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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.

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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

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    £1,995.00 (Excl.Tax)