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Clothing Retailing - UK - October 2009

There is more choice than ever before in the UK’s clothing mass-market. But it has been dominated by price for much of the last ten years, as cheaper sourcing from the Far East has facilitated the growth of value retailers.

This has increased competition and squeezed the middle-market players. And with youth unemployment rising fast, competition looks set to continue revolving around price for the foreseeable future.

This will exert further downward pressure on retailers’ margins and inhibit their ability to invest in new initiatives and stores. Not only that but it will make it hard for retailers to pass on the full price increases on imported goods.

But there is a glimmer of hope for the mid/upper mass market players. Over one in ten people in a survey commissioned especially for this report say they will spend more on clothing in the year ahead. But this figure rises to 22% of the ABC1 pre-/no family lifestage – a group that is less economically challenged and is more likely to be influenced by quality rather than low prices.

Main themes

  • How has the recession changed consumers’ shopping habits for clothing and are there key differences by demographic group?

  • Who have the retail winners and losers been as a result?

  • How have the under 25s, a key group for fashion, responded to the downturn and will their shopping habits change as youth unemployment rises.

  • How are the UK’s future demographic trends likely to impact the clothing market?

  • What are consumer’s future spending intentions on clothes?

  • How have clothing specialists performed relative to non-specialist competition and what part did the Internet play in this?

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Table of contents

  1. Issues in the Market

      • Main themes
        • Definitions
          • Abbreviations
          • Future Opportunities

            • Trading down but what next?
              • The middle market must fight back
              • Market in Brief

                • Future
                  • Deflation pervades
                    • Consumer context
                      • Competitive landscape
                      • Internal Market Environment

                        • Key points
                          • Clothing takes the biggest hit among those cutting back
                            • Figure 1: The items adults are cutting back on in the recession, February 2009
                          • The price dilemma for retailers
                              • Figure 2: UK clothing price deflation, 2005-Q2 2009
                            • The young – in denial?
                              • Less concerned about their finances
                                • Figure 3: UK: Concern over finances, % point change, Feb 2008-Jun 2009
                              • But have they reached the tipping point?
                                • Figure 4: UK: Concern over job prospects, 18-25s, February 2008-June 2009
                              • Changing allegiances
                                  • Figure 5: Selected retailers where the 18-25s buy clothes, May 2008 and July 2009
                                • Competition from non-specialists
                                  • Figure 6: Clothing specialists as % of all spending on clothing and footwear, 2001-08
                                • The power of the internet
                                • Broader Market Environment

                                  • Key points
                                    • Mixed impact of changing demographics
                                      • Figure 7: Implications of changing demographics of the UK population for clothing market, 2009-14
                                    • Late 2008 – the economy moves into recession
                                        • Figure 8: UK: GDP real growth, 1999-Q2 2009
                                      • 2008 – consumer confidence in freefall…but retail sales robust
                                        • Figure 9: Nationwide Consumer Confidence Index, Jan 2006-July 2009
                                      • 2009 – confidence starts to recover…will retail sales follow?
                                          • Figure 10: UK: Retail sales value growth, 2007-09 (August)
                                        • Implications for clothes retailing
                                        • Competitive Context

                                          • Key points
                                            • Clothing performance held back by deflation
                                              • Figure 11: Consumer spending on clothing and other fashion-influenced product markets, 2004-08
                                              • Figure 12: Growth in spending on clothing and other fashion-influenced product markets, 2004-08
                                            • Spending patterns change in the recession
                                                • Figure 13: Growth in spending on clothing and other fashion-influenced product markets, 2007-09
                                              • And men cut back more
                                                • Figure 14: Clothing spending breakdown, 2004 vs 2008
                                              • Consumer prices
                                                • Figure 15: Consumer prices on select fashion-influenced categories, 1996-2008
                                                • Figure 16: Consumer prices on select fashion-influenced categories, 1996-2008
                                            • Who’s Innovating?

                                              • The internet – a key battleground for innovation
                                                • Brand building
                                                  • New forms of collaboration
                                                  • Strengths and Weaknesses in the Market

                                                    • Strengths
                                                      • Weaknesses
                                                      • Sector Size and Forecast

                                                        • Key points
                                                          • Economic and consumer outlook
                                                            • Retail forecasts
                                                              • Improving short term outlook for retail
                                                                • Clothing specialists should maintain retail market share in 2009
                                                                  • Longer term they should outperform all retail
                                                                      • Figure 17: UK: Clothing specialists sales, 2004-14
                                                                    • Past trends
                                                                      • Clothing specialists struggle to hold onto retail market share
                                                                          • Figure 18: UK: Clothing specialists sales, 2004-08
                                                                          • Figure 19: UK: Clothing specialists as % of all retail sales, 1999-2008
                                                                      • Channels of Distribution

                                                                          • Figure 20: UK: Clothing market – channels of distribution, 2006 and 2008
                                                                        • Specialists
                                                                          • Department stores struggle to maintain market share
                                                                            • Grocers catch up with department stores
                                                                              • Home shopping
                                                                                • Others
                                                                                • Retailer Competitor Analysis

                                                                                  • Key points
                                                                                    • Leading specialists
                                                                                      • Value retailers make significant gains
                                                                                        • Young fashion holds up too
                                                                                          • But the mid-market has been seriously squeezed
                                                                                            • Rebuilding for the future
                                                                                                • Figure 21: Leading clothing retailers, 2008/09
                                                                                              • Evaluation
                                                                                                • Figure 22: Selected UK clothing retailers, evaluation, 2009
                                                                                              • Market shares
                                                                                                  • Figure 23: UK: Leading clothing retailers, market shares, 2008
                                                                                              • Retail Advertising and Promotion

                                                                                                • Key points
                                                                                                  • Cutting back in the downturn
                                                                                                      • Figure 24: Main media advertising spend, by leading clothing retailers, 2004/05-2008/09
                                                                                                    • M&S dominates
                                                                                                      • Next builds why Matalan contracts
                                                                                                        • Figure 25: Top three advertisers – spending index, 2004/05-2008/09
                                                                                                      • Spending by media
                                                                                                          • Figure 26: Main media advertising spend, by leading clothing retailers, by media, 2008/09
                                                                                                      • Brand Elements

                                                                                                          • Key points
                                                                                                            • Brand map
                                                                                                                • Figure 27: Attitudes towards and visitation of clothing retail brands, September 2009
                                                                                                              • Brand qualities of clothing retail brands
                                                                                                                • Authority and accessibility for M&S, but Next has style
                                                                                                                  • Figure 28: Personalities of various clothing retail brands, September 2009
                                                                                                                  • Figure 29: Personalities of various clothing retail brands, September 2009 (continued)
                                                                                                                • Experience of clothing retail brands
                                                                                                                  • Tesco and M&S most commonly visited, TJ Hughes lacks awareness
                                                                                                                    • Figure 30: Consumer visitation of various clothing retail brands, September 2009
                                                                                                                  • Brand intentions for clothing retail brands
                                                                                                                    • Bhs and Burton most considered
                                                                                                                      • Figure 31: Consideration of various clothing retail brands, September 2009
                                                                                                                    • Brand satisfaction for clothing retail brands
                                                                                                                      • Fashion specialists have the edge
                                                                                                                        • Figure 32: Satisfaction with various clothing retail brands, September 2009
                                                                                                                      • Brand commitment to clothing retail brands
                                                                                                                        • Value retailers lack engagement
                                                                                                                          • Figure 33: Commitment to various clothing retail brands, September 2009
                                                                                                                          • Figure 34: Commitment to various clothing retail brands, September 2009 (continued)
                                                                                                                        • Next
                                                                                                                          • What the consumer thinks
                                                                                                                            • Figure 35: Attitudes towards the Next brand, September 2009
                                                                                                                          • Bonmarché
                                                                                                                            • What the consumer thinks
                                                                                                                              • Figure 36: Attitudes towards the Bonmarché brand, September 2009
                                                                                                                            • Debenhams
                                                                                                                              • What the consumer thinks
                                                                                                                                • Figure 37: Attitudes towards the Debenhams brand, September 2009
                                                                                                                              • Topshop/Topman
                                                                                                                                • What the consumer thinks
                                                                                                                                  • Figure 38: Attitudes towards the Topshop/Topman brand, September 2009
                                                                                                                                • Tesco
                                                                                                                                  • What the consumer thinks
                                                                                                                                    • Figure 39: Attitudes towards the Tesco brand, September 2009
                                                                                                                                  • Primark
                                                                                                                                    • What the consumer thinks
                                                                                                                                      • Figure 40: Attitudes towards the Primark brand, September 2009
                                                                                                                                    • Zara
                                                                                                                                      • What the consumer thinks
                                                                                                                                        • Figure 41: Attitudes towards the Zara brand, September 2009
                                                                                                                                      • Asda/George
                                                                                                                                        • What the consumer thinks
                                                                                                                                          • Figure 42: Attitudes towards the Asda/George brand, September 2009
                                                                                                                                        • Marks & Spencer
                                                                                                                                          • What the consumer thinks
                                                                                                                                            • Figure 43: Attitudes towards the Marks & Spencer brand, September 2009
                                                                                                                                        • The Consumer – Where They Buy Clothing

                                                                                                                                            • Key points
                                                                                                                                              • Where they buy clothing
                                                                                                                                                  • Figure 44: Where they buy clothes, July 2009
                                                                                                                                                • The changing face of the UK high street
                                                                                                                                                    • Figure 45: Outlets used for purchasing clothing in the last 12 months, 2004-09
                                                                                                                                                  • Who buys where
                                                                                                                                                    • Women far more enthusiastic shoppers than men
                                                                                                                                                        • Figure 46: Where they buy clothes – top 10, by gender, July 2009
                                                                                                                                                      • Next corners the 25-44-year-old market
                                                                                                                                                          • Figure 47: Where they bought clothes in the last 12 months – top 10, by select age bands, July 2009
                                                                                                                                                        • And e-commerce grabs the attention of the young
                                                                                                                                                            • Figure 48: Internet shoppers, by age, July 2009
                                                                                                                                                          • M&S dominates the older end of the market
                                                                                                                                                              • Figure 49: Where they bought clothes in the last 12 months – top 10, by select age bands, July 2009
                                                                                                                                                            • M&S and department stores well placed to benefit from socio-economic shift
                                                                                                                                                                • Figure 50: Selected retailers where they buy clothes, by socio-economic group, July 2009
                                                                                                                                                              • Cross category shopping
                                                                                                                                                                  • Figure 51: Where they bought clothes in last 12 months, by grocery stores used, July 2009
                                                                                                                                                                  • Figure 52: Where they bought clothes in last 12 months, by grocery stores used, July 2009
                                                                                                                                                              • The Consumer – The Way They Shop For Clothing

                                                                                                                                                                  • Key points
                                                                                                                                                                    • Consumers cutting back
                                                                                                                                                                        • Figure 53: Way in which they shop for clothing compared to previous year, July 2009
                                                                                                                                                                      • Volume versus value – the gender divide
                                                                                                                                                                          • Figure 54: Way in which they shop for clothing compared to previous year, by gender, July 2009
                                                                                                                                                                        • Older consumers stick with same habits
                                                                                                                                                                            • Figure 55: Those with unchanged shopping habits and those shopping around more, by age, July 2009
                                                                                                                                                                          • But the 25-54s trade down most
                                                                                                                                                                              • Figure 56: Those mostly buying on sale etc and those buying more from value retailers, by age, July 2009
                                                                                                                                                                            • Consumers shopping habits by where they’ve shopped
                                                                                                                                                                              • Familiarity and trust
                                                                                                                                                                                  • Figure 57: Where they bought clothing, by those buying more from familiar brands/shops they trust, July 2009
                                                                                                                                                                                  • Figure 58: Where they bought clothing, by those shopping around more compared to previous year, July 2009
                                                                                                                                                                                • Favouring value retailers
                                                                                                                                                                                    • Figure 59: Where they bought clothing, buying more from value retailers compared to previous year, July 2009
                                                                                                                                                                                    • Figure 60: Where they bought clothing, by way in which shop for clothing compared to previous year, July 2009
                                                                                                                                                                                  • Future intentions
                                                                                                                                                                                    • More pessimistic than optimistic overall
                                                                                                                                                                                        • Figure 61: Future spending intentions, by gender, July 2009
                                                                                                                                                                                      • The optimism of youth or the realism of experience?
                                                                                                                                                                                          • Figure 62: Those intending to spend more on clothing in the coming year, by age, July 2009
                                                                                                                                                                                          • Figure 63: Future spending intentions, by demographics, July 2009
                                                                                                                                                                                        • Other findings
                                                                                                                                                                                        • Consumer Typologies

                                                                                                                                                                                            • Key points
                                                                                                                                                                                                • Figure 64: Clothing consumer typologies, July 2009
                                                                                                                                                                                              • Group 1: Unchanged (62%)
                                                                                                                                                                                                • Group 2: Fickle (16%)
                                                                                                                                                                                                  • Group 3: Price Led (13%)
                                                                                                                                                                                                    • Group 4: Familiar & Trusted (9%)
                                                                                                                                                                                                      • Where people shop by typology
                                                                                                                                                                                                          • Figure 65: Where they bought clothing, by consumer typology, July 2009
                                                                                                                                                                                                      • Alexon Group

                                                                                                                                                                                                          • Figure 66: Alexon Group Plc: Sales as share of clothing retailers’ sales in UK, 2004-08
                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                              • Figure 67: Alexon Group Plc: Group financial performance, 2004/05-2008/09
                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                              • Figure 68: Alexon Group Plc: Outlet data, 2005-09
                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                              • Market positioning
                                                                                                                                                                                                                • Brands
                                                                                                                                                                                                                  • Figure 69: Alexon Group: List of brands, 2008/09
                                                                                                                                                                                                                • e-commerce and home shopping
                                                                                                                                                                                                                • Arcadia Group

                                                                                                                                                                                                                    • Figure 70: Arcadia Group Brands Ltd: Sales as share of clothing specialists in the UK, 2004-08
                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                    • Recent history
                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                        • Figure 71: Arcadia Group: Group financial performance, 2003/04-2007/08
                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                          • Figure 72: Arcadia Group Brands Ltd: Outlet data, 2004-08
                                                                                                                                                                                                                          • Figure 73: Arcadia Group: Breakdown of international outlets, September 2009
                                                                                                                                                                                                                          • Figure 74: Arcadia Group: Breakdown of European outlets, by fascia, September 2009
                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                          • Topshop
                                                                                                                                                                                                                            • Market positioning
                                                                                                                                                                                                                              • Brands/product offer
                                                                                                                                                                                                                                • Pricing
                                                                                                                                                                                                                                  • Topman
                                                                                                                                                                                                                                    • Market positioning
                                                                                                                                                                                                                                      • Brands/product offer
                                                                                                                                                                                                                                        • Pricing
                                                                                                                                                                                                                                          • Dorothy Perkins
                                                                                                                                                                                                                                            • Market positioning
                                                                                                                                                                                                                                              • Brands/product offer
                                                                                                                                                                                                                                                • Pricing
                                                                                                                                                                                                                                                  • Burton
                                                                                                                                                                                                                                                    • Market positioning
                                                                                                                                                                                                                                                      • Brands/product offer
                                                                                                                                                                                                                                                        • Pricing
                                                                                                                                                                                                                                                          • Miss Selfridge
                                                                                                                                                                                                                                                            • Market positioning
                                                                                                                                                                                                                                                              • Brands/product offer
                                                                                                                                                                                                                                                                • Pricing
                                                                                                                                                                                                                                                                  • Evans
                                                                                                                                                                                                                                                                    • Market positioning
                                                                                                                                                                                                                                                                      • Brands/product offer
                                                                                                                                                                                                                                                                        • Pricing
                                                                                                                                                                                                                                                                          • Wallis
                                                                                                                                                                                                                                                                            • Market positioning
                                                                                                                                                                                                                                                                              • Brands/product offer
                                                                                                                                                                                                                                                                                • Pricing
                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                    • Figure 75: Arcadia Group: Websites, 2009
                                                                                                                                                                                                                                                                                • Aurora Fashions (formerly Mosaic Fashions)

                                                                                                                                                                                                                                                                                    • Figure 76: Aurora Fashions Ltd: Sales as share of clothing specialists’ sales in Europe, 2004-08
                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                    • Recent history
                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                          • Figure 77: Mosaic Fashions: Group financial performance, 2004/05-2008/09
                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                            • Figure 78: Mosaic Fashions: Outlet data, 2004-09
                                                                                                                                                                                                                                                                                            • Figure 79: Mosaic Fashions: Outlets by country, August 2009
                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                            • Coast
                                                                                                                                                                                                                                                                                              • Market positioning
                                                                                                                                                                                                                                                                                                • Brands/Product offer
                                                                                                                                                                                                                                                                                                  • Pricing
                                                                                                                                                                                                                                                                                                    • Karen Millen
                                                                                                                                                                                                                                                                                                      • Market positioning
                                                                                                                                                                                                                                                                                                        • Brands/Product offer
                                                                                                                                                                                                                                                                                                          • Pricing
                                                                                                                                                                                                                                                                                                            • Oasis
                                                                                                                                                                                                                                                                                                              • Market positioning
                                                                                                                                                                                                                                                                                                                • Brands/Product offer
                                                                                                                                                                                                                                                                                                                  • Figure 80: Oasis: brands, 2009
                                                                                                                                                                                                                                                                                                                • Pricing
                                                                                                                                                                                                                                                                                                                  • Warehouse
                                                                                                                                                                                                                                                                                                                    • Market positioning
                                                                                                                                                                                                                                                                                                                      • Brands/Product offer
                                                                                                                                                                                                                                                                                                                        • Pricing
                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                          • Benetton Group

                                                                                                                                                                                                                                                                                                                              • Figure 81: Benetton (UK): Estimated retail sales as share of clothing specialists in the UK, 2004-08
                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                              • Recent history
                                                                                                                                                                                                                                                                                                                                • Figure 82: Benetton Group: Group financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                                • Figure 83: Benetton UK: Financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                                                                                                • Figure 84: Benetton Group: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                • Market positioning
                                                                                                                                                                                                                                                                                                                                  • Product offer
                                                                                                                                                                                                                                                                                                                                    • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                      • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                      • Bhs

                                                                                                                                                                                                                                                                                                                                          • Figure 85: Bhs Plc: Sales as share of clothing specialists’ sales in UK, 2003-07
                                                                                                                                                                                                                                                                                                                                        • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                          • History
                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                • Figure 86: Bhs Plc: Group financial performance, 2003/04-2007/08
                                                                                                                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                                                                                                                  • Figure 87: Bhs Plc: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                  • Figure 88: Bhs: International franchises, number of outlets, 2003-08
                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                  • Market positioning
                                                                                                                                                                                                                                                                                                                                                    • Product offer
                                                                                                                                                                                                                                                                                                                                                      • Brands
                                                                                                                                                                                                                                                                                                                                                        • Figure 89: Bhs: Brands, 2009
                                                                                                                                                                                                                                                                                                                                                      • Pricing
                                                                                                                                                                                                                                                                                                                                                        • Operational issues
                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                          • Gap

                                                                                                                                                                                                                                                                                                                                                              • Figure 90: Gap Inc: UK sales as share of clothing specialists’ sales in UK, 2004-08
                                                                                                                                                                                                                                                                                                                                                            • History
                                                                                                                                                                                                                                                                                                                                                              • Financial performance
                                                                                                                                                                                                                                                                                                                                                                  • Figure 91: Gap Inc: Group financial performance, 2004/05-08/09
                                                                                                                                                                                                                                                                                                                                                                  • Figure 92: Gap UK: Financial performance, 2004/05-08/09
                                                                                                                                                                                                                                                                                                                                                                • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                    • Figure 93: Gap Inc: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                    • Market positioning
                                                                                                                                                                                                                                                                                                                                                                      • Brands
                                                                                                                                                                                                                                                                                                                                                                        • Figure 94: Gap Inc: Brands, 2008
                                                                                                                                                                                                                                                                                                                                                                      • Product offer/Pricing
                                                                                                                                                                                                                                                                                                                                                                        • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                        • Grupo Inditex UK

                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                              • Recent history
                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 95: Grupo Inditex: Group financial performance, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 96: Grupo Inditex: Estimated sales in key European markets, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 97: Inditex brands: Sales in the UK, 2006/07-2008/09
                                                                                                                                                                                                                                                                                                                                                                                • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 98: Grupo Inditex: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 99: UK: Grupo Inditex: Stores by fascia, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                  • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                    • Zara
                                                                                                                                                                                                                                                                                                                                                                                      • Brands
                                                                                                                                                                                                                                                                                                                                                                                        • Product offer
                                                                                                                                                                                                                                                                                                                                                                                          • Massimo Dutti
                                                                                                                                                                                                                                                                                                                                                                                            • Product offer/pricing
                                                                                                                                                                                                                                                                                                                                                                                              • Bershka
                                                                                                                                                                                                                                                                                                                                                                                                • Product offer/pricing
                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 100: Grupo Inditex: Company websites, 2009
                                                                                                                                                                                                                                                                                                                                                                                                • H&M Hennes & Mauritz

                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 101: H&M Hennes & Mauritz: Sales as share of clothing specialists’ sales in the UK, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                    • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 102: H&M Hennes & Mauritz: Group financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 103: H&M Hennes & Mauritz UK Ltd: Financial performance, 2003/04-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 104: H&M Hennes & Mauritz: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                            • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                              • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 105: H&M: Own brand portfolio, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                  • Operations
                                                                                                                                                                                                                                                                                                                                                                                                                    • COS
                                                                                                                                                                                                                                                                                                                                                                                                                      • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 106: H&M Hennes & Mauritz: Breakdown of UK advertising expenditure, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                      • Mackays Stores Group

                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 107: Mackays Stores Group Ltd: Sales as share of clothing specialists’ sales in UK, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 108: Mackays Stores Group Ltd: Group financial performance, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 109: Mackays Stores Group Ltd: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                            • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                              • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Mango

                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 110: Mango UK: Sales as share of clothing specialists’ sales in the UK, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 111: Mango Group: Group financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                        • UK performance
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 112: Mango UK Ltd: financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 113: Mango Group: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Marks & Spencer

                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 114: Marks & Spencer (UK): Sales as share of clothing specialists’ sales in the UK, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 115: Marks & Spencer (UK): Group financial performance, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 116: Marks & Spencer (UK): UK sales and like-for-like growth, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 117: M&S: UK retail sales by product category, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 118: M&S: UK and ireland Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 119: M&S: Outlets not specialising in food, by type, 2008-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brands/Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 120: Marks & Spencer: Clothing own brand portfolio, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 121: Marks & Spencer: Clothing price architecture, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Operational issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 122: M&S: M&S Direct sales, 2006/07-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Matalan

                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 123: Matalan: Sales as share of clothing specialists’ sales in UK, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 124: Matalan: Group financial performance, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 125: Matalan: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brands/product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 126: Matalan: Own-brand portfolio, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Monsoon

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 127: Monsoon Plc: Sales as share of clothing specialists’ sales in UK, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 128: Monsoon Plc: Group financial performance, 2003/04-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 129: Monsoon Plc: Outlet data, 2003-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brands/Prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 130: Monsoon Plc: Brand ranges, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New Look

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 131: New Look Group Plc: Sales as share of clothing specialists’ sales in Europe, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 132: New Look Group Plc: Sales as share of clothing specialists’ sales in UK, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 133: New Look Group Plc: Group financial performance, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 134: New Look Group Plc: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 135: New Look Group PLC: Outlet data, by country, 2008-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brands/Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 136: New Look: Womenswear own brand collections, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Operational issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 137: New Look Breakdown of advertising expenditure in the UK, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Next Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 138: Next Group: Sales as share of clothing specialists’ sales in the UK, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 139: Next Group: Group financial performance, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 140: Next Group: Next Retail like-for-like sales performance, 2005/06-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 141: Next Group: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 142: Next: International outlets, 2007-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 143: Next: Change in average selling prices, by season, 2006-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Peacock Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 144: Peacock Group: Group financial performance, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 145: Peacock Group: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Product offer/brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 146: Peacocks and bonmarche sub-brands, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Primark/Penneys

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 147: Primark: Sales as share of Clothing specialists’ sales in the UK, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 148: Primark Stores Ltd: Group financial performance, 2004-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 149: Primark Stores Ltd: Outlet data, 2004-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brands/product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 150: Primark: Own brand portfolio, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Operational issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • River Island Clothing

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 151: River Island Clothing Co Ltd: Sales as share of clothing specialists’ sales in UK, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 152: River Island Clothing Co Ltd: Group financial performance, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 153: River Island Clothing Co Ltd: Outlet data, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 154: River Island Clothing Co Ltd: Breakdown of overseas outlets, by market, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Product offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • TK Maxx

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 155: TK Maxx: Sales as share of clothing specialists’ sales in UK, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 156: TK Maxx: Group financial performance, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 157: TK Maxx: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Product offer/brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Appendix – Internal Market Environment

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 158: Selected retailers where the 15-24s buy clothes, May 2008 and July 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Appendix – Where They Buy Clothing

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 159: Where they bought clothing in last 12 months, by demographics, July 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 160: Where they bought clothing in last 12 months, by demographics, July 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 161: Where they bought clothing in last 12 months, by demographics, July 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 162: Where they bought clothing in last 12 months, by demographics, July 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Appendix – The Way They Shop For Clothing

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 163: Most popular way in which shop for clothing, compared to previous year, by demographics – All, July 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 164: Most popular way in which shop for clothing, compared to previous year, by demographics – All, July 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 165: Most popular bought clothing, by way in which shop for clothing compared to previous year – All, July 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 166: Most popular bought clothing, by way in which shop for clothing compared to previous year – All, July 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 167: Future spending intentions, by demographics, July 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 168: Where people bought clothing, by future spending intentions, July 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 169: Way in which shop for clothing compared to previous year, by consumer opinion on clothing spend for next year, July 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Appendix – Consumer Typologies

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 170: Way in which shop for clothing compared to previous year, by consumer typology, July 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 171: Consumer typology, by demographics, July 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 172: Where people bought clothing, by consumer typology, July 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 173: Future spending intentions, by consumer typology, July 2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Agent Provocateur Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Alexon Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Alexon Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Allders Croydon Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Amazon.co.uk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Apax Partners
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Arcadia Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ASOS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Associated British Foods Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Aurora Fashions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Austin Reed Group Ltd (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Banana Republic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Bank of England
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Barratts Trading Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Baugur
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Bay Trading Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Benetton Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Bershka France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Bhs Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Bonmarché
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • British Broadcasting Corporation (BBC)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Burton old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Clear Channel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Diesel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dolcis Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dorothy Perkins old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dunlop Slazenger Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dunnes Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Envy Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Et Vous
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Ethel Austin Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Evans old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Facebook, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Fairtrade Foundation (The)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Fat Face Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Fenwick Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Firetrap
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Forth & Towne
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Freeview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • French Connection (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Gap (USA)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Gap Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Giorgio Armani S.p.A.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Government Actuary's Department (GAD)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Grupo Cortefiel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Grupo Inditex
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Habitat
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Hackett Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Harvey Nichols UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Hobbs Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • J. Choo Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • JJB Sports Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Karen Millen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kings Supermarkets (USA)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • La Senza Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Lee Cooper
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Levi Strauss (UK) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • LK Bennett Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • London Stock Exchange plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Lunan Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mackays Stores Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mango Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Marimekko
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market & Opinion Research International (MORI)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Matalan Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Miss Selfridge
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Monsoon Accessorize Ltd - UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mothercare Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • N Brown Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Nationwide Building Society
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Net-A-Porter Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Niketown UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Oasis Fashions Ltd - UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Old Navy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Peacock Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Peacocks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Phase Eight Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Philips Consumer Electronics UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Pierre Cardin Haute Couture
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Poundland Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Primark/Penneys
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Pull & Bear UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Quiksilver, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Ralph Lauren Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Reiss Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • River Island Clothing Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Roberto Cavalli
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Rubicon
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Samsung Electronics (UK) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Selfridges Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Shop Direct Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Somerfield
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Stella McCartney
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • T.M.LEWIN
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Tata Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Ted Baker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The Fragrance Shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The Shoe Studio Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The TJX Companies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Timberland UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • TJ Hughes Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Topman old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Topshop old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Uniqlo UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Viktor & Rolf
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Vodafone Group Plc (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Waitrose
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Wal-Mart Stores, Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Wallis old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Whistles Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • White Stuff Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Wilkinson Hardware Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Wolsey Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Woolworths Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • YouTube, Inc.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Clothing Retailing - UK - October 2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      £1,995.00 (Excl.Tax)