Sorry for interrupting, this website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Learn more
Accept & Close

Clothing Retailing - UK - October 2010

There is more choice than ever before in the UK’s clothing mass-market. But the retail landscape is about to change as the deflation of the last decade comes to an abrupt end. Raw material prices, freight and labour costs (particularly in the Far East) are rising and, coupled with the impending VAT increase and unfavourable foreign exchange movements, clothing prices on like-for-like items are expected to rise by at least 5% next year.

  • More than one in three people (39%) have been spending less on clothes this year than last equating to around 20 million adults. However, one reason people may feel they are spending less this year is because deflation has eased which could mean they've bought fewer items but spent about the same amount of money.
  • Mintel's consumer research shows that mail order and the internet actually made the most progress in 2010 by a long way (along with New Look). The internet has growing appeal for a range of different reasons including greater choice, more players (Zara, H&M and Gap have all moved online this year), a better service proposition and competitive prices.
  • Multichannel operators have proved the most successful online, accounting for 8 out of the largest 10 sites by visitor numbers. Pureplay retailers face increasing competition , however opening strategically located pop up shops might be one way for pure players to develop some cross functional facilities.
  • Interest in and the influence of m-commerce and social media in multi-channel retailing remains low at present. But this is expected to change as smart phone penetration is rising fast and retailers are looking closely at how best to engage users through these mobile devices.
  • Despite the growing popularity of the online channel, a sizeable majority still prefer to browse in-store rather than on the internet. But in terms of advice and tips, similar numebrs of consumers now use the internet as referring to store assistants.
  • A majority of adults (82%) claim to make their clothes last - we think the disposable fashion trend could have peaked and 2011 may see shoppers reassessing value for money and putting more emphasis on sustainability, integrity and durability of clothing.

What you get

What's included

Why buy from us?

Succeed

Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.

Instant Access

Buy now and you'll have instant access to the information you need to make the right decisions.

Opportunities

Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.

Trusted

A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.

Table of contents

  1. Issues in the Market

      • Main themes
        • Financial definitions
          • Abbreviations
          • Future Opportunities

              • The new clothing norm – inflation and low growth
                • Offline online - blending the best of both worlds
                • Market in Brief

                  • Future
                    • Clothing sales
                      • Channels of distribution
                        • Consumer context
                          • Competitive context
                          • Internal Market Environment

                            • Key points
                              • Shoppers still cutting back on clothing
                                • Figure 1: UK: Consumer spending priorities over the past year (indicative score), May 2010
                              • Uncertainty replaces fear
                                • E-commerce trends
                                  • Internet sales set to slow from historically high levels
                                    • Significant potential remains
                                      • Pros and cons
                                        • Auction sites may have boosted sales in the downturn
                                            • Figure 2: UK: Top websites purchased from in last three months, April 2008-10
                                          • Internet usage
                                              • Figure 3: UK: Clothing website visitors, August 2010
                                            • Lifestyle statements
                                              • Has the disposable fashion trend peaked?
                                                • A mismatch between preference and provision?
                                                  • Jeans and homemade clothes on the up
                                                      • Figure 4: GB: Agreement with selected lifestyle statements, 2005-09
                                                    • Interest drops off from mid-30s
                                                      • Seismic shift in womenswear
                                                      • Broader Market Environment

                                                        • Key points
                                                          • Implications for clothing retailers
                                                          • Competitive Context

                                                            • Key points
                                                              • Spending on clothing, footwear and other personal adornment
                                                                • Figure 5: Consumer spend on clothing, footwear and other personal adornment at current prices, 2005-09
                                                              • Clothing deflation much deeper than footwear
                                                                • Figure 6: Clothing and footwear inflation, 1997-2009
                                                              • …leads to strong volume growth
                                                                • Figure 7: Consumer spending on clothing, footwear and other personal adornment at constant 2006 prices, 2005-09
                                                              • Deflation for over a decade ….
                                                                • ….finally starts to ease
                                                                  • Figure 8: UK: Clothing price deflation, 2007-May 2010
                                                                • Volume sales contract in 2010 second quarter
                                                                • Who’s Innovating

                                                                    • Tapping into the plus size market
                                                                      • Very.co.uk targets mums
                                                                        • The real McCoy
                                                                          • Written communication
                                                                            • A right chocolaty partnership
                                                                              • E-tailing becomes more sophisticated
                                                                                • Vogue’s fashion night in
                                                                                  • Mobilising the smart phone
                                                                                  • Strengths and Weaknesses

                                                                                    • Strengths
                                                                                      • Weaknesses
                                                                                      • Sector Size and Forecast

                                                                                        • Key points
                                                                                          • Retail forecasts
                                                                                            • Figure 9: UK: Clothing specialists sales, 2005-15
                                                                                            • Figure 10: UK: Clothing specialists sales as % of non-food and all retail sales, 2005-15
                                                                                          • Factors used in the forecast
                                                                                            • Economic and consumer outlook
                                                                                              • Outlook for retailing…
                                                                                                • …and clothing specialists
                                                                                                  • Past trends
                                                                                                      • Figure 11: UK: Clothing specialists sales, 2005-09
                                                                                                      • Figure 12: UK: Clothing specialists as % of all retail sales, 2000-09
                                                                                                    • Outlets and enterprises
                                                                                                      • Figure 13: UK: Footwear retailers, number of outlets and enterprises, 2003-08
                                                                                                  • Channels of Distribution

                                                                                                      • Figure 14: UK: Clothing market – channels of distribution, 2009
                                                                                                    • Specialists cling on
                                                                                                      • Department stores face a tough challenge ahead
                                                                                                        • Sainsbury’s takes up the running
                                                                                                          • Home shopping
                                                                                                            • Others
                                                                                                              • Competition from non-specialists
                                                                                                                • Figure 15: Clothing specialists as % of all spending on clothing and footwear, 2002-09
                                                                                                            • Retailer Competitor Analysis

                                                                                                              • Key points
                                                                                                                • Leading specialists
                                                                                                                  • What constitutes Value?
                                                                                                                    • The young – old divide
                                                                                                                      • Targeting the older customer
                                                                                                                        • That leaves Arcadia
                                                                                                                          • Where next?
                                                                                                                            • Figure 16: Leading clothing retailers, 2009/10
                                                                                                                          • Market shares
                                                                                                                            • Figure 17: UK: Leading clothing retailers, market shares, 2009
                                                                                                                        • Retail Advertising and Promotion

                                                                                                                          • Key points
                                                                                                                            • Recession hits advertising spend
                                                                                                                                • Figure 18: Main media advertising spend, by leading clothing retailers, 2006/07-2009/10
                                                                                                                              • M&S leads the way
                                                                                                                                • Next’s spend remains steady
                                                                                                                                  • Spending by media
                                                                                                                                    • Figure 19: Main media advertising spend, by leading clothing retailers, by media, 2010
                                                                                                                                • Brand Elements

                                                                                                                                    • Key points
                                                                                                                                      • Brand map
                                                                                                                                          • Figure 20: Attitudes towards and visitation of clothing retail stores, July 2010
                                                                                                                                        • Brand qualities of clothing retail stores
                                                                                                                                          • Accessibility and style most important
                                                                                                                                            • Figure 21: Personalities of various clothing retail stores, July 2010
                                                                                                                                          • Experience of clothing retail stores
                                                                                                                                            • General stores most visited
                                                                                                                                              • Figure 22: Consumer usage of various clothing retail stores, July 2010
                                                                                                                                            • Brand consideration for clothing retail stores
                                                                                                                                              • Affordability a major draw
                                                                                                                                                • Figure 23: Consideration of various clothing retail stores, July 2010
                                                                                                                                              • Brand satisfaction for clothing retail stores
                                                                                                                                                • Value-for-money most satisfactory, not pure value
                                                                                                                                                  • Figure 24: Satisfaction with various clothing retail stores, July 2010
                                                                                                                                                • Brand commitment to clothing retail stores
                                                                                                                                                  • Accessibility aids loyalty
                                                                                                                                                    • Figure 25: Commitment to various clothing retail stores, July 2010
                                                                                                                                                  • Brand intentions for clothing retail stores
                                                                                                                                                    • Generalists have best retention
                                                                                                                                                      • Figure 26: Future visiting intentions for various clothing retail stores, July 2010
                                                                                                                                                    • Brand recommendation for clothing retail stores
                                                                                                                                                      • M&S and Asda most recommended – established accessibility
                                                                                                                                                        • Figure 27: Recommendation of various clothing retail stores, July 2010
                                                                                                                                                      • Next
                                                                                                                                                        • What the consumer thinks
                                                                                                                                                          • Figure 28: Attitudes towards the Next brand, July 2010
                                                                                                                                                        • Primark
                                                                                                                                                          • What the consumer thinks
                                                                                                                                                            • Figure 29: Attitudes towards the Primark brand, July 2010
                                                                                                                                                          • Asda/George
                                                                                                                                                            • What the consumer thinks
                                                                                                                                                              • Figure 30: Attitudes towards the Asda/George brand, July 2010
                                                                                                                                                            • Debenhams
                                                                                                                                                              • What the consumer thinks
                                                                                                                                                                • Figure 31: Attitudes towards the Debenhams brand, July 2010
                                                                                                                                                              • Burton
                                                                                                                                                                • What the consumer thinks
                                                                                                                                                                  • Figure 32: Attitudes towards the Burton brand, July 2010
                                                                                                                                                                • New Look
                                                                                                                                                                  • What the consumer thinks
                                                                                                                                                                    • Figure 33: Attitudes towards the New Look brand, July 2010
                                                                                                                                                                  • H&M
                                                                                                                                                                    • What the consumer thinks
                                                                                                                                                                      • Figure 34: Attitudes towards the H&M brand, July 2010
                                                                                                                                                                    • Marks & Spencer
                                                                                                                                                                      • What the consumer thinks
                                                                                                                                                                        • Figure 35: Attitudes towards the Marks & Spencer brand, July 2010
                                                                                                                                                                    • The Consumer – Where They Buy Clothing

                                                                                                                                                                        • Key points
                                                                                                                                                                            • Figure 36: UK: Where they buy clothes, August 2010
                                                                                                                                                                          • The changing face of ‘bricks and mortar’
                                                                                                                                                                              • Figure 37: UK: Outlets used for purchasing clothing in the last 12 months, 2005-10
                                                                                                                                                                            • Home shopping gained the most ground
                                                                                                                                                                              • Retailer market positioning
                                                                                                                                                                                  • Figure 38: UK: Market positioning of leading retailers/channels, August 2010
                                                                                                                                                                                • The changing face of home shopping
                                                                                                                                                                                    • Figure 39: UK: Online channel, by socio-eonomic group, July 2009 and August 2010
                                                                                                                                                                                    • Figure 40: UK: Online channel, by age group, July 2009 and August 2010
                                                                                                                                                                                    • Figure 41: UK: Online and mail order channels, by age group, August 2010
                                                                                                                                                                                  • M&S customer base is ageing fast
                                                                                                                                                                                      • Figure 42: UK: M&S, by age group, April 2005 and August 2010
                                                                                                                                                                                  • The Consumer – How They Shop For Clothing

                                                                                                                                                                                      • Key points
                                                                                                                                                                                        • Shopping habits
                                                                                                                                                                                            • Figure 43: UK: How they shop for clothing compared to previous year, August 2010
                                                                                                                                                                                          • Patterns of behaviour by age and affluence
                                                                                                                                                                                              • Figure 44: UK: how they shop for clothing, by age and affluence, August 2010
                                                                                                                                                                                            • Shopping habits at the most popular stores
                                                                                                                                                                                                • Figure 45: Attitudes towards clothes purchasing, by most popular outlet where they buy clothes, August 2010
                                                                                                                                                                                            • The Consumer – Clothing Shopping Attitudes

                                                                                                                                                                                                • Key points
                                                                                                                                                                                                    • Figure 46: Attitudes towards clothes purchasing, August 2010
                                                                                                                                                                                                  • Cross channel shopping and the gender divide
                                                                                                                                                                                                    • Women are
                                                                                                                                                                                                        • Figure 47: Difference in attitudes to clothes shopping, by gender, August 2010
                                                                                                                                                                                                      • Young people like web-based ideas
                                                                                                                                                                                                          • Figure 48: Difference in attitudes to clothes shopping among under 25s, August 2010
                                                                                                                                                                                                        • Hard pressed families
                                                                                                                                                                                                          • Families are
                                                                                                                                                                                                            • Figure 49: Difference in attitudes to delivery charges, by lifestage, August 2010
                                                                                                                                                                                                            • Figure 50: Difference in attitudes to ‘click and collect’, by lifestage, August 2010
                                                                                                                                                                                                          • M-commerce – how will it emerge?
                                                                                                                                                                                                            • Attitudes of shoppers by outlets used
                                                                                                                                                                                                                • Figure 51: Attitudes towards clothes purchasing, by where they buy clothes, August 2010
                                                                                                                                                                                                                • Figure 52: Attitudes towards clothes purchasing, by where they buy clothes, August 2010
                                                                                                                                                                                                            • The Consumer – Target Groups

                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                    • Figure 53: Clothing consumer typologies, August 2010
                                                                                                                                                                                                                    • Figure 54: Attitudes towards clothes purchasing, by target groups, August 2010
                                                                                                                                                                                                                  • Group 1: Unchanged (61%)
                                                                                                                                                                                                                    • Group 2: Lower Spenders (18%)
                                                                                                                                                                                                                      • Group 3: Higher Spenders (12%)
                                                                                                                                                                                                                        • Group 4: Savvy Frugals (9%)
                                                                                                                                                                                                                          • Where target groups shop
                                                                                                                                                                                                                              • Figure 55: Where they buy clothes, by target groups, August 2010
                                                                                                                                                                                                                          • Alexon Group Plc

                                                                                                                                                                                                                              • Figure 56: Alexon Group Plc: Sales as share of clothing, retailers in UK, 2006-10
                                                                                                                                                                                                                            • Recent history
                                                                                                                                                                                                                              • Financial performance
                                                                                                                                                                                                                                • Figure 57: Alexon Group Plc: Group financial performance, 2006-10
                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                • Figure 58: Alexon Group Plc: Outlet data, 2005-10
                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                • e-commerce
                                                                                                                                                                                                                                • Arcadia Group

                                                                                                                                                                                                                                    • Figure 59: Arcadia Group: Sales as share of clothing in UK, 2005-09
                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                    • The Bhs house of brands
                                                                                                                                                                                                                                      • Focus on Topshop
                                                                                                                                                                                                                                        • International markets
                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                • Figure 60: Arcadia Group: Group financial performance, 2004/05-2008/09
                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                  • Figure 61: Arcadia Group: Outlet data, 2005-09
                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                  • Bhs
                                                                                                                                                                                                                                                    • Topshop
                                                                                                                                                                                                                                                      • Topman
                                                                                                                                                                                                                                                        • Dorothy Perkins
                                                                                                                                                                                                                                                          • Burton
                                                                                                                                                                                                                                                            • Miss Selfridge
                                                                                                                                                                                                                                                              • Evans
                                                                                                                                                                                                                                                                • Wallis
                                                                                                                                                                                                                                                                  • Outfit
                                                                                                                                                                                                                                                                    • e-commerce and home shopping
                                                                                                                                                                                                                                                                        • Figure 62: Arcadia Group: Websites, 2010
                                                                                                                                                                                                                                                                      • Bhs
                                                                                                                                                                                                                                                                        • Figure 63: Bhs Plc: Sales as share of Clothing in UK, 2004-2008/09
                                                                                                                                                                                                                                                                      • Recent history
                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                          • Figure 64: Bhs Plc: Group financial performance, 2004/05-2008/09
                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                          • Figure 65: Bhs Plc: Outlet data, 2005-09
                                                                                                                                                                                                                                                                      • Aurora Fashions

                                                                                                                                                                                                                                                                          • Figure 66: Aurora Fashions: Sales as share of clothing, footwear & textiles in Europe, 2004-09
                                                                                                                                                                                                                                                                        • Strategic evaluation
                                                                                                                                                                                                                                                                          • Collective strength rationale yet to be proven
                                                                                                                                                                                                                                                                            • Structure designed to create dynamism has produced inertia
                                                                                                                                                                                                                                                                              • Profitability an issue
                                                                                                                                                                                                                                                                                • International sales propping up under performing UK
                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                      • Figure 67: Aurora Fashions: Group financial performance, 2005-10
                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                      • Figure 68: Aurora Fashions: Outlet data, 2005-10
                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                      • e-commerce
                                                                                                                                                                                                                                                                                      • Benetton (UK) Ltd

                                                                                                                                                                                                                                                                                          • Figure 69: Benetton (UK) Ltd: Sales as share of clothing, footwear & textiles in UK, 2004-08
                                                                                                                                                                                                                                                                                        • Strategic evaluation
                                                                                                                                                                                                                                                                                          • Still struggling in the UK fashion market
                                                                                                                                                                                                                                                                                            • Growth opportunities mostly outside Europe
                                                                                                                                                                                                                                                                                              • Competition increasing
                                                                                                                                                                                                                                                                                                • Vertical integration still a strength
                                                                                                                                                                                                                                                                                                  • Lack of internet strategy worrying
                                                                                                                                                                                                                                                                                                    • Recent history
                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                        • Performance in the UK
                                                                                                                                                                                                                                                                                                          • Figure 70: Benetton (UK) Ltd: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                          • Figure 71: Benetton (UK) Ltd: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                          • Advertising and marketing
                                                                                                                                                                                                                                                                                                            • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                            • Gap (Europe)

                                                                                                                                                                                                                                                                                                                • Figure 72: Gap (Europe): Sales as share of clothing, footwear & textiles in Europe, 2004-09
                                                                                                                                                                                                                                                                                                              • Recent history
                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                  • Figure 73: Gap (Europe): Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                • Store portfolio
                                                                                                                                                                                                                                                                                                                  • Figure 74: Gap (Europe): Outlet data, 2005-10
                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                  • e-commerce
                                                                                                                                                                                                                                                                                                                  • Grupo Inditex

                                                                                                                                                                                                                                                                                                                      • Figure 75: Grupo Inditex: Sales as share of clothing, footwear & textiles specialists’ sales in UK, 2005-09
                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                      • Giving customers what they want
                                                                                                                                                                                                                                                                                                                        • Response to the recession
                                                                                                                                                                                                                                                                                                                          • Widespread expansion
                                                                                                                                                                                                                                                                                                                            • Potential for other brands
                                                                                                                                                                                                                                                                                                                              • E-commerce
                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                    • Figure 76: Grupo Inditex: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                  • Estimated sales by country
                                                                                                                                                                                                                                                                                                                                      • Figure 77: Grupo Inditex: Estimated sales in key European markets, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                    • Sales by brand
                                                                                                                                                                                                                                                                                                                                      • Figure 78: UK: Grupo Inditex: Sales by retail brand, 2006/07-2009/10
                                                                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                                                                      • Figure 79: Grupo Inditex: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                    • UK outlet data
                                                                                                                                                                                                                                                                                                                                      • Figure 80: Grupo Inditex UK: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                      • Zara
                                                                                                                                                                                                                                                                                                                                        • Massimo Dutti
                                                                                                                                                                                                                                                                                                                                          • Bershka
                                                                                                                                                                                                                                                                                                                                            • Pull&Bear
                                                                                                                                                                                                                                                                                                                                              • Stradivarius
                                                                                                                                                                                                                                                                                                                                                • Oysho
                                                                                                                                                                                                                                                                                                                                                  • Uterqüe
                                                                                                                                                                                                                                                                                                                                                    • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                    • H&M Hennes & Mauritz

                                                                                                                                                                                                                                                                                                                                                        • Figure 81: H&M Hennes & Mauritz: UK sales as share of total clothing specialists’ sales in the UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                        • Core values underpin corporate ambition
                                                                                                                                                                                                                                                                                                                                                          • Design and fashion credentials of paramount importance
                                                                                                                                                                                                                                                                                                                                                            • Growth being delivered at very high levels of profitability
                                                                                                                                                                                                                                                                                                                                                              • Multi-brand strategy adds impetus to growth
                                                                                                                                                                                                                                                                                                                                                                • Online potential not fully realised
                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                                                                                      • Figure 82: H&M Hennes & Mauritz: Group financial performance, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                      • Figure 83: H&M Hennes & Mauritz: UK financial performance, 2004/05-2008/09
                                                                                                                                                                                                                                                                                                                                                                    • First half 2009/10
                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                        • Figure 84: H&M Hennes & Mauritz: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                        • e-commerce
                                                                                                                                                                                                                                                                                                                                                                        • Mango Group

                                                                                                                                                                                                                                                                                                                                                                            • Figure 85: Mango UK: Sales as share of clothing specialists’ sales in the UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                            • Global presence – too big?
                                                                                                                                                                                                                                                                                                                                                                              • Distinct from its competitors and staying true to the core brand message
                                                                                                                                                                                                                                                                                                                                                                                • Developing a multi-brand strategy?
                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 86: Mango Group: Group sales performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                    • UK performance
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 87: MNG-Mango UK: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 88: Mango Group: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 89: MNG-Mango UK: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                      • Store design
                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                          • Marks & Spencer (M&S)

                                                                                                                                                                                                                                                                                                                                                                                              • Figure 90: Marks & Spencer: Sales as share of clothing, footwear & textiles in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                              • M&S and the older customer
                                                                                                                                                                                                                                                                                                                                                                                                • Consumers recover in clothing
                                                                                                                                                                                                                                                                                                                                                                                                  • M&S continues with core values
                                                                                                                                                                                                                                                                                                                                                                                                    • Pricing architecture appeals to different budgets
                                                                                                                                                                                                                                                                                                                                                                                                      • Clothing stronger but are sub-brands confusing?
                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                            • Year to end March 2010
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 91: Marks & Spencer: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 92: Marks & Spencer (UK): UK sales and like-for-like growth, 2004/05-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                              • Investing for the future
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 93: M&S: UK retail sales by product category, 2005-10
                                                                                                                                                                                                                                                                                                                                                                                                              • Financial Year 2010/11 Q1
                                                                                                                                                                                                                                                                                                                                                                                                                • Financial Year 2010/11 Q2
                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 94: Marks & Spencer: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 95: M&S: UK Outlets not specialising in food, by type, 2008-10
                                                                                                                                                                                                                                                                                                                                                                                                                  • International store developments
                                                                                                                                                                                                                                                                                                                                                                                                                    • Operational issues
                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                        • Market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                          • Womenswear
                                                                                                                                                                                                                                                                                                                                                                                                                            • Lingerie
                                                                                                                                                                                                                                                                                                                                                                                                                              • Menswear
                                                                                                                                                                                                                                                                                                                                                                                                                                • Childrenswear
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 96: Marks & Spencer: Clothing own brand portfolio, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce & home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 97: M&S: M&S Direct sales, 2006/07-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Matalan Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 98: Matalan Ltd: Sales as share of clothing, footwear & textiles in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Loss of momentum in the latter plc years
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Private control revitalises Matalan
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Renewed expansion in the UK
                                                                                                                                                                                                                                                                                                                                                                                                                                            • International growth opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online also a growth area
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 99: Matalan Ltd: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 100: Matalan Ltd: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Monsoon

                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 101: Monsoon Plc: Sales as share of clothing, footwear & textiles in UK, 2004-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 102: Monsoon: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 103: Monsoon: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New Look Retail Group Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 104: New Look Group Plc: Sales as share of clothing, footwear & textiles in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Can New Look really double in size?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strength of value fashion proposition is key
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Widening range offers growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Ambitious multi-channel expansion plans
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • International expansion opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 105: New Look Group Plc: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 106: New Look Group Plc: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Next Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 107: Next: UK sales as share of clothing specialists’ sales in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • More fashion-led
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Next international goes online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK opportunities for growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand diversification
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Trouble ahead?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Home shopping star performer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Like-for-like growth at Next Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Challenges contained
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recession hits in Central Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Lipsy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 108: Next Group: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • First half 2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 109: Next Group: Group interim financial performance, 2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Bigger still better
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Profitable new space
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 110: Next Group: Next Retail like-for-like sales performance, 2006/07-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Next at Home
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Makeover
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sportswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 111: Next Group: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 112: Next: International outlets, 2008-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • E-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Peacock Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 113: Peacock Group: Sales as share of clothing, retailers in UK, 2004-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 114: Peacock Group: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 115: Peacock Group: Outlet data, 2005-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Primark/Penneys

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 116: Primark: Sales as share of UK clothing, footwear & textiles in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Plenty of soft targets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Bigger is better
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Continental European growth a key objective
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Holding back on online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Ensuring ethics are not an issue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 117: Primark/Penneys: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 118: Primark/Penneys: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • River Island Clothing Co Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 119: River Island Clothing Co Ltd: Sales as share of clothing, footwear & textiles in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 120: River Island Clothing Co Ltd: Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 121: River Island Clothing Co Ltd: Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • TK Maxx

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 122: TK Maxx UK: Sales as share of clothing, footwear & textiles in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 123: TJX (TK Maxx - Europe): Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 124: TJX (TK Maxx - Europe): Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Internal Market Environment

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 125: GB agreement with selected lifestyle statements, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 126: GB agreement with selected lifestyle statements, 2009 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 127: GB agreement with selected lifestyle statements , 2009 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 128: GB agreement with selected lifestyle statements, 2009 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Broader Market Environment

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 129: Europe Top 5: Population breakdown, by age group, 2005
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 130: Europe Top 5: Population breakdown, by age group, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 131: Europe Top 5: Population breakdown, by age group, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 132: Europe Top 5: Population breakdown, by age group, 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • GDP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 133: Europe Top 5: GDP (in current prices) 2000-Q2 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 134: Europe top 5: GDP growth rates (in constant prices), 2000-Q2 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 135: Europe Top 5: Consumer spending (in current prices), 2001-Q2 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 136: Europe Top 5: Consumer spending growth rates (in constant prices), 2001-Q2 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 137: Europe Top 5: Consumer prices, 2001-Q3 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Unemployment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 138: Europe Top 5: Average rate of unemployment, 2001-Q2 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Interest rates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 139: UK and Eurozone: Interest rates, 2004-Q2 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer confidence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 140: Europe top 5: Consumer confidence, January 2009-Sept 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Where They Buy Clothing

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 141: Most popular outlets where they buy clothes, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 142: Next most popular outlets where they buy clothes, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 143: Popular outlets where they buy clothes, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 144: Other outlets where they buy clothes, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 145: Least popular outlets where they buy clothes, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – How They Shop For Clothing

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 146: Most popular attitudes towards clothes purchasing, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 147: Next most popular attitudes towards clothes purchasing, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 148: Other attitudes towards clothes purchasing, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 149: Attitudes towards clothes purchasing, by most popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 150: Attitudes towards clothes purchasing, by next most popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 151: Attitudes towards clothes purchasing, by next popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 152: Attitudes towards clothes purchasing, by popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 153: Attitudes towards clothes purchasing, by other outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 154: Attitudes towards clothes purchasing, by least popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Clothing Shopping Attitudes

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 155: Most popular attitudes towards clothes purchasing, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 156: Next most popular attitudes towards clothes purchasing, by demographics, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 157: Attitudes towards clothes purchasing, by most popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 158: Attitudes towards clothes purchasing, by next most popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 159: Attitudes towards clothes purchasing, by next most popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 160: Attitudes towards clothes purchasing, by popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 161: Attitudes towards clothes purchasing, by other outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 162: Attitudes towards clothes purchasing, by least popular outlet where they buy clothes, August 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Consumer Target Groups

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 163: Target groups, by demographics, August 2010

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Alexon Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Arcadia Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Associated British Foods Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Aurora fashions UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Banana Republic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Bank of England
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Bay Trading Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Benetton Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Bhs Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Burton old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Diesel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Dolce & Gabbana
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Dorothy Perkins old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • eBay UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • French Connection (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Gap Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Grupo Inditex
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Harrods Group Total
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • IKEA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • John Lewis Plc (department store)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Kantar Media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Karen Millen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • LK Bennett Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Mango Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Matalan Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Miss Selfridge
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Monsoon Accessorize Ltd - UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Office for National Statistics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Peacocks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Ralph Lauren Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • River Island Clothing Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Shop Direct Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Ted Baker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The TJX Companies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Topman old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Topshop old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Twitter, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Umbro International Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Vodafone Group Plc (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Wallis old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • YouTube, Inc.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Clothing Retailing - UK - October 2010

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    US $2,583.33 (Excl.Tax)