                                                                              • Figure 206: Poland: Consumer prices: Annual % change, January 2013-August 2014
                                                                                                                                                                                                                                                                            • Clothing specialists sector size
                                                                                                                                                                                                                                                                              • Figure 207: Poland: Specialist clothing retailers’ sales (excl. VAT), 2009-14
                                                                                                                                                                                                                                                                              • Figure 208: Poland: Retail sales (excl. sales tax), 2009-14
                                                                                                                                                                                                                                                                              • Figure 209: Poland: Retail sales forecasts (excl. sales tax), 2014-19
                                                                                                                                                                                                                                                                            • The leading specialist retailers – Financials and outlets
                                                                                                                                                                                                                                                                              • Figure 210: Poland: Leading clothing specialists: Net revenues, 2011-13
                                                                                                                                                                                                                                                                              • Figure 211: Poland: Leading clothing specialists: Outlet numbers, 2011-13
                                                                                                                                                                                                                                                                              • Figure 212: Poland: Leading clothing specialists: Annual sales per outlet, 2011-13
                                                                                                                                                                                                                                                                              • Figure 213: Poland: Leading clothing specialists: Market shares, 2011-13
                                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                                              • Figure 214: Poland: Percentage of all individuals who have purchased clothing/sports goods online in the past 12 months, 2009-13
                                                                                                                                                                                                                                                                          • Portugal

                                                                                                                                                                                                                                                                            • Clothing retailing in Portugal
                                                                                                                                                                                                                                                                              • The market
                                                                                                                                                                                                                                                                                • The retailers
                                                                                                                                                                                                                                                                                  • Other channels
                                                                                                                                                                                                                                                                                    • Market size
                                                                                                                                                                                                                                                                                      • Figure 215: Portugal: Spending on clothing and footwear as % all consumer spending, 2009-14e
                                                                                                                                                                                                                                                                                      • Figure 216: Portugal: Households consumption expenditure (current prices incl. VAT), 2009-14
                                                                                                                                                                                                                                                                                    • Inflation
                                                                                                                                                                                                                                                                                      • Figure 217: Portugal: Harmonised consumer prices growth, January 2013-August 2014
                                                                                                                                                                                                                                                                                    • Clothing retail sector size
                                                                                                                                                                                                                                                                                      • Figure 218: Portugal: Specialist clothing retailers’ sales as % all retail sales, 2009-14
                                                                                                                                                                                                                                                                                      • Figure 219: Portugal: Retail sales (excl. VAT), 2009-14
                                                                                                                                                                                                                                                                                      • Figure 220: Portugal: Forecast retail sales (excl. VAT), 2015-19
                                                                                                                                                                                                                                                                                    • The leading specialist retailers – Financials and outlets
                                                                                                                                                                                                                                                                                      • Figure 221: Portugal: Clothing retailers, by sales (excl VAT), 2011-13
                                                                                                                                                                                                                                                                                      • Figure 222: Portugal: Leading clothing retailers, outlet numbers, 2011-13
                                                                                                                                                                                                                                                                                      • Figure 223: Portugal: Leading clothing retailers, sales per outlet, 2011-13
                                                                                                                                                                                                                                                                                      • Figure 224: Portugal: Leading retailers markets shares, 2011-13
                                                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                                                      • Figure 225: Portugal: Percentage of all individuals having purchased clothing or sports goods online in the past 12 months, selected categories, 2009-13
                                                                                                                                                                                                                                                                                  • Spain

                                                                                                                                                                                                                                                                                    • Executive summary
                                                                                                                                                                                                                                                                                      • The market
                                                                                                                                                                                                                                                                                        • The specialists’ sector
                                                                                                                                                                                                                                                                                          • The leading specialists
                                                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                                                              • The consumer: where they shop
                                                                                                                                                                                                                                                                                                • The consumer: what they want online
                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                    • Consumer spending and inflation
                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                        • Consumer spending on clothing and footwear
                                                                                                                                                                                                                                                                                                          • Figure 226: Spain: Consumer spending on clothing and footwear (incl VAT), 2009-14
                                                                                                                                                                                                                                                                                                        • Inflation
                                                                                                                                                                                                                                                                                                          • Figure 227: Spain: Harmonised indices of consumer prices: Annual % change, January 2013-August 2014
                                                                                                                                                                                                                                                                                                          • Figure 228: Spain: Harmonised indices of consumer prices: Annual % change, 2009-13
                                                                                                                                                                                                                                                                                                          • Figure 229: Global cotton prices: annual % change, January 2013-July 2014
                                                                                                                                                                                                                                                                                                        • Channels of distribution
                                                                                                                                                                                                                                                                                                            • Figure 230: Spain: Distribution of consumer spending on clothing, 2013
                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                              • Specialists lose some ground
                                                                                                                                                                                                                                                                                                                • Figure 231: Spain: Retail sales (excl vat), 2009-14
                                                                                                                                                                                                                                                                                                                • Figure 232: Spain: Retail sales forecasts (excl vat), 2014-19
                                                                                                                                                                                                                                                                                                              • Retail enterprises
                                                                                                                                                                                                                                                                                                                • Figure 233: Spain: Number of retail enterprises, 2008-11
                                                                                                                                                                                                                                                                                                              • The leading specialists: financials and outlets
                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                  • Sales
                                                                                                                                                                                                                                                                                                                    • Figure 234: Spain: Leading clothing specialists, sales (excl vat), 2011-13
                                                                                                                                                                                                                                                                                                                  • Outlets
                                                                                                                                                                                                                                                                                                                    • Figure 235: Spain: Leading clothing specialists, outlet numbers 2011-13
                                                                                                                                                                                                                                                                                                                  • Sales per outlet
                                                                                                                                                                                                                                                                                                                    • Figure 236: Spain: Leading clothing specialists, sales per outlet 2011-13
                                                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                                                    • Figure 237: Spain: Leading clothing retailers, market shares, 2011-13
                                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                      • Online spending
                                                                                                                                                                                                                                                                                                                        • Online shoppers
                                                                                                                                                                                                                                                                                                                          • Figure 238: Spain: Percentage of all individuals purchasing online in the past 12 months, 2008-13
                                                                                                                                                                                                                                                                                                                        • Online retailers
                                                                                                                                                                                                                                                                                                                            • Figure 239: Spain: Leading online retailers, estimated online sales of clothing and footwear (excl vat), 2012 and 2013
                                                                                                                                                                                                                                                                                                                          • The consumer – Where they shop
                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                              • What we asked
                                                                                                                                                                                                                                                                                                                                • El Corte Inglés opens the gap on Zara
                                                                                                                                                                                                                                                                                                                                  • H&M claims second place
                                                                                                                                                                                                                                                                                                                                    • Sports shops stand out among non-specialists
                                                                                                                                                                                                                                                                                                                                      • Markets more popular in Spain
                                                                                                                                                                                                                                                                                                                                        • Figure 240: Spain: Clothing retailers purchased from in the last 12 months, whether in-store or online, August 2014
                                                                                                                                                                                                                                                                                                                                      • The online/offline split
                                                                                                                                                                                                                                                                                                                                          • Figure 241: Spain: Clothing retailers purchased from in the last 12 months, in-store versus online, August 2014
                                                                                                                                                                                                                                                                                                                                        • Trend data
                                                                                                                                                                                                                                                                                                                                          • Shopper numbers fall in 2013/14
                                                                                                                                                                                                                                                                                                                                            • Figure 242: Spain: Clothing retailers purchased from in the last 12 months, whether in-store or online, August 2013 and August 2014
                                                                                                                                                                                                                                                                                                                                          • But online numbers hold steady or advance
                                                                                                                                                                                                                                                                                                                                            • Figure 243: Spain: Clothing retailers purchased from in the last 12 months, online, August 2013 and August 2014
                                                                                                                                                                                                                                                                                                                                          • The consumer – What they want online
                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                              • What we asked
                                                                                                                                                                                                                                                                                                                                                • Cheaper delivery heads shopper preferences
                                                                                                                                                                                                                                                                                                                                                  • Fit matters
                                                                                                                                                                                                                                                                                                                                                    • Figure 244: Spain: Services that would encourage consumers to buy/buy more online, August 2014
                                                                                                                                                                                                                                                                                                                                                  • Responses by where people shop
                                                                                                                                                                                                                                                                                                                                                      • Figure 245: Spain: Services that would encourage consumers to buy/buy more online, by selected major retailers used to buy clothes online in the last 12 months, August 2014
                                                                                                                                                                                                                                                                                                                                                  • Sweden

                                                                                                                                                                                                                                                                                                                                                    • Clothing retailing in Sweden
                                                                                                                                                                                                                                                                                                                                                      • The market
                                                                                                                                                                                                                                                                                                                                                        • The retailers
                                                                                                                                                                                                                                                                                                                                                          • Other channels
                                                                                                                                                                                                                                                                                                                                                            • Market size
                                                                                                                                                                                                                                                                                                                                                              • Figure 246: Sweden: Households consumption expenditure on clothing (incl. VAT), 2009-14 (current prices)
                                                                                                                                                                                                                                                                                                                                                              • Figure 247: Sweden: Households consumption expenditure (current prices incl. VAT), 2009-14
                                                                                                                                                                                                                                                                                                                                                            • Inflation
                                                                                                                                                                                                                                                                                                                                                              • Figure 248: Sweden: Consumer prices: Annual % change, January 2013-August 2014
                                                                                                                                                                                                                                                                                                                                                            • Clothing retail sector size
                                                                                                                                                                                                                                                                                                                                                              • Figure 249: Sweden: Clothing retailers’ sales (excl. VAT), 2009-14
                                                                                                                                                                                                                                                                                                                                                              • Figure 250: Sweden: Retail sales (excl. VAT), 2009-14
                                                                                                                                                                                                                                                                                                                                                              • Figure 251: Sweden: Retail sales forecasts (excl. VAT), 2015-19
                                                                                                                                                                                                                                                                                                                                                            • The leading specialist retailers – Financials and outlets
                                                                                                                                                                                                                                                                                                                                                              • Figure 252: Sweden: Top ten clothing retailers, by sales (excl VAT), 2011-13
                                                                                                                                                                                                                                                                                                                                                              • Figure 253: Sweden: Top ten clothing retailers, outlet numbers, 2011-13
                                                                                                                                                                                                                                                                                                                                                              • Figure 254: Sweden: Top ten clothing retailers, sales per outlet, 2011-13
                                                                                                                                                                                                                                                                                                                                                              • Figure 255: Sweden: Top ten clothing retailers, market shares, 2011-13
                                                                                                                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                                                                                                                                • Figure 256: Sweden: Percentage of all individuals having purchased clothing or sports goods online in the past 12 months, selected categories, 2009-13
                                                                                                                                                                                                                                                                                                                                                            • Switzerland

                                                                                                                                                                                                                                                                                                                                                              • Clothing retailing in Switzerland
                                                                                                                                                                                                                                                                                                                                                                • The market
                                                                                                                                                                                                                                                                                                                                                                  • The retailers
                                                                                                                                                                                                                                                                                                                                                                    • Other channels
                                                                                                                                                                                                                                                                                                                                                                      • Market size
                                                                                                                                                                                                                                                                                                                                                                        • Figure 257: Switzerland: Households’ expenditure on clothing (current prices incl. VAT), 2009-14
                                                                                                                                                                                                                                                                                                                                                                        • Figure 258: Switzerland: Households consumption expenditure (current prices incl. VAT), 2009-14
                                                                                                                                                                                                                                                                                                                                                                      • Inflation
                                                                                                                                                                                                                                                                                                                                                                        • Figure 259: Switzerland: Harmonised consumer prices: Annual % change, January 2013-August 2014
                                                                                                                                                                                                                                                                                                                                                                      • Clothing retail sector size
                                                                                                                                                                                                                                                                                                                                                                        • Figure 260: Switzerland: Retail sales (excl. VAT), 2009-14
                                                                                                                                                                                                                                                                                                                                                                        • Figure 261: Switzerland: Retail sales forecasts (excl. VAT), 2015-19
                                                                                                                                                                                                                                                                                                                                                                      • The leading specialist retailers – Financials and outlets
                                                                                                                                                                                                                                                                                                                                                                        • Figure 262: Switzerland: Leading clothing specialists sales, 2011-13
                                                                                                                                                                                                                                                                                                                                                                        • Figure 263: Switzerland: Leading clothing specialists outlets, 2011-13
                                                                                                                                                                                                                                                                                                                                                                        • Figure 264: Switzerland: Leading clothing specialists sales per outlet, 2011-13
                                                                                                                                                                                                                                                                                                                                                                        • Figure 265: Switzerland: Leading clothing specialists Market shares, 2011-13
                                                                                                                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                                                                                                                      • UK

                                                                                                                                                                                                                                                                                                                                                                        • Introduction
                                                                                                                                                                                                                                                                                                                                                                          • Data sources
                                                                                                                                                                                                                                                                                                                                                                            • Definitions
                                                                                                                                                                                                                                                                                                                                                                              • VAT
                                                                                                                                                                                                                                                                                                                                                                                • Sales per store, sales per sq m
                                                                                                                                                                                                                                                                                                                                                                                  • Other
                                                                                                                                                                                                                                                                                                                                                                                    • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                      • Executive Summary
                                                                                                                                                                                                                                                                                                                                                                                        • The market
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 266: Best - and worst - case forecast for consumer spending on clothing and accessories (incl. VAT), 2009-19
                                                                                                                                                                                                                                                                                                                                                                                        • Market factors
                                                                                                                                                                                                                                                                                                                                                                                          • Companies, brands and innovation
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 267: Estimated distribution of consumer spending on clothing, by value, 2013 and 2014
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 268: Attitudes towards and usage of brands in the clothing retail sector, August 2014
                                                                                                                                                                                                                                                                                                                                                                                          • The consumer
                                                                                                                                                                                                                                                                                                                                                                                            • Where consumers buy
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 269: Retailers from which clothes are bought in-store and online, July 2014
                                                                                                                                                                                                                                                                                                                                                                                            • How people shop for clothes
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 270: How consumers shop and buy clothes for themselves, July 2014
                                                                                                                                                                                                                                                                                                                                                                                            • Reasons for shopping at a particular retailer
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 271: Reasons for shopping at a particular retailer, July 2014
                                                                                                                                                                                                                                                                                                                                                                                            • The consumer – Improving the shopping experience
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 272: What would improve the shopping experience, July 2014
                                                                                                                                                                                                                                                                                                                                                                                            • The consumer – What would encourage them to buy more online
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 273: Factors that would encourage consumers to buy more clothes online, July 2014
                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                              • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                • How has the clothing sector performed in 2014?
                                                                                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                                                                                      • Who are the winners and losers in clothing?
                                                                                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                                                                                            • What are the main changes in shopping behaviour?
                                                                                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                  • How can retailers improve the shopping experience for customers?
                                                                                                                                                                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                        • Trend application
                                                                                                                                                                                                                                                                                                                                                                                                                          • Trend: Life Hacking
                                                                                                                                                                                                                                                                                                                                                                                                                            • Trend: Guiding Choice
                                                                                                                                                                                                                                                                                                                                                                                                                              • Mintel Futures Trend: Access Anything Anywhere
                                                                                                                                                                                                                                                                                                                                                                                                                                • Market size and forecast – Consumer spending on clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Clothing sales to grow 4.6%
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 274: Best- and worst-case forecast for consumer spending on clothing and accessories (incl. VAT), 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 275: Consumer spending on clothing and accessories (incl. VAT), at current prices, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumers grow spend on clothing in real terms
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 276: Annual % change in spending on clothing (including accessories) versus annual % change in consumer prices inflation in clothing (including accessories), 2010-13
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumers prioritise clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 277: Spending on clothing and accessories as percentage of all consumer spending, 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Segmentation – Womenswear has the largest share
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 278: Estimated distribution of spending on clothing, by sub-category, 2014 (est)
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Segmentation – Value retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 279: Value retailers as a proportion of the total clothing market, 2013 (est)
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Mintel’s forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sector size and forecast – The clothing specialist sector
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Specialist sales to grow 3.5%
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 280: Best- and worst-case forecast of clothing specialists’ sector sales (incl. VAT), 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 281: Clothing specialists’ sales (incl. VAT), 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Specialists’ sales of clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 282: Estimated sales of clothing by clothing specialist retailers (incl. VAT), 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Specialists’ share of clothing spending falls further
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 283: Clothing specialists’ estimated share of spending on clothing, 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Mintel’s forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Prices and costs: inflation slows
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 284: Global cotton prices: annual % change, January 2013-July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 285: Consumer prices inflation: garments, January 2013-July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 286: Consumer prices inflation: garments, 2004-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 287: Shop-price inflation, as measured by the BRC, July 2013-July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Affiliated categories
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 288: Consumer prices inflation: accessories and footwear, January 2013-July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Inflation versus spending growth: shoppers increase their spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 289: Annual % change in spending on clothing (including accessories) versus annual % change in consumer prices inflation in clothing (including accessories), 2010-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • An ageing population is a threat to fashion retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 290: Projected age structure of the UK population, 2013 and 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strengths and weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 291: Attitudes towards and usage of brands in the clothing retail sector, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Correspondence analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand attitudes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 292: Attitudes, by clothing retail brand, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand personality
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 293: Clothing retail brand personality – Macro image, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 294: Clothing retail brand personality – Micro image, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 295: Clothing retail brand usage, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 296: Satisfaction with various clothing retail brands, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 297: Consideration of clothing retail brands, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand recommendation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 298: Recommendation of selected clothing retail brands, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The consumer – Retail customer profile comparison
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Gender
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 299: Customer profile, by gender, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Age
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 300: Customer profile, by age, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Socio-economic group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 301: Customer profile, by socio-economic group, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • State of finances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 302: Customer profile, by financial situation, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The consumer – Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Where consumers buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 303: Retailers from which clothes are bought in-store and online, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Primark in the lead (again)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sports clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online and offline split – Where consumers buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 304: Where consumers buy clothes, in-store and online, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Marks & Spencer is the most popular specialist online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store repertoire analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 305: Repertoire of retailers from which clothes are bought online, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Who shops where in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 306: Profile of in-store clothing shoppers, by age and affluence, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Who shops where online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 307: Profile of online clothing shoppers, by age and affluence, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The consumer – How they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 308: How consumers shop and buy clothes for themselves, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • 45-54s shop more online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 309: How consumers shop and buy clothes for themselves, by age, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Young people opt to browse and buy online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Click-and-collect grows in popularity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 310: Profile of consumers who have ordered/reserved online and collected in-store, by gender, age and socio-economic group, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Under-35s browse fashion on mobile devices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Loyal shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The consumer – Reasons for shopping at a particular retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 311: Reasons for shopping at a particular retailer, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • 35-44s are most cost-conscious
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 312: Profile of shoppers who see quality of clothing and low price as the main reasons for shopping at a particular retailer, by age, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Older people favour quality over price
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Women want flattering styles
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Under-35s look for retailers that sell latest fashion trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Young want designs that stand out
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sizing issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 313: Reasons for shopping at a particular retailer, by age, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Men look for selection of brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The consumer – Improving the shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Women want better availability of sizes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 314: What would improve the shopping experience, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • A third want fewer queues and nicer changing rooms
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Young want improved clothes displays
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 315: What would improve the shopping experience, by age, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Under-35s want personalised clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Parents with young kids want stylist advice
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What M&S shoppers want
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 316: What would improve the shopping experience for people who have shopped at M&S, Next, New Look and Debenhams relative to the average, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Innovative technology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The consumer – What would encourage consumers to buy more online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 317: Factors that would encourage consumers to buy more clothes online, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Half want cheaper delivery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Young want same/next-day delivery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 318: Factors that would encourage consumers to buy more clothes online, by age, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Women want better images of clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Notifying shoppers of items back in stock
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Under-35s want better apps and one-click payment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Who’s innovating?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Virtual reality catwalk experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Luxury fashion store taps into the digital experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Fully enabled t-commerce advertising campaign
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Virtual wardrobe mirror
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Smart fitting room
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Emergency S.O.S. wardrobe service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Pop-up ‘convenience’ store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Personal shopping for men via Google+ Hangouts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Channels of distribution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Pure-plays and sports retailers gain in a strong market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 319: Estimated distribution of consumer spending on clothing, by value, 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Specialists losing share over the longer term
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 320: Clothing specialists’ estimated share of spending on clothing, 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Methodological notes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Non-specialists rival the biggest specialist retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 321: Leading retailers’ shares of spending on clothing and footwear, 2011-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • M&S in focus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 322: Marks & Spencer’s share of spending on clothing and footwear, 2005-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Space allocation summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Men, women and children
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 323: General clothing retailers, space allocation by men’s, women’s and childrenswear, October 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Formal – Casual
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 324: Retailers of menswear: Formal – Casual space allocation, October 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 325: Retailers of womenswear: Formal – Casual space allocation, October 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Space allocations: Detailed estimates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 326: Broad range clothing retailers, detailed space allocations, October 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 327: Broad range clothing retailers, detailed space allocations, October 2014 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 328: Food retailers, detailed space allocations, October 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 329: Womenswear specialists, detailed space allocation estimates, October 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 330: Menswear specialists, detailed space allocation estimates, October 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading specialist retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sales: Primark set to overtake Arcadia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 334: Leading specialist retailers: net revenues, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 335: Leading 20 specialist retailers: compound annual growth in revenues, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 336: The top specialist retailers: projected revenues based on recent CAGRs, 2013-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Outlet numbers: and sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 337: Leading specialist retailers: Outlet numbers, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 338: Leading specialist retailers: annual sales per outlet, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sales area and sales densities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 339: Leading specialist retailers: total sales area, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 340: Leading specialist retailers: annual sales per sq m, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Operating profits and margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 341: Leading specialist retailers: Operating profits, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 342: Leading specialist retailers: Operating margins, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Leading non-specialist retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sports retailers, grocers and department stores are big players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 343: Leading non-specialist retailer: net clothing and footwear revenues, 2011-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The consumer: more than 40% shop at supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 344: The consumer: Retailers clothes have been bought from in the past 12 months, whether online or in-store, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online clothing market to reach £9 billion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 345: Estimated online sales of clothing and footwear (incl VAT), 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Multichannel retailers retain the lion’s share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market shares: store-based retailers lead
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 346: Estimated market shares of online sales of clothing and footwear, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The consumer: two thirds shop online, Amazon most popular
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 347: The consumer: Retailers clothes were bought from in the past 12 months, online, July 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Website visitor numbers: M&S and Next vie for first place
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 348: Leading apparel retail websites, by unique visitor numbers, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 349: Total unique visitor numbers: marksandspencer.com and next.co.uk, January 2013-August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail advertising and promotion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Adspend growth gains momentum
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 350: Main media advertising spend by leading clothing retailers, 2010-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Majority of advertising spend channelled through the press
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 351: Percentage breakdown of leading clothing retailers’ advertising spend, by media type, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we have seen so far in 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Arcadia Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Topshop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 352: Arcadia Group: Group financial performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 353: Arcadia Group: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 354: Arcadia: Store portfolio, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Asda Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 355: Asda Group Ltd: Group financial performance, 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 356: Asda Group Ltd: Outlet data, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • C&A

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer sentiment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 357: The consumer: Shopped in store and online at C&A in the last 12 months by country
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Problems in the German operations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online a key focus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 358: C&A: Group sales performance, 2008/9-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 359: C&A: Outlet data, 2008/9-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Carrefour

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 360: Carrefour: Estimated clothing sales, 2012 and 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 361: Carrefour: Group financial performance, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 362: Carrefour: Outlet data, 2009-2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Gruppo Coin

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A wide ranging retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Looking to spin off OVS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Lacking an online presence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 363: Gruppo Coin: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 364: Gruppo Coin: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Debenhams

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Debenhams losing market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Refocusing promotional activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Improving multichannel offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strong international performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New concessions enlisted
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategy going forward
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 365: Debenhams: Group financial performance, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 366: Debenhams: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 367: Debenhams: breakdown of sales, by brand type, 2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The Edinburgh Woollen Mill Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New store format aimed at attracting a wider demographic of customer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Jane Norman unable to compete on the UK and Irish high street
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Rejuvenated Peacocks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Snaps up intellectual property assets of Internaçionale
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 368: The Edinburgh Woollen Mill Group: Group financial performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 369: The Edinburgh Woollen Mill Group: Estimated UK outlet data, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • El Corte Inglés

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • A year of change
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Uneasy positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online goes international
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 370: El Corte Inglés: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 371: El Corte Inglés: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Esprit

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sales continue to fall but profits stabilise and a new model is introduced
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Focus on retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online to benefit from the new model
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 372: Esprit: Group financial performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 373: Esprit: Turnover, by segment, 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 374: Esprit: Outlet data, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 375: Esprit: Directly managed retail stores, by country, 2010/11-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • H&M Hennes & Mauritz

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Guest-designer collaborations enhance fashion credentials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Net new 375 stores planned for 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online shop expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Broadening product range
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Taking on board ethical issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 376: H&M Hennes & Mauritz: Percentage share of net sales by region, 2011/12 and 2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 377: H&M Hennes & Mauritz: Group financial performance, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 378: H&M Hennes & Mauritz: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • House of Fraser

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • International franchise store expansion on the cards
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • House Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Ongoing online improvements and enhancements
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Plus-size clothing initiative
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New multichannel concept
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 379: House of Fraser Plc: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 380: House of Fraser Plc: UK & Republic of Ireland outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Grupo Inditex

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Prospects
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 381: Grupo Inditex: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 382: Grupo Inditex: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 383: Inditex: Sales, by brand, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • John Lewis (department store)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 384: John Lewis Plc (department store): Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 385: John Lewis Plc (department store): Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Marks & Spencer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • A tale of two halves
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The other half
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 386: M&S: Share of UK clothing spending, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Challenges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Differentiation between the sub-brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Younger customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Does M&S really understand what older customers want?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 387: Marks & Spencer: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 388: Marks & Spencer: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Matalan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Taking on the high street
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Competition intensifies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Womenswear improvements
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 389: Matalan Ltd: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 390: Matalan Ltd: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • New Look Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • A truly multichannel offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A clear plan for international expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Disposal of Mim paves way for greater focus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 391: New Look Group Plc: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 392: New Look Group Plc: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 393: New Look Group Plc: Directly operated European stores, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Next Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • In-house design
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Multichannel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Competitors
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Prospects
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 394: Next Group: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 395: Next Group: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Otto Group (Multichannel Retail)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 396: Otto Group (Multichannel Retail): Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Primark/Penneys

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online offer remains absent
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Ownership
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 397: Primark/Penneys: Group financial performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 398: Primark/Penneys: Outlet data, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • River Island Clothing Co

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Profits fall following investments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Global expansion accelerates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Collaborations boost River Island’s profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Expanding the menswear range
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Investments in multichannel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 399: River Island Clothing Co Ltd: Group financial performance, 2009-2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 400: River Island Clothing Co Ltd: Outlet data, 2009-2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Tesco

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 401: Tesco: UK sales performance, 2013/14 and 2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 402: Tesco: Estimated clothing sales, 2010/11-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 403: Tesco Plc: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 404: Tesco Plc: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • TJX Europe (TK Maxx)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 405: TJX Europe (TK Maxx): Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 406: TJX Europe (TK Maxx): Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Broader Market Environment

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 407: Europe: Percentage of households with a broadband internet connection, by country, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 408: Europe: Percentage of all individuals accessing the internet daily, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Consumer confidence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 409: Europe: Consumer confidence levels, July 2013-June 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 410: Europe: Forecast population, total and by age group, 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Gross domestic product
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 411: Europe: Gross domestic product, at current prices, 2012 and 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 412: Europe: Real-terms year-on-year GDP growth, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 413: Europe: Consumer spending, at current prices, 2012 and 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 414: Europe: Real-terms year-on-year growth in consumer spending, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 415: Europe: Harmonised indices of consumer prices: Annual % change, all items, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Interest rates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 416: Europe: Central bank interest rates, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – The Consumer – Europe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 417: Services that would encourage consumers to buy/buy more online, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – The Consumer – France

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 418: Retailers used to buy clothes in-store or online in the last 12 month, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 419: Services that would encourage consumers to buy/buy more online, by most popular retailers used to buy clothes in-store or online in the last 12 month – Any retails, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 420: Services that would encourage consumers to buy/buy more online, by next most popular retailers used to buy clothes in-store or online in the last 12 month – Any retails, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 421: Services that would encourage consumers to buy/buy more online, by other retailers used to buy clothes in-store or online in the last 12 month – Any retails, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 422: Services that would encourage consumers to buy/buy more online, by least popular retailers used to buy clothes in-store or online in the last 12 month – Any retails, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 423: Services that would encourage consumers to buy/buy more online, by most popular retailers used to buy clothes in-store or online in the last 12 month – In-store, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 424: Services that would encourage consumers to buy/buy more online, by next most popular retailers used to buy clothes in-store or online in the last 12 month – In-store, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 425: Services that would encourage consumers to buy/buy more online, by other retailers used to buy clothes in-store or online in the last 12 month – In-store, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 426: Services that would encourage consumers to buy/buy more online, by most popular retailers used to buy clothes in-store or online in the last 12 month – Online, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 427: Services that would encourage consumers to buy/buy more online, by next most popular retailers used to buy clothes in-store or online in the last 12 month – Online, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 428: Most popular retailers used to buy clothes in-store or online in the last 12 month – Any, by demographics, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 429: Next most popular retailers used to buy clothes in-store or online in the last 12 month – Any, by demographics, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 430: Other retailers used to buy clothes in-store or online in the last 12 month – Any, by demographics, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 431: Least popular retailers used to buy clothes in-store or online in the last 12 month – Any, by demographics, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 432: Most popular retailers used to buy clothes in-store or online in the last 12 month – In-store, by demographics, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 433: Next most popular retailers used to buy clothes in-store or online in the last 12 month – In-store, by demographics, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 434: Other retailers used to buy clothes in-store or online in the last 12 month – In-store, by demographics, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 435: Most popular retailers used to buy clothes in-store or online in the last 12 month – Online, by demographics, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 436: Next most popular retailers used to buy clothes in-store or online in the last 12 month – Online, by demographics, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 437: Other retailers used to buy clothes in-store or online in the last 12 month – Online, by demographics, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 438: Least popular retailers used to buy clothes in-store or online in the last 12 month – Online, by demographics, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Services that would encourage consumers to buy more online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 439: Most popular services that would encourage consumers to buy/buy more online, by demographics, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 440: Next most popular services that would encourage consumers to buy/buy more online, by demographics, France, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – The Consumer – Germany

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 441: Retailers used to buy clothes in-store or online in the last 12 month, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 442: Services that would encourage consumers to buy/buy more online, by most popular retailers used to buy clothes in-store or online in the last 12 month – Any retails, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 443: Services that would encourage consumers to buy/buy more online, by next most popular retailers used to buy clothes in-store or online in the last 12 month – Any retails, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 444: Services that would encourage consumers to buy/buy more online, by other retailers used to buy clothes in-store or online in the last 12 month – Any retails, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 445: Services that would encourage consumers to buy/buy more online, by least popular retailers used to buy clothes in-store or online in the last 12 month – Any retails, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 446: Services that would encourage consumers to buy/buy more online, by most popular retailers used to buy clothes in-store or online in the last 12 month – In-store, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 447: Services that would encourage consumers to buy/buy more online, by next most popular retailers used to buy clothes in-store or online in the last 12 month – In-store, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 448: Services that would encourage consumers to buy/buy more online, by other retailers used to buy clothes in-store or online in the last 12 month – In-store, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 449: Services that would encourage consumers to buy/buy more online, by most popular retailers used to buy clothes in-store or online in the last 12 month – Online, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 450: Services that would encourage consumers to buy/buy more online, by next most popular retailers used to buy clothes in-store or online in the last 12 month – Online, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 451: Services that would encourage consumers to buy/buy more online, by other retailers used to buy clothes in-store or online in the last 12 month – Online, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 452: Most popular retailers used to buy clothes in-store or online in the last 12 month – Any, by demographics, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 453: Next most popular retailers used to buy clothes in-store or online in the last 12 month – Any, by demographics, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 454: Other retailers used to buy clothes in-store or online in the last 12 month – Any, by demographics, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 455: Least popular retailers used to buy clothes in-store or online in the last 12 month – Any, by demographics, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 456: Most popular retailers used to buy clothes in-store or online in the last 12 month – In-store, by demographics, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 457: Next most popular retailers used to buy clothes in-store or online in the last 12 month – In-store, by demographics, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 458: Other retailers used to buy clothes in-store or online in the last 12 month – In-store, by demographics, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 459: Most popular retailers used to buy clothes in-store or online in the last 12 month – Online, by demographics, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 460: Next most popular retailers used to buy clothes in-store or online in the last 12 month – Online, by demographics, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 461: Other retailers used to buy clothes in-store or online in the last 12 month – Online, by demographics, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 462: Least popular retailers used to buy clothes in-store or online in the last 12 month – Online, by demographics, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What would encourage consumers to buy more online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 463: Most popular services that would encourage consumers to buy/buy more online, by demographics, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 464: Next most popular services that would encourage consumers to buy/buy more online, by demographics, Germany, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – The Consumer – Italy

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 465: Retailers used to buy clothes in-store or online in the last 12 month, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 466: Services that would encourage consumers to buy/buy more online, by most popular retailers used to buy clothes in-store or online in the last 12 month – Any retails, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 467: Services that would encourage consumers to buy/buy more online, by next most popular retailers used to buy clothes in-store or online in the last 12 month – Any retails, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 468: Services that would encourage consumers to buy/buy more online, by other retailers used to buy clothes in-store or online in the last 12 month – Any retails, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 469: Services that would encourage consumers to buy/buy more online, by most popular retailers used to buy clothes in-store or online in the last 12 month – In-store, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 470: Services that would encourage consumers to buy/buy more online, by next most popular retailers used to buy clothes in-store or online in the last 12 month – In-store, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 471: Services that would encourage consumers to buy/buy more online, by other retailers used to buy clothes in-store or online in the last 12 month – In-store, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 472: Services that would encourage consumers to buy/buy more online, by most popular retailers used to buy clothes in-store or online in the last 12 month – Online, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 473: Services that would encourage consumers to buy/buy more online, by next most popular retailers used to buy clothes in-store or online in the last 12 month – Online, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 474: Most popular retailers used to buy clothes in-store or online in the last 12 month – Any retails, by demographics, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 475: Next most popular retailers used to buy clothes in-store or online in the last 12 month – Any retails, by demographics, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 476: Other retailers used to buy clothes in-store or online in the last 12 month – Any retails, by demographics, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 477: Least popular retailers used to buy clothes in-store or online in the last 12 month – Any retails, by demographics, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 478: Most popular retailers used to buy clothes in-store or online in the last 12 month – In-store, by demographics, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 479: Next most popular retailers used to buy clothes in-store or online in the last 12 month – In-store, by demographics, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 480: Other retailers used to buy clothes in-store or online in the last 12 month – In-store, by demographics, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 481: Most popular retailers used to buy clothes in-store or online in the last 12 month – Online, by demographics, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 482: Next most popular retailers used to buy clothes in-store or online in the last 12 month – Online, by demographics, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 483: Other retailers used to buy clothes in-store or online in the last 12 month – Online, by demographics, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What would encourage people to buy more online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 484: Most popular services that would encourage consumers to buy/buy more online, by demographics, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 485: Next most popular services that would encourage consumers to buy/buy more online, by demographics, Italy, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – The Consumer – Spain

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 486: Retailers used to buy clothes in-store or online in the last 12 month, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 487: Services that would encourage consumers to buy/buy more online, by most popular retailers used to buy clothes in-store or online in the last 12 month – Any retails, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 488: Services that would encourage consumers to buy/buy more online, by next most popular retailers used to buy clothes in-store or online in the last 12 month – Any retails, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 489: Services that would encourage consumers to buy/buy more online, by other retailers used to buy clothes in-store or online in the last 12 month – Any retails, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 490: Services that would encourage consumers to buy/buy more online, by most popular retailers used to buy clothes in-store or online in the last 12 month – In-store, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 491: Services that would encourage consumers to buy/buy more online, by next most popular retailers used to buy clothes in-store or online in the last 12 month – In-store, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 492: Services that would encourage consumers to buy/buy more online, by other retailers used to buy clothes in-store or online in the last 12 month – In-store, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 493: Services that would encourage consumers to buy/buy more online, by most popular retailers used to buy clothes in-store or online in the last 12 month – Online, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 494: Services that would encourage consumers to buy/buy more online, by next most popular retailers used to buy clothes in-store or online in the last 12 month – Online, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 495: Services that would encourage consumers to buy/buy more online, by other retailers used to buy clothes in-store or online in the last 12 month – Online, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 496: Most popular retailers used to buy clothes in-store or online in the last 12 month – Any retails, by demographics, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 497: Next most popular retailers used to buy clothes in-store or online in the last 12 month – Any retails, by demographics, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 498: Other retailers used to buy clothes in-store or online in the last 12 month – Any retails, by demographics, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 499: Least popular retailers used to buy clothes in-store or online in the last 12 month – Any retails, by demographics, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 500: Most popular retailers used to buy clothes in-store or online in the last 12 month – In-store, by demographics, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 501: Next most popular retailers used to buy clothes in-store or online in the last 12 month – In-store, by demographics, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 502: Other retailers used to buy clothes in-store or online in the last 12 month – In-store, by demographics, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 503: Most popular retailers used to buy clothes in-store or online in the last 12 month – Online, by demographics, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 504: Next most popular retailers used to buy clothes in-store or online in the last 12 month – Online, by demographics, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 505: Other retailers used to buy clothes in-store or online in the last 12 month – Online, by demographics, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 506: Least popular retailers used to buy clothes in-store or online in the last 12 month – Online, by demographics, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What would encourage consumers to buy more online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 507: Most popular services that would encourage consumers to buy/buy more online, by demographics, Spain, August 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 508: Next most popular services that would encourage consumers to buy/buy more online, by demographics, Spain, August 2014

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Grupo Inditex
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Topshop old

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Clothing Retailing - Europe - October 2014

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                US $3,748.74 (Excl.Tax)