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Clothing Retailing - UK - October 2012

“Despite the economic context, consumers grew their clothing spend significantly in real terms in 2011, suggesting an underlying resilience in the market: clothes shoppers may be deterred by rain, but they are very unwilling to cut their purchases in response to a deterioration in their spending power.”

– John Mercer, European Retail Analyst

Some questions answered in this report include:

  • How vulnerable is clothing retail to external factors?
  • What’s happening to the mid-market?
  • How does social media figure in the customer journey?
  • What are the category-extension opportunities?
  • In a multichannel world, what’s the value of a store?

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Table of contents

  1. Introduction

      • Changes to our UK report
        • Data sources
          • Financial definitions
            • VAT
              • Sales per store, sales per sq m
                • Other
                  • Abbreviations
                  • Executive Summary

                      • The market
                        • Figure 1: Clothing specialists’ sales (£m, incl. VAT), 2007-17
                      • Market factors
                        • Companies, brands and innovation
                            • Figure 2: Top ten clothing retailers’ shares of consumer spending on clothing and footwear, 2010 and 2011
                          • The consumer
                            • Figure 3: Main shops used for clothing in the last 12 months, instore or online, July 2012
                            • Figure 4: How consumers made their most recent clothing purchase, July 2012
                            • Figure 5: Consumer attitudes to clothes shopping, July 2012
                            • Figure 6: Customer satisfaction levels with factors impacting on fashion purchasing, July 2012
                          • What we think
                          • Issues in the Market

                              • How vulnerable is clothing retail to external factors?
                                • What’s happening to the mid-market?
                                  • How does social media figure in the customer journey?
                                    • What are the category-extension opportunities?
                                      • In a multichannel world, what’s the value of a store?
                                      • Trend Application

                                          • Inspire trend: Secret, Secret
                                            • Inspire trend: Let’s make a deal
                                              • 2015 trend: Access Anything, Anywhere
                                              • Economic and Demographic Context

                                                • Key points
                                                  • Double-dip recession
                                                    • Figure 7: GDP quarterly percentage change, Q1 2009-Q2 2012
                                                  • Consumer expenditure
                                                    • Figure 8: GDP, PDI, consumer expenditure and savings, at constant 2012 prices, 2007-17
                                                  • Deflation wiped out by pay freezes
                                                    • Figure 9: Year-on-year growth in consumer prices and average earnings, Sep-2011/June 2012
                                                  • Consumer confidence at a low ebb
                                                    • Figure 10: UK consumer confidence, Sep 2011-Sep 2012
                                                  • Unseasonal weather brings forward summer sales
                                                    • Figure 11: Rainfall (1981-2010) anomalies for 2012
                                                  • Under-25s now beginning to feel the pinch
                                                    • Figure 12: Trends in the age structure of the UK population, 2007-17
                                                  • What does this mean for clothing shops future prospects?
                                                  • Consumer Spending on Clothing

                                                    • Key points
                                                      • Spending breakdown
                                                        • Figure 13: UK: Forecast breakdown of consumer spending on clothing, 2012
                                                        • Figure 14: UK: Breakdown of consumer spending on clothing and personal adornment, (incl VAT), 2007-12
                                                    • Sector Size and Forecast

                                                      • Key points
                                                        • Recent performance
                                                          • Performance in 2012
                                                            • Forecast to 2017
                                                              • Figure 15: Clothing specialists’ sales (£m, incl. VAT), 2007-17
                                                              • Figure 16: Clothing specialists’ sales (£m, incl. VAT), at current and constant prices, 2007-17
                                                            • Share of all retail
                                                              • Figure 17: Clothing specialists’ share of all retail sales (excl. automotive fuel), 2007-12
                                                            • The Mintel forecast
                                                            • Strengths and Weaknesses

                                                              • Strengths
                                                                • Weaknesses
                                                                • Brand Research

                                                                  • Brand map
                                                                      • Figure 18: Attitudes towards and usage of brands in the clothing retail sector, July 2012
                                                                    • Brand attitudes
                                                                      • Figure 19: Attitudes by clothing retail brand, July 2012
                                                                    • Brand personality
                                                                      • Figure 20: Clothing retail brand personality – macro image, July 2012
                                                                      • Figure 21: Clothing retail brand personality – micro image, July 2012
                                                                    • Brand experience
                                                                      • Figure 22: Clothing retail brand usage, July 2012
                                                                      • Figure 23: Satisfaction with various clothing retail brands, July 2012
                                                                      • Figure 24: Consideration of clothing retail brands, July 2012
                                                                      • Figure 25: Consumer perceptions of current clothing retail brand performance, July 2012
                                                                      • Figure 26: Clothing retail brand recommendation – Net Promoter Score, July 2012
                                                                    • Brand index
                                                                      • Figure 27: Clothing retail brand index, July 2012
                                                                      • Figure 28: Clothing retail brand index vs. recommendation, July 2012
                                                                    • Target group analysis
                                                                      • Figure 29: Target groups, July 2012
                                                                      • Figure 30: Clothing retail brand usage, by target groups, July 2012
                                                                    • Group One – Conformists
                                                                      • Group Two – Simply the Best
                                                                        • Group Three – Shelf Stalkers
                                                                          • Group Four – Habitual Shoppers
                                                                            • Group Five – Individualists
                                                                            • The Consumer – Retail Customer Profile Comparison

                                                                              • Gender
                                                                                  • Figure 31: Customer profile, by gender, September 2012
                                                                                • Age
                                                                                    • Figure 32: Customer profile, by age, September 2012
                                                                                  • Socio-economic group
                                                                                      • Figure 33: Customer profile, by socio-economic group, September 2012
                                                                                    • Region
                                                                                        • Figure 34: Customer profile, by region, September 2012
                                                                                      • State of finances
                                                                                          • Figure 35: Customer profile, by state of finances, September 2012
                                                                                      • The Consumer – Where They Shop

                                                                                        • Key points
                                                                                          • What we asked
                                                                                            • Where consumers buy
                                                                                              • Figure 36: Where they buy, July 2012
                                                                                            • Why shops are chosen
                                                                                              • Changes in shop usage, 2011-12
                                                                                                • Figure 37: Main shops used for clothing, 2011 and 2012
                                                                                              • Where consumers buy – offline/online split
                                                                                                  • Figure 38: UK: where they buy, in-store and online, July 2012
                                                                                                • Who shops where
                                                                                                  • Figure 39: Profile of in-store Clothing shoppers, July 2012
                                                                                                • Primark vs TopShop
                                                                                                  • Older customers
                                                                                                    • Online customers
                                                                                                        • Figure 40: Profile of online customers, July 2012
                                                                                                      • Consumer profiles
                                                                                                        • Financial health
                                                                                                          • Figure 41: Retail customer bases by financial health, Sept 2012
                                                                                                        • Regional bias
                                                                                                          • Figure 42: Leading clothing retailers, financial health and regional bias, September 2012
                                                                                                      • The Consumer – How they Shop

                                                                                                            • Figure 43: How consumers made their most recent clothing purchase, July 2012
                                                                                                            • Figure 44: Ratio of in-store to online buyers, July 2012
                                                                                                          • Profiles of shoppers by how they shop
                                                                                                              • Figure 45: Profile of shoppers for womens outerwear, by how they shop, July 2012
                                                                                                              • Figure 46: Profile of shoppers for womens underwear by how they shop, July 2012
                                                                                                              • Figure 47: Profile of shoppers for childrenswear, by how they shop, July 2012
                                                                                                          • The Consumer – Customer Satisfaction

                                                                                                            • Key points
                                                                                                                • Figure 48: Satisfaction levels with factors impacting on fashion purchasing, July 2012
                                                                                                                • Figure 49: Satisfaction levels with factors impacting on fashion purchasing, July 2012
                                                                                                                • Figure 50: Satisfaction levels with factors impacting on fashion purchasing, July 2012
                                                                                                              • Satisfaction by retailer used
                                                                                                                • Size
                                                                                                                  • Figure 51: Satisfaction with sizing, by retailer relative to the average, July 2012
                                                                                                                • Quality
                                                                                                                    • Figure 52: Satisfaction with product quality, by retailer relative to the average, July 2012
                                                                                                                  • Value for money
                                                                                                                      • Figure 53: Satisfaction with Value for money, by retailer relative to the average, July 2012
                                                                                                                    • Browsing
                                                                                                                        • Figure 54: Satisfaction with ease of browsing, by retailer relative to the average, July 2012
                                                                                                                      • Promotions
                                                                                                                        • Figure 55: Satisfaction with promotional offers, by retailer relative to the average, July 2012
                                                                                                                      • Brands
                                                                                                                          • Figure 56: Satisfaction with brands available, by retailer relative to the average, July 2012
                                                                                                                        • Display
                                                                                                                            • Figure 57: Satisfaction with product display, by retailer relative to the average, July 2012
                                                                                                                          • Style
                                                                                                                              • Figure 58: Satisfaction with product styling, by retailer relative to the average, July 2012
                                                                                                                          • The Consumer – Attitudes to Clothes Shopping

                                                                                                                            • Key points
                                                                                                                              • What we asked
                                                                                                                                • The weather really matters
                                                                                                                                  • Major sporting events have far less impact
                                                                                                                                      • Figure 59: Consumer attitudes to clothes shopping, July 2012
                                                                                                                                    • Gender differences
                                                                                                                                        • Figure 60: Consumer attitudes to clothes shopping, by gender, July 2012
                                                                                                                                      • The young act quickly
                                                                                                                                          • Figure 61: Consumer attitudes to clothes shopping, by age, July 2012
                                                                                                                                        • Who shops when the weather is bad?
                                                                                                                                            • Figure 62: Those who often visit their local shopping centre when the weather is bad, by socio-economic group, July 2012
                                                                                                                                          • The Burton shopper’s mentality
                                                                                                                                              • Figure 63: Burton shopper attitudes, July 2012
                                                                                                                                            • Fashion followers exhibit similar patterns of behaviour
                                                                                                                                                • Figure 64: Consumer attitudes, by select young fashion retailer, July 2012
                                                                                                                                            • Who’s Innovating?

                                                                                                                                              • Multidimensional in-store experience
                                                                                                                                                • Figure 65: Urban Outfitters flagship oxford street, London, 3-D art installation, 2012
                                                                                                                                              • M&S TV app
                                                                                                                                                • Figure 66: M&S TV App, 2012
                                                                                                                                              • Virtual reality experience that mirrors real-life
                                                                                                                                                • Figure 67: C-Instore Virtual Fashion Mirror, 2012
                                                                                                                                              • Personal clothes shopping service for disabled shoppers
                                                                                                                                                • Developing the multichannel retail strategy
                                                                                                                                                  • Figure 68: Marks & Spencer Cheshire Oaks Store, 2012
                                                                                                                                                • iPad point of sale
                                                                                                                                                  • Clothing on wheels
                                                                                                                                                    • Figure 69: Green Street Vault, 2012
                                                                                                                                                  • Cash-for-clothing shops thriving in recessionary times
                                                                                                                                                    • Shwopping
                                                                                                                                                      • Clothes that bridge the gap between the physical and the digital
                                                                                                                                                        • A well-stocked bricks-and-mortar offering
                                                                                                                                                          • Rewarding mobile-connective shoppers who visit physical clothing shops
                                                                                                                                                          • Channels of Distribution

                                                                                                                                                              • The online/offline split
                                                                                                                                                                • Figure 70: UK: Estimated distribution of spending on clothing, by online/offline sales, 2010-12
                                                                                                                                                              • By retail sector
                                                                                                                                                                  • Figure 71: Estimated distribution of spending on clothing, 2009-11
                                                                                                                                                              • Space Allocation Summary

                                                                                                                                                                • Key points
                                                                                                                                                                    • Figure 72: Space allocation for men’s, women’s and childrenswear, September 2012
                                                                                                                                                                  • Space allocations: Detailed estimates
                                                                                                                                                                    • Figure 73: Space allocation estimates, M&S, Next, Zara, Debenhams, Primark, H&M, September 2012
                                                                                                                                                                    • Figure 74: Space allocation estimates: TK Maxx, Matalan, Asda, Tesco, Sainsbury’s, New Look, September 2012
                                                                                                                                                                    • Figure 75: Space allocation estimates: Womenswear specialists, September 2012
                                                                                                                                                                    • Figure 76: Menswear specialists, September 2012
                                                                                                                                                                • Retail Product Mix

                                                                                                                                                                  • Clothing retailers: estimated sales breakdown
                                                                                                                                                                    • Figure 77: Estimated sales breakdown, M&S, Next, Debenhams, Primark, TK Maxx, New Look, 2011/12
                                                                                                                                                                    • Figure 78: Estimated sales breakdown, Matalan, Asda, Tesco, Sainsbury’s, Zara, H&M, 2011/12
                                                                                                                                                                  • Arcadia chains
                                                                                                                                                                    • Figure 79: Arcadia chains: Estimated sales breakdown, 2011/12
                                                                                                                                                                  • Sales density
                                                                                                                                                                    • Figure 80: Major clothing retailers, sales densities by product, 2011
                                                                                                                                                                    • Figure 81: Major clothing retailers, sales densities by product, 2011 ctd
                                                                                                                                                                  • Market shares by product
                                                                                                                                                                    • Figure 82: Clothing and footwear estimated market size (excl VAT), 2011
                                                                                                                                                                    • Figure 83: Major clothing retailers: estimated market share by product, 2011
                                                                                                                                                                    • Figure 84: Major clothing retailers: estimated market share by product, 2011 Ctd
                                                                                                                                                                • The Retailers: Financials and Outlets

                                                                                                                                                                  • Key points
                                                                                                                                                                    • Introduction
                                                                                                                                                                      • Value fashion: New Look falters
                                                                                                                                                                        • Mid-market: M&S struggles
                                                                                                                                                                          • Fast-fashion: Inditex soars
                                                                                                                                                                            • Others: EWM surprises
                                                                                                                                                                                • Figure 85: Leading 25 clothing specialists, ranked by 2010 revenues (excl. VAT), 2007-11
                                                                                                                                                                                • Figure 86: Leading 25 clothing specialists’ revenues: compound annual growth rates, 2007-11
                                                                                                                                                                              • Outlets and sales per outlet
                                                                                                                                                                                • Figure 87: Leading 25 clothing specialists’ outlet numbers, 2007-11
                                                                                                                                                                                • Figure 88: Leading 25 clothing specialists’ sales per outlet, 2007-11
                                                                                                                                                                                • Figure 89: Leading 25 clothing specialists’ sales per outlet: compound annual growth rates, 2007-11
                                                                                                                                                                              • Sales area and sales densities
                                                                                                                                                                                • Figure 90: Selected leading clothing specialists’ total sales area and average store size, 2007-11
                                                                                                                                                                                • Figure 91: Selected leading clothing specialists’ total sales area: Compound annual growth rates, 2007-11
                                                                                                                                                                                • Figure 92: Selected leading clothing specialists’ sales per sq m, 2007-11
                                                                                                                                                                                • Figure 93: Selected leading clothing specialists’ sales per sq m: compound annual growth rates, 2007-11
                                                                                                                                                                              • Operating profits and margins
                                                                                                                                                                                • Figure 94: Selected leading clothing specialists’ operating profits, 2007-11
                                                                                                                                                                                • Figure 95: Selected leading clothing specialists’ operating margins, 2007-11
                                                                                                                                                                            • Market Shares

                                                                                                                                                                                • In brief: the top ten
                                                                                                                                                                                  • Figure 96: Top ten clothing retailers’ shares of consumer spending on clothing and footwear, 2010 and 2011
                                                                                                                                                                                • In detail: the top 20
                                                                                                                                                                                    • Figure 97: Top 20 clothing retailers’ shares of consumer spending on clothing and footwear, 2009-11
                                                                                                                                                                                • Online

                                                                                                                                                                                  • Key points
                                                                                                                                                                                    • The online market
                                                                                                                                                                                      • Online clothing sales
                                                                                                                                                                                        • Figure 98: UK: Estimated online sales of clothing (incl. VAT), 2007-12
                                                                                                                                                                                      • Leading retailers’ online revenues and online market shares
                                                                                                                                                                                          • Figure 99: Major clothing retailers’ estimated online clothing sales and share of all online clothing spending (excl VAT), 2011
                                                                                                                                                                                        • Profiling leading retailers’ online visitors
                                                                                                                                                                                          • Figure 100: Leading clothing retailers: Composition of unique visitors to websites, by age, three month average to August 2012
                                                                                                                                                                                          • Figure 101: Leading clothing retailers: Composition of unique visitors to websites, by sex, three month average to August 2012
                                                                                                                                                                                          • Figure 102: Leading clothing retailers: Composition of unique visitors to websites, by social grade, three month average to August 2012
                                                                                                                                                                                        • Leading sites by visitor numbers
                                                                                                                                                                                          • Figure 103: Leading clothing-retail/department store websites, by total unique visitors, three month average to Aug 2012
                                                                                                                                                                                        • The consumer: shopping online by category
                                                                                                                                                                                          • Figure 104: UK: What has been bought online in the last 12 months, leading categories, May 2012
                                                                                                                                                                                        • The consumer: shopping online by device
                                                                                                                                                                                          • Figure 105: UK: Percentage of consumers having shopped online (for any goods) in the last three months, July 2012
                                                                                                                                                                                        • Social media
                                                                                                                                                                                          • The consumer: social media usage
                                                                                                                                                                                            • Figure 106: UK: Social media websites visited, April 2012
                                                                                                                                                                                            • Figure 107: UK: Social media sites used for making contact with or sharing thoughts on clothing brands or designers, April 2012
                                                                                                                                                                                            • Figure 108: UK: Use of social media for fashion, when feeling positively or negatively about a brand, April 2012
                                                                                                                                                                                          • The consumer: usage of Facebook and Twitter
                                                                                                                                                                                            • Figure 109: Usage of Facebook and Twitter for making contact with or sharing thoughts on clothing brands or designers, by age group and sex, April 2012
                                                                                                                                                                                            • Figure 110: UK: Use of Facebook for fashion, April 2012
                                                                                                                                                                                            • Figure 111: UK: Use of Twitter for fashion, April 2012
                                                                                                                                                                                          • Retailers’ social media innovations
                                                                                                                                                                                            • Social media follower numbers
                                                                                                                                                                                              • Figure 112: UK: Leading clothing retailers’ social media follower numbers, October 2012
                                                                                                                                                                                          • Retail Advertising and Promotion

                                                                                                                                                                                            • Key points
                                                                                                                                                                                              • Advertising spend continues upward trend
                                                                                                                                                                                                  • Figure 113: Main media advertising spend, by leading clothing retailers, 2008-11
                                                                                                                                                                                                • The press and TV are the most favoured advertising medium
                                                                                                                                                                                                  • Figure 114: Percentage breakdown of leading clothing retailers’ advertising spend, by media type, 2011
                                                                                                                                                                                                • What we have seen in 2012
                                                                                                                                                                                                • Arcadia Group

                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                      • A mixed picture
                                                                                                                                                                                                        • Fashion brands: winners – and losers?
                                                                                                                                                                                                          • BHS: finally on the path to recovery?
                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                • Figure 115: Arcadia Group: Group financial performance, 2006/7-2010/11
                                                                                                                                                                                                                • Figure 116: Arcadia Group: Outlet data, 2006/7-2010/11
                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                              • Asda

                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                    • George, a pioneer in food retailer fashion
                                                                                                                                                                                                                      • New stores, less space
                                                                                                                                                                                                                        • So appeal must grow
                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                              • Figure 117: Asda Group Ltd: Group financial performance, 2006/7-2010/11
                                                                                                                                                                                                                              • Figure 118: Asda Group Ltd: Outlet data, 2006/7-2010/11
                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                            • Debenhams

                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                  • Getting it right
                                                                                                                                                                                                                                    • Improving the offer
                                                                                                                                                                                                                                      • Loosening the purse-strings
                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                            • Figure 119: Debenhams: Group financial performance, 2006/7-2010/11
                                                                                                                                                                                                                                            • Figure 120: Debenhams: Outlet data, 2006/7-2010/11
                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                            • Figure 121: Debenhams: Breakdown of sales by brand type, 2010/11
                                                                                                                                                                                                                                            • Figure 122: Debenhams: Breakdown of own-bought product sales by category, 2010/11
                                                                                                                                                                                                                                        • Edinburgh Woollen Mill

                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                              • Figure 123: Edinburgh Woollen Mill: Estimated customer base of retail businesses, 2012
                                                                                                                                                                                                                                            • A major challenge
                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                  • Figure 124: The Edinburgh Woollen Mill Ltd: Group financial performance, 2006/7-2010/11
                                                                                                                                                                                                                                                  • Figure 125: The Edinburgh Woollen Mill Ltd: Outlet data, 2006/7-2010/11
                                                                                                                                                                                                                                                  • Figure 126: The Edinburgh Woollen Mill Group: estimated pro-forma sales and outlets, 2011/12
                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                • H&M

                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                      • Still room to grow
                                                                                                                                                                                                                                                        • Compelling offer
                                                                                                                                                                                                                                                          • Online improving
                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                • Figure 127: H&M Hennes & Mauritz: Group financial performance, 2006/7-2010/11
                                                                                                                                                                                                                                                                • Figure 128: H&M Hennes & Mauritz: Outlet data, 2006/7-2010/11
                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                              • House of Fraser

                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                    • Premium positioning paying off
                                                                                                                                                                                                                                                                      • Multi-channel key for growth
                                                                                                                                                                                                                                                                        • New Houseoffraser.com concept stores
                                                                                                                                                                                                                                                                          • Focus on House Brand development
                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                • Figure 129: House of Fraser Plc: Group financial performance, 2007/8-2011/12
                                                                                                                                                                                                                                                                                • Figure 130: House of Fraser Plc: Outlet data, 2007/8-2011/12
                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                              • Grupo Inditex

                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                    • Where next?
                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                          • Figure 131: Grupo Inditex: Group financial performance, 2007/8-2011/12
                                                                                                                                                                                                                                                                                          • Figure 132: Grupo Inditex: Outlet data, 2007/8-2011/12
                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                        • John Lewis

                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                  • Figure 133: John Lewis Plc: Group financial performance, 2007/8-2011/12
                                                                                                                                                                                                                                                                                                  • Figure 134: John Lewis Plc: Outlet data, 2007/8-2011/12
                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                • Marks & Spencer

                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                      • Changing customer profile
                                                                                                                                                                                                                                                                                                        • Figure 135: M&S: Customer profile by age and socio-economic group, July 2012
                                                                                                                                                                                                                                                                                                      • Food vs clothing
                                                                                                                                                                                                                                                                                                        • Where next?
                                                                                                                                                                                                                                                                                                          • Personalities
                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                • Figure 136: Marks & Spencer: Group financial performance, 2007/8-2011/12
                                                                                                                                                                                                                                                                                                                • Figure 137: Marks & Spencer: Outlet data, 2007/8-2011/12
                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                              • Matalan

                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                    • Keeping focus on value
                                                                                                                                                                                                                                                                                                                      • Expansion to tap into new regions
                                                                                                                                                                                                                                                                                                                        • Looking to multichannel to revive growth
                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                              • Figure 138: Matalan Ltd: Group financial performance, 2007/8-2011/12
                                                                                                                                                                                                                                                                                                                              • Figure 139: Matalan Ltd: Outlet data, 2007/8-2011/12
                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                            • New Look

                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                  • McGeorge yet to make mark
                                                                                                                                                                                                                                                                                                                                    • Multichannel coming to fore
                                                                                                                                                                                                                                                                                                                                      • 2012 hopeful despite poor weather
                                                                                                                                                                                                                                                                                                                                        • Online and international for the long term
                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                              • Figure 140: New Look Group Plc: Group financial performance, 2007/8-2011/12
                                                                                                                                                                                                                                                                                                                                              • Figure 141: New Look Group Plc: Outlet data, 2007/8-2011/12
                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                            • Next Group

                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                  • Online-offline
                                                                                                                                                                                                                                                                                                                                                    • Larger stores
                                                                                                                                                                                                                                                                                                                                                      • Doubts
                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                          • Figure 142: Next Group: Group financial performance, 2007/8-2011/12
                                                                                                                                                                                                                                                                                                                                                          • Figure 143: Next Group: Outlet data, 2007/8-2011/12
                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                        • Primark Group

                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                              • Management handover
                                                                                                                                                                                                                                                                                                                                                                • No online
                                                                                                                                                                                                                                                                                                                                                                  • ABF connection
                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                        • Figure 144: Primark/Penneys: Group financial performance, 2006/7-2011/12
                                                                                                                                                                                                                                                                                                                                                                        • Figure 145: Primark/Penneys: Outlet data, 2006/7-2011/12
                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                      • River Island

                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                            • No direction?
                                                                                                                                                                                                                                                                                                                                                                              • Looking to accessories…
                                                                                                                                                                                                                                                                                                                                                                                • …and overseas
                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 146: River Island Clothing Co Ltd: Group financial performance, 2006/7-2010/11
                                                                                                                                                                                                                                                                                                                                                                                      • Figure 147: River Island Clothing Co Ltd: Outlet data, 2006/7-2010/11
                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                    • Tesco

                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 148: Tesco Plc: Group financial performance, 2007/8-2011/12
                                                                                                                                                                                                                                                                                                                                                                                              • Figure 149: Tesco Plc: Outlet data, 2007/8-2011/12
                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                            • T.K. Maxx

                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                  • Keeping focus on value
                                                                                                                                                                                                                                                                                                                                                                                                    • Pursuing further expansion in Europe
                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 150: TJX Europe (TK Maxx): Group financial performance, 2007/8-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 151: TJX Europe (TK Maxx): Outlet data, 2007/8-2011/12
                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                        • Appendix – Brand Research

                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 152: Brand usage, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 153: Brand commitment, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 154: Brand commitment, July 2012 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 155: Brand momentum, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 156: Brand momentum, July 2012 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 157: Brand diversity, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 158: Brand diversity, July 2012 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 159: Brand satisfaction, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 160: Brand satisfaction, July 2012 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 161: Brand recommendation, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 162: Brand recommendation, July 2012 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 163: Brand attitude, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 164: Brand attitude, July 2012 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 165: Brand image – Macro Image, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 166: Brand image – Macro Image, July 2012 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 167: Brand image – Micro Image, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 168: Brand image – Micro Image, July 2012 (consumer)
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 169: Profile of target groups, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 170: Psychographic segmentation, by Target groups, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 171: Brand usage, by Target groups, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                          • Brand index
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 172: Brand index, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                        • Appendix – The Consumer: Where They Shop

                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 173: Most popular clothing retailers purchased from in the last 12 months, instore and online, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 174: Next most popular clothing retailers purchased from in the last 12 months, instore and online, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 175: Other clothing retailers purchased from in the last 12 months, instore and online, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 176: Popular clothing retailers purchased from in the last 12 months, instore and online, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 177: Least popular clothing retailers purchased from in the last 12 months, instore and online, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 178: Most popular clothing retailers purchased from in the last 12 months, instore, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 179: Next most popular clothing retailers purchased from in the last 12 months, instore, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 180: Other clothing retailers purchased from in the last 12 months, instore, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 181: Least popular clothing retailers purchased from in the last 12 months, instore, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 182: Most popular clothing retailers purchased from in the last 12 months, online, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 183: Next most popular clothing retailers purchased from in the last 12 months, online, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 184: Other clothing retailers purchased from in the last 12 months, online, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 185: Least popular clothing retailers purchased from in the last 12 months, online, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                        • Appendix – The Consumer: How They Shop

                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 186: How consumers purchased women's wear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 187: How consumers purchased women’s outerwear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 188: How consumers purchased women’s underwear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 189: How consumers purchased menswear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 190: How consumers purchased men’s outerwear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 191: How consumers purchased men’s underwear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 192: How consumers purchased kids’ wear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 193: How consumers purchased childrenswear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 194: How consumers purchased babywear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 195: How consumers purchased fashion accessories, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 196: How consumers purchased footwear, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                        • Appendix – The Consumer: Customer Satisfaction

                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 197: Satisfaction levels with availability of product in my size, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 198: Satisfaction levels with product quality, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 199: Satisfaction levels with value for money, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 200: Satisfaction levels with ease of browsing, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 201: Satisfaction levels with promotional offers, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 202: Satisfaction levels with brands available, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 203: Satisfaction levels with way products are displayed, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 204: Satisfaction levels with style of products available, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 205: Satisfaction levels with staff advice, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 206: Satisfaction levels with changing rooms, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 207: Satisfaction levels with queuing at the till, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 208: Satisfaction levels with store tidiness, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 209: Satisfaction levels with online customer service, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 210: Satisfaction levels with online delivery, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 211: Satisfaction levels with online style advice, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                        • Appendix – The Consumer: Attitudes To Clothes Shopping

                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 212: Most popular consumer attitudes towards clothes shopping, by demographics, July 2012
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 213: Next most popular consumer attitudes towards clothes shopping, by demographics, July 2012

                                                                                                                                                                                                                                                                                                                                                                                                        Companies Covered

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

                                                                                                                                                                                                                                                                                                                                                                                                        Clothing Retailing - UK - October 2012

                                                                                                                                                                                                                                                                                                                                                                                                        £1,995.00 (Excl.Tax)