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

Clothing Retailing - UK - October 2013

“While consumers have continued to increase their clothes purchases in real terms, driving up value sales, volume growth has slowed as inflation has returned and the market is vulnerable to cost rises especially in cotton. Consumers remain squeezed but are feeling more confident. In the current climate, clothing retailers can’t get away with being average; they need to excel in both merchandise and innovation.”

– Tamara Sender, Senior Fashion Analyst

Some questions answered in this report include:

  • Are consumers prioritising spend on clothing?
  • What impact will a fragmented clothing market have?
  • How are pureplayers competing in a multichannel world?
  • How are different age groups driving growth in the market?
  • Where should mid- and top-end retailers shift their emphasis?

Consumers continued to grow spend on clothing in 2013 despite the income squeeze, with sales estimated to have risen 4.5%. Annual spending growth has remained well above inflation since 2008 as shoppers have spent liberally on buying new clothes in the last five years.

The winners in 2012 were value retailers with strong fashion credentials, with Primark and TK Maxx each gaining market share. At the same time, non-specialists including sports retailers Sports Direct and JD Sports, as well as department store John Lewis outperformed the market.

Clothing specialists, on the other hand, saw their total share of the market fall as M&S continued to see declining sales and Next only held its share broadly steady. Spending has fragmented away from the broad-focus, mid-market specialists as consumers search for individuality means they are favouring more targeted specialists.

Mintel’s report includes extensive consumer research looking at where consumers are shopping, how much they spend, as well as their attitudes and behaviours when buying clothes.

Data sources

This report includes two streams of data relating to the clothing market: consumer spending and retail sales. Both are cited inclusive of VAT.
The former is ONS/Mintel market size data for clothing and accessories. This data covers spending through all channels. This can be found in the Market Size and Forecast section.

The latter originates from the ONS retail sales survey – the most comprehensive, and so accurate, retail survey available; this data covers spending through those retailers defined as specialising in clothing by the ONS. This can be found in the Sector Size and Forecast section.

Crown copyright material is reproduced with the permission of the Controller of HMSO and the Queen’s Printer for Scotland.

Definitions

The market size for clothing comprises men's, women's and children's clothes through all retail outlets. It includes outerwear, underwear and fashion accessories, but excludes footwear and jewellery.

Financial definitions used are:

Sales: Turnover as reported by the company, excluding VAT.
Operating profits: pre-tax profits plus interest, less non-trading income such as the sale of fixed assets and any exceptional items, including provisions.
Pre-tax profits: the net trading profit after deducting all operating costs including depreciation and finance charges, but before deduction of tax, dividends and other appropriations.
Operating margin: operating profits as a percentage of sales.

VAT

In general, all company sales data are quoted excluding VAT.
Consumer spending data are quoted including VAT unless specifically stated otherwise.
VAT-inclusive sales are used for the forecast
VAT-exclusive consumer spending data is used to calculate market shares.
The UK reduced the standard rate of VAT from 17.5% to 15% on 1 December 2008, before increasing it to 17.5% on 1 January 2010 and 20% on 4 January 2011.
Sales per store, sales per sq m

Sales per sq m is the sales generated during the year divided by the average area traded from during that year.
Sales per store is calculated using the average number of trading outlets during the year.

Other

Value figures throughout this report are at retail selling prices (rsp) unless otherwise stated. Market sizes at constant 2013 prices have been calculated using Mintel’s clothing deflator.

What you get

What's included

Why buy from us?

Succeed

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

Instant Access

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

Opportunities

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

Trusted

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

Table of contents

  1. Introduction

      • Data sources
        • Definitions
          • VAT
            • Sales per store, sales per sq m
              • Other
                • Abbreviations
                • Executive Summary

                    • The market
                      • Figure 1: Consumer spending on clothing and accessories (incl. VAT), 2008-18
                    • Market factors
                      • Companies, brands and innovation
                        • Figure 2: The UK’s ten leading clothing retailers’ shares of spending on clothing and footwear, 2011 and 2012
                      • The consumer
                        • Where consumers buy
                          • Figure 3: Where consumers buy clothes, in-store and online, July 2013
                        • How much they spend?
                          • Figure 4: Amount spent on clothing in the last 12 months, July 2013
                        • How people shop for clothes
                          • Figure 5: How consumers shop and buy clothes for themselves, July 2013
                        • Consumers choose quality over price
                          • Figure 6: Importance of factors that influence clothes shopping, July 2013
                        • What encourages people to shop online
                          • Figure 7: Factors that would encourage consumers to shop online for clothes from a particular retailer or brand, July 2013
                        • Use of social media for fashion
                          • Figure 8: Use of social media sites Facebook and Twitter for fashion, July 2013
                        • What we think
                        • Issues and Insights

                            • Spend on clothing remains strong
                              • The facts
                                • The implications
                                  • The clothing market has become increasingly fragmented
                                    • The facts
                                      • The implications
                                        • How pureplayers are competing in a multichannel world
                                          • The facts
                                            • The implications
                                              • The 25-34s are driving growth in the market, while 16-24s cut back
                                                • The facts
                                                  • The implications
                                                    • Mid- and top-end retailers need to shift the emphasis onto quality, not price
                                                      • The facts
                                                        • The implications
                                                        • Trend Application

                                                            • Trend: Prove it
                                                              • Trend: Experience is All
                                                                • Mintel Futures Trend: Brand Intervention
                                                                • The Market Environment

                                                                  • Key points
                                                                    • Inflation surge should boost value sales
                                                                      • Figure 9: Yearly consumer prices inflation: annual % change, selected categories, 2008-12
                                                                      • Figure 10: Monthly consumer prices inflation: annual % change, selected categories, January-August 2013
                                                                      • Figure 11: Annual % change in clothing prices versus annual % change in spending on clothing, 2008-12
                                                                      • Figure 12: Monthly average cotton prices: annual % change, January 2011-August 2013
                                                                    • The consumer – confidence and spending power
                                                                      • Figure 13: Consumer confidence indicator, September 2012-August 2013
                                                                      • Figure 14: Mintel’s consumer tracker: Percentage better off/worse off compared to 12 months ago, July 2011-September 2013
                                                                      • Figure 15: Annual % change in consumer prices versus annual % change in average earnings, January 2009-July 2013
                                                                      • Figure 16: The consumer: Trends in what extra money is spent on, November 2009-September 2013
                                                                  • Market Size and Forecast – Consumer Spending on Clothing

                                                                    • Key points
                                                                      • Forecast – robust growth expected to continue
                                                                          • Figure 17: Consumer spending on clothing and accessories (incl. VAT), 2008-18
                                                                          • Figure 18: Consumer spending on clothing and accessories (incl. VAT), at current prices, 2008-18
                                                                        • Squeezed consumers prioritise clothing
                                                                            • Figure 19: Annual % change in clothing prices versus annual % change in spending on clothing, and inferred real-terms spending growth, 2008-12
                                                                            • Figure 20: Spending on clothing and accessories as percentage of all consumer spending, 2008-13
                                                                          • Segmentation – womenswear dominates
                                                                            • Figure 21: Estimated distribution of spending on clothing by sub-category, 2013
                                                                          • Mintel’s forecast methodology
                                                                          • Sector Size and Forecast – The Clothing Specialists Sector

                                                                            • Key points
                                                                              • Forecast
                                                                                • Figure 22: Clothing specialists’ sector sales and forecast (incl. VAT), 2008-18
                                                                                • Figure 23: Clothing specialists’ sales (incl. VAT), at current and constant prices, 2008-18
                                                                              • Specialists’ sales of clothing only
                                                                                  • Figure 24: Estimated sales of clothing by clothing specialist retailers (incl. VAT), 2008-13
                                                                                • Specialists’ share of clothing spending declines
                                                                                    • Figure 25: Estimated share of consumer spending on clothing taken by the clothing specialists sector, 2008-13
                                                                                  • Mintel’s forecast methodology
                                                                                  • Strengths and Weaknesses

                                                                                    • Strengths
                                                                                      • Weaknesses
                                                                                      • Brand Research

                                                                                        • Brand map
                                                                                            • Figure 26: Attitudes towards and usage of brands in the clothing retail sector, August 2013
                                                                                          • Correspondence analysis
                                                                                            • Brand attitudes
                                                                                              • Figure 27: Attitudes, by clothing retail brand, August 2013
                                                                                            • Brand personality
                                                                                              • Figure 28: Clothing retail brand personality – macro image, August 2013
                                                                                              • Figure 29: Clothing retail brand personality – micro image, August 2013
                                                                                            • Brand experience
                                                                                              • Figure 30: Clothing retail brand usage, August 2013
                                                                                              • Figure 31: Satisfaction with various clothing retail brands, August 2013
                                                                                              • Figure 32: Consideration of clothing retail brands, August 2013
                                                                                              • Figure 33: Consumer perceptions of current clothing retail brand performance, August 2013
                                                                                            • Brand index
                                                                                              • Figure 34: Clothing retail brand index, August 2013
                                                                                            • Target group analysis
                                                                                              • Figure 35: Target groups, August 2013
                                                                                              • Figure 36: Clothing retail brand usage, by target groups, August 2013
                                                                                            • 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 37: Customer profile, by gender, July 2013
                                                                                                        • Age
                                                                                                          • Figure 38: Customer profile, by age group, July 2013
                                                                                                        • Socio-economic group
                                                                                                          • Figure 39: Customer profile, by socio-economic group, July 2013
                                                                                                        • Region
                                                                                                          • Figure 40: Customer profile, by region, July 2013
                                                                                                        • State of finances
                                                                                                          • Figure 41: Customer profile, by state of finances, July 2013
                                                                                                      • The Consumer – Where They Shop

                                                                                                        • Key points
                                                                                                          • What we asked
                                                                                                            • Where consumers buy
                                                                                                              • Figure 42: Retailers from where clothes are bought in-store and online, July 2013
                                                                                                            • Primark leads as it attracts more over-25s
                                                                                                              • Changes in shop usage, 2012-13
                                                                                                                • Figure 43: Main retailers from where clothes are bought in-store and online, July 2012 and 2013
                                                                                                              • Asda stands out driven by online sales
                                                                                                                • 25-34s are out shopping under-25s
                                                                                                                  • M&S remains second most popular despite falling sales
                                                                                                                    • Where consumers buy – offline/online split
                                                                                                                      • Figure 44: Where consumers buy clothes, in-store and online, July 2013
                                                                                                                    • Who shops where
                                                                                                                      • Figure 45: Profile of in-store clothing shoppers, by age and affluence, July 2013
                                                                                                                    • Online customers
                                                                                                                      • Figure 46: Profile of online clothing shoppers, by age and affluence, July 2013
                                                                                                                  • The Consumer – How Much They Spend on Clothing

                                                                                                                    • Key points
                                                                                                                      • What we asked
                                                                                                                          • Figure 47: Amount spent on clothing in the last 12 months, July 2013
                                                                                                                        • Britons are mid spenders when it comes to clothes
                                                                                                                          • High spenders peak among 25-34s
                                                                                                                            • Figure 48: Amount spent on clothing in the last 12 months, by age group and socio-economic group, July 2013
                                                                                                                          • High spenders shop at young fashion retailers
                                                                                                                            • Figure 49: Amount spent on clothing in the last 12 months, by where people have bought clothes for themselves in-store in the last 12 months, July 2013
                                                                                                                          • Londoners spend more
                                                                                                                            • High spenders want clothes made in Britain
                                                                                                                            • The Consumer – How They Shop

                                                                                                                              • Key points
                                                                                                                                • What we asked
                                                                                                                                    • Figure 50: How consumers shop and buy clothes for themselves, July 2013
                                                                                                                                  • How people shop by age group
                                                                                                                                    • Figure 51: How consumers shop and buy clothes for themselves, by age group, July 2013
                                                                                                                                  • High spenders tend to browse online but buy in-store
                                                                                                                                    • One in eight click-and-collect
                                                                                                                                      • Loyal customers look for quality
                                                                                                                                      • The Consumer – Factors That Influence Clothes Shopping

                                                                                                                                        • Key points
                                                                                                                                          • What we asked
                                                                                                                                              • Figure 52: Importance of factors that influence clothes shopping, July 2013
                                                                                                                                            • Quality versus price
                                                                                                                                              • Figure 53: Agreement with following statements as important ‘Durability of clothing’, ‘quality of the product finish’, ‘low price’, by age group and socio-economic group, July 2013
                                                                                                                                            • 16-24s see low price as very important
                                                                                                                                              • Returns policies
                                                                                                                                                • Ethical policies
                                                                                                                                                  • How gender impacts what consumers look for
                                                                                                                                                    • Figure 54: Agreement with statement any important for factors that influence clothes shopping, by gender, July 2013
                                                                                                                                                  • How age impacts consumer priorities
                                                                                                                                                  • The Consumer – Attitudes to Shopping Online for Clothes

                                                                                                                                                    • Key points
                                                                                                                                                      • What we asked
                                                                                                                                                          • Figure 55: Factors that would encourage consumers to shop online for clothes from a particular retailer or brand, July 2013
                                                                                                                                                        • ABs prioritise good returns policy
                                                                                                                                                          • 35-44s drawn to online sales
                                                                                                                                                            • Women want more delivery options
                                                                                                                                                              • Figure 56: Factors that would encourage consumers to shop online for clothes from a particular retailer or brand, by gender, July 2013
                                                                                                                                                            • Customer service
                                                                                                                                                              • Virtual fitting rooms
                                                                                                                                                              • The Consumer – Use of Social Media for Fashion

                                                                                                                                                                • Key points
                                                                                                                                                                  • What we asked
                                                                                                                                                                    • Facebook is the most used for fashion
                                                                                                                                                                      • Figure 57: Use of social media sites Facebook and Twitter for fashion, July 2013
                                                                                                                                                                    • Young people use social media to access discounts
                                                                                                                                                                      • Using social media for style advice
                                                                                                                                                                        • Twitter used to praise and criticise brands
                                                                                                                                                                          • Use of other social media for fashion
                                                                                                                                                                            • Figure 58: Use of social media for fashion, July 2013
                                                                                                                                                                          • Social media used at London Fashion week
                                                                                                                                                                            • Usage of social media
                                                                                                                                                                              • Figure 59: The consumer: Usage of social media sites, July 2013
                                                                                                                                                                          • Who’s Innovating?

                                                                                                                                                                            • Mobile payment
                                                                                                                                                                              • Online presentation
                                                                                                                                                                                • Virtual queue
                                                                                                                                                                                  • Personal shopping
                                                                                                                                                                                    • M&S – new e-boutique
                                                                                                                                                                                      • Reebok Fitness Hub
                                                                                                                                                                                        • Harrods – Ready for take off
                                                                                                                                                                                          • Me-Ality – Well fitted
                                                                                                                                                                                          • Channels of Distribution

                                                                                                                                                                                            • Key points
                                                                                                                                                                                              • Distribution by retail sector
                                                                                                                                                                                                • Figure 60: Distribution of spending on clothing, by retail sector, 2013 (est)
                                                                                                                                                                                                • Figure 61: Estimated distribution of spending on clothing, by retail sector, in percentage and value terms, 2011-13
                                                                                                                                                                                              • The online/offline split
                                                                                                                                                                                                • Figure 62: Estimated distribution of spending on clothing by online/offline, 2011-13
                                                                                                                                                                                            • Market Shares

                                                                                                                                                                                              • Key points
                                                                                                                                                                                                • The top specialist and non-specialist retailers
                                                                                                                                                                                                  • The top ten in brief – M&S slips
                                                                                                                                                                                                      • Figure 63: The UK’s ten leading clothing retailers’ shares of spending on clothing and footwear, 2011-12
                                                                                                                                                                                                    • The top twenty in detail – non-specialists gain
                                                                                                                                                                                                        • Figure 64: The UK’s 20 leading clothing retailers’ shares of spending on clothing and footwear, 2010-12
                                                                                                                                                                                                    • Space Allocation Summary

                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                        • Allocation by Women: Men :Children
                                                                                                                                                                                                          • Figure 65: Space allocation for women’s, men’s and childrenswear, September 2013
                                                                                                                                                                                                        • Space allocations: Detailed estimates
                                                                                                                                                                                                          • Figure 66: Clothing retailers, detailed space allocation estimates, clothing specialists, September 2013
                                                                                                                                                                                                          • Figure 67: Clothing retailers, detailed space allocation estimates, clothing specialists and non-specialists, September 2013
                                                                                                                                                                                                          • Figure 68: Womenswear specialists, detailed space allocation estimates, September 2013
                                                                                                                                                                                                          • Figure 69: Menswear specialists, detailed space allocation estimates, September 2013
                                                                                                                                                                                                      • Retail Product Mix

                                                                                                                                                                                                          • Figure 70: Estimated sales by product, M&S, Next, Debenhams, Primark, TK Maxx, New Look, 2012/13
                                                                                                                                                                                                          • Figure 71: Estimated sales by product, Matalan, Asda, Tesco, Sainsbury’s, Zara, H&M, 2012/13
                                                                                                                                                                                                        • Estimated sales densities
                                                                                                                                                                                                          • Figure 72: Estimated sales density by product, M&S, Next, Debenhams, Primark, TK Maxx, New Look, 2012/13
                                                                                                                                                                                                          • Figure 73: Estimated sales density by product, Matalan, Asda, Tesco, Sainsbury’s, Zara, H&M, 2012/13
                                                                                                                                                                                                        • Market shares by product
                                                                                                                                                                                                          • Figure 74: Estimated market sizes (excl. VAT), 2012
                                                                                                                                                                                                          • Figure 75: Estimated Market shares by product, M&S, Next, Debenhams, Primark, TK Maxx, New Look, 2012/13
                                                                                                                                                                                                          • Figure 76: Estimated Market shares by product, Matalan, Asda, Tesco, Sainsbury’s, Zara, H&M, 2012/13
                                                                                                                                                                                                      • Leading Specialist Retailers: Financials and Outlets

                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                          • Leading specialists’ sales: young brands surge
                                                                                                                                                                                                              • Figure 77: The UK’s leading clothing specialists’ revenues (excl. VAT), 2008-12
                                                                                                                                                                                                              • Figure 78: The UK’s leading clothing specialists’ revenues: compound annual growth rates, 2008-12
                                                                                                                                                                                                            • Leading specialists’ store numbers
                                                                                                                                                                                                              • Figure 79: The UK’s leading clothing specialists’ store numbers, 2008-12
                                                                                                                                                                                                            • Sales per outlet
                                                                                                                                                                                                              • Figure 80: The UK’s leading clothing specialists’ annual sales per outlet (excl. VAT), 2008-12
                                                                                                                                                                                                              • Figure 81: The UK’s leading clothing specialists’ sales per outlet: compound annual growth rates, 2008-12
                                                                                                                                                                                                            • Operating profits and margins: Next sees steady increases
                                                                                                                                                                                                                • Figure 82: The UK’s leading clothing specialists’ operating profits, 2008-12
                                                                                                                                                                                                                • Figure 83: The UK’s leading clothing specialists’ operating margins, 2008-12
                                                                                                                                                                                                              • The T-shirt pricing index
                                                                                                                                                                                                                • Figure 84: Leading retailers’ lowest and highest prices for men’s T-shirts, September 2013
                                                                                                                                                                                                            • The Leading Non-Specialist Retailers

                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                • Sports Direct overtakes Asda as the UK’s leading non-specialist retailer by revenues
                                                                                                                                                                                                                  • Figure 85: Leading non-specialists’ estimated clothing and footwear sales (excl. VAT), 2010-12
                                                                                                                                                                                                                • But Asda remains the most popular non-specialist by shopper numbers
                                                                                                                                                                                                                  • Figure 86: The consumer: Where they have shopped for clothing in the last 12 months, whether online or in-store, selected retailers, July 2013
                                                                                                                                                                                                                • The T-shirt pricing index
                                                                                                                                                                                                                  • Figure 87: Leading retailers’ lowest and highest prices for men’s T-shirts, September 2013
                                                                                                                                                                                                              • Online and Social Media

                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                  • Online market size
                                                                                                                                                                                                                    • Figure 88: Estimated online sales of clothing/clothing and footwear (incl. VAT), 2011-14
                                                                                                                                                                                                                  • Leading retailers
                                                                                                                                                                                                                      • Figure 89: Leading retailers’ estimated online sales of clothing and footwear, 2011 and 2012
                                                                                                                                                                                                                    • The consumer – most popular retailers online
                                                                                                                                                                                                                      • Figure 90: The consumer: Retailers where clothes have been bought online in the past 12 months, July 2013
                                                                                                                                                                                                                      • Figure 91: The consumer: Home-shopping specialists’ websites used to buy clothes in the past 12 months, July 2013
                                                                                                                                                                                                                    • Shopping online by category: clothing leads
                                                                                                                                                                                                                      • Figure 92: The consumer: Products bought online from home in the last 12 months, April 2013
                                                                                                                                                                                                                      • Figure 93: The consumer: Products bought via smartphone or tablet while out and about, April 2013
                                                                                                                                                                                                                    • Usage of social media
                                                                                                                                                                                                                      • Figure 94: The consumer: Usage of social media sites, July 2013
                                                                                                                                                                                                                      • Figure 95: The consumer: Use of Facebook and Twitter for fashion, July 2013
                                                                                                                                                                                                                    • Leading retailers’ social media metrics
                                                                                                                                                                                                                      • Figure 96: Leading clothing retailers’ social media follower numbers: Facebook and Twitter, September 2013
                                                                                                                                                                                                                  • Retail Advertising and Promotion

                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                      • Advertising spend continues to grow, but at a slower rate
                                                                                                                                                                                                                          • Figure 97: Main media advertising spend by leading clothing retailers, 2009-12
                                                                                                                                                                                                                        • Press accounts for majority of advertising spend
                                                                                                                                                                                                                          • Figure 98: Percentage breakdown of leading clothing retailers’ advertising spend, by media type, 2012
                                                                                                                                                                                                                        • What we have seen so far in 2013
                                                                                                                                                                                                                        • Arcadia Group

                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                    • Figure 99: Arcadia Group: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                    • Figure 100: Arcadia Group: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                  • Asda Group Ltd

                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                            • Figure 101: Asda Group Ltd: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                            • Figure 102: Asda Group Ltd: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                          • Debenhams

                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                  • Figure 103: Debenhams: Breakdown of sales by brand type, 2011/12
                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                    • Figure 104: Debenhams: Breakdown of own bought sales by category, 2011/12
                                                                                                                                                                                                                                                    • Figure 105: Debenhams: Group financial performance, 2008/09-2012/13
                                                                                                                                                                                                                                                    • Figure 106: Debenhams: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                  • Grupo Inditex

                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                          • Figure 107: The consumer: Shopped at Zara in the last 12 months by major European country, August 2013
                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                            • Figure 108: Grupo Inditex: Group financial performance, 2008/09-2012/13
                                                                                                                                                                                                                                                            • Figure 109: Grupo Inditex: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                          • H&M Hennes & Mauritz

                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                • Figure 110: The consumer: Shopped at H&M in the last 12 months by major European country, August 2013
                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                  • Figure 111: H&M Hennes & Mauritz: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                  • Figure 112: H&M Hennes & Mauritz: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                • House of Fraser Plc

                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                            • Figure 113: House of Fraser Plc: Group financial performance, 2008/9-2012/13
                                                                                                                                                                                                                                                                            • Figure 114: House of Fraser Plc: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                          • John Lewis

                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                    • Figure 115: John Lewis Plc (department store): Group financial performance, 2008/09-2012/13
                                                                                                                                                                                                                                                                                    • Figure 116: John Lewis Plc (department store): Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                  • Marks & Spencer

                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                            • Figure 117: Marks & Spencer: Group financial performance, 2008/09-2012/13
                                                                                                                                                                                                                                                                                            • Figure 118: Marks & Spencer: Outlet data, 2008/9-2012/13
                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                          • Matalan

                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                    • Figure 119: Matalan Ltd: Group financial performance, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                    • Figure 120: Matalan Ltd: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                  • New Look Group Plc

                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                            • Figure 121: New Look Group Plc: Group financial performance, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                            • Figure 122: New Look Group Plc: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                          • Next Group

                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                      • Figure 123: Next Group: Group financial performance, 2008/9-2012/13
                                                                                                                                                                                                                                                                                                                      • Figure 124: Next Group: Outlet data, 2008/9-2012/13
                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                    • Primark/Penneys

                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                              • Figure 125: Primark/Penneys: Group financial performance, 2007/08-2012/13
                                                                                                                                                                                                                                                                                                                              • Figure 126: Primark/Penneys: Outlet data, 2007/8-2012/13
                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                            • River Island

                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                      • Figure 127: River Island Holdings Limited: Group financial performance, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                      • Figure 128: River Island Holdings Limited: Outlet data, 2007/08-2011/12
                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                    • Tesco Plc

                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                              • Figure 129: Tesco: Estimated clothing sales, 2010-12
                                                                                                                                                                                                                                                                                                                                              • Figure 130: Tesco Plc: Group financial performance, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                              • Figure 131: Tesco Plc: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                            • The Edinburgh Woollen Mill Group

                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                    • Figure 132: The Edinburgh Woollen Mill concession, The Garden Centre, Osterley, 2013
                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                      • Figure 133: The Edinburgh Woollen Mill Group: Group financial performance, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                      • Figure 134: The Edinburgh Woollen Mill Group: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                    • TJX Europe (TK Maxx)

                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                              • Figure 135: TJX Europe (TK Maxx): Group financial performance, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                              • Figure 136: TJX Europe (TK Maxx): Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                            • Appendix – Brand Research

                                                                                                                                                                                                                                                                                                                                                                • Figure 137: Brand usage, August 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 138: Brand usage, August 2013 (continued)
                                                                                                                                                                                                                                                                                                                                                                • Figure 139: Brand commitment, August 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 140: Brand commitment, August 2013 (continued)
                                                                                                                                                                                                                                                                                                                                                                • Figure 141: Brand momentum, August 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 142: Brand momentum, August 2013 (continued)
                                                                                                                                                                                                                                                                                                                                                                • Figure 143: Brand diversity, August 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 144: Brand diversity, August 2013 (continued)
                                                                                                                                                                                                                                                                                                                                                                • Figure 145: Brand satisfaction, August 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 146: Brand satisfaction, August 2013 (continued)
                                                                                                                                                                                                                                                                                                                                                                • Figure 147: Brand attitude, August 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 148: Brand attitude, August 2013 (continued)
                                                                                                                                                                                                                                                                                                                                                                • Figure 149: Brand image – macro image, August 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 150: Brand image – macro image, August 2013 (continued)
                                                                                                                                                                                                                                                                                                                                                                • Figure 151: Brand image – micro image, August 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 152: Brand image – micro image, August 2013 (continued)
                                                                                                                                                                                                                                                                                                                                                                • Figure 153: Profile of target groups, by demographic, August 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 154: Psychographic segmentation, by target groups, August 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 155: Brand usage, by target groups, August 2013
                                                                                                                                                                                                                                                                                                                                                              • Brand index
                                                                                                                                                                                                                                                                                                                                                                • Figure 156: Brand index, August 2013
                                                                                                                                                                                                                                                                                                                                                            • Appendix – The Consumer – Where They Shop

                                                                                                                                                                                                                                                                                                                                                                • Figure 157: Most popular retailers from where clothes are bought in-store or online, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 158: Next most popular retailers from where clothes are bought in-store or online, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 159: Popular retailers from where clothes are bought in-store or online, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 160: Other retailers from where clothes are bought in-store or online, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 161: Least popular retailers from where clothes are bought in-store or online, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 162: Most popular retailers from where clothes are bought in-store, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 163: Next most popular retailers from where clothes are bought in-store, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 164: Popular retailers from where clothes are bought in-store, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 165: Least popular retailers from where clothes are bought in-store, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 166: Most popular retailers from where clothes are bought online, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 167: Next most popular retailers from where clothes are bought online, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 168: Popular retailers from where clothes are bought online, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 169: Other retailers from where clothes are bought online, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 170: Least popular retailers from where clothes are bought online, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 171: Attitudes towards buying clothes for yourself, by most popular retailers from where clothes are bought in-store, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 172: Attitudes towards buying clothes for yourself, by next most popular retailers from where clothes are bought in-store, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 173: Attitudes towards buying clothes for yourself, by other retailers from where clothes are bought in-store, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 174: Attitudes towards buying clothes for yourself, by least popular retailers from where clothes are bought in-store, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 175: Attitudes towards buying clothes for yourself, by most popular retailers from where clothes are bought online, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 176: Attitudes towards buying clothes for yourself, by next most popular retailers from where clothes are bought online, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 177: Attitudes towards buying clothes for yourself, by other retailers from where clothes are bought online, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 178: Attitudes towards buying clothes for yourself, by least popular retailers from where clothes are bought online, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 179: Factors that influence clothes shopping, by most popular retailers from where clothes are bought in-store, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 180: Factors that influence clothes shopping, by next most popular retailers from where clothes are bought in-store, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 181: Factors that influence clothes shopping, by other retailers from where clothes are bought in-store, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 182: Factors that influence clothes shopping, by least popular retailers from where clothes are bought in-store, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 183: Factors that influence clothes shopping, by most popular retailers from where clothes are bought online, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 184: Factors that influence clothes shopping, by most popular retailers from where clothes are bought in-store, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 185: Factors that influence clothes shopping, by next most popular retailers from where clothes are bought in-store, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 186: Factors that influence clothes shopping, by other retailers from where clothes are bought in-store, July 2013
                                                                                                                                                                                                                                                                                                                                                            • Appendix – The Consumer – How Much They Spend on Clothing

                                                                                                                                                                                                                                                                                                                                                                • Figure 187: Most popular amount spent on clothing in the last 12 months, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 188: Next most popular amount spent on clothing in the last 12 months, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 189: Amount spent on clothing in the last 12 months, by most popular retailers from where clothes are bought in-store, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 190: Amount spent on clothing in the last 12 months, by next most popular retailers from where clothes are bought in-store, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 191: Amount spent on clothing in the last 12 months, by other retailers from where clothes are bought in-store, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 192: Amount spent on clothing in the last 12 months, by least popular retailers from where clothes are bought in-store, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 193: Amount spent on clothing in the last 12 months, by most popular retailers from where clothes are bought online, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 194: Amount spent on clothing in the last 12 months, by next most popular retailers from where clothes are bought online, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 195: Amount spent on clothing in the last 12 months, by other retailers from where clothes are bought online, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 196: Amount spent on clothing in the last 12 months, by least popular retailers from where clothes are bought online, July 2013
                                                                                                                                                                                                                                                                                                                                                            • Appendix – The Consumer – How They Shop

                                                                                                                                                                                                                                                                                                                                                                • Figure 197: Most popular attitudes towards buying clothes for yourself, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 198: Next most popular attitudes towards buying clothes for yourself, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                            • Appendix – The Consumer – Factors That Influence Clothes Shopping

                                                                                                                                                                                                                                                                                                                                                                • Figure 199: Factors that influence clothes shopping – Durability of clothing, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 200: Factors that influence clothes shopping – Quality of the product finish, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 201: Factors that influence clothes shopping – Returns policy, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 202: Factors that influence clothes shopping – Low price, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 203: Factors that influence clothes shopping – Ethical treatment of workers who make/manufacture clothing, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 204: Factors that influence clothes shopping – Latest fashion, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 205: Factors that influence clothes shopping – Clothes made in Britain, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 206: Factors that influence clothes shopping – Frequently updated collections, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 207: Factors that influence clothes shopping – Environmentally friendly retailer, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 208: Factors that influence clothes shopping – In-store customer service, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 209: Factors that influence clothes shopping – In-store environment, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                            • Appendix – The Consumer – Attitudes to Shopping Online for Clothes

                                                                                                                                                                                                                                                                                                                                                                • Figure 210: Factors that would encourage consumers to shop online for clothes from a particular retailer or brand, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 211: Factors that would encourage consumers to shop online for clothes from a particular retailer or brand, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 212: Factors that influence clothes shopping – Free in-store Wi-Fi, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                            • Appendix – The Consumer – Use of Social Media for Fashion

                                                                                                                                                                                                                                                                                                                                                                • Figure 213: Next most popular use of Facebook for fashion, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 214: Other use of Facebook for fashion, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 215: Most popular use of Twitter for fashion, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 216: Next most popular use of Twitter for fashion, by demographics, July 2013
                                                                                                                                                                                                                                                                                                                                                                • Figure 217: Other use of Twitter for fashion, by demographics, July 2013

                                                                                                                                                                                                                                                                                                                                                            Companies Covered

                                                                                                                                                                                                                                                                                                                                                            • Abercrombie & Fitch UK
                                                                                                                                                                                                                                                                                                                                                            • All Saints
                                                                                                                                                                                                                                                                                                                                                            • Arcadia Group
                                                                                                                                                                                                                                                                                                                                                            • Aurora fashions UK
                                                                                                                                                                                                                                                                                                                                                            • Bershka France
                                                                                                                                                                                                                                                                                                                                                            • Bhs Ltd
                                                                                                                                                                                                                                                                                                                                                            • Bonmarché
                                                                                                                                                                                                                                                                                                                                                            • Dunnes Stores
                                                                                                                                                                                                                                                                                                                                                            • Fat Face Ltd
                                                                                                                                                                                                                                                                                                                                                            • Gap Inc
                                                                                                                                                                                                                                                                                                                                                            • Grupo Inditex
                                                                                                                                                                                                                                                                                                                                                            • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                            • Jack Wills Ltd
                                                                                                                                                                                                                                                                                                                                                            • Jane Norman Ltd
                                                                                                                                                                                                                                                                                                                                                            • Lipsy
                                                                                                                                                                                                                                                                                                                                                            • Mackays Stores Group Ltd
                                                                                                                                                                                                                                                                                                                                                            • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                            • Marks & Spencer (UK) clothing
                                                                                                                                                                                                                                                                                                                                                            • Matalan Ltd
                                                                                                                                                                                                                                                                                                                                                            • Monsoon Accessorize Ltd
                                                                                                                                                                                                                                                                                                                                                            • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                            • Next Group
                                                                                                                                                                                                                                                                                                                                                            • Oasis Fashions Ltd - UK
                                                                                                                                                                                                                                                                                                                                                            • Peacocks
                                                                                                                                                                                                                                                                                                                                                            • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                                                            • Pull & Bear UK
                                                                                                                                                                                                                                                                                                                                                            • River Island Clothing Co Ltd
                                                                                                                                                                                                                                                                                                                                                            • SuperGroup Plc (Retail)
                                                                                                                                                                                                                                                                                                                                                            • Ted Baker
                                                                                                                                                                                                                                                                                                                                                            • The Edinburgh Woollen Mill Ltd
                                                                                                                                                                                                                                                                                                                                                            • The Hollister Co.
                                                                                                                                                                                                                                                                                                                                                            • The TJX Companies
                                                                                                                                                                                                                                                                                                                                                            • TJX International (TK Maxx Europe)
                                                                                                                                                                                                                                                                                                                                                            • Topman old
                                                                                                                                                                                                                                                                                                                                                            • Topshop old
                                                                                                                                                                                                                                                                                                                                                            • Urban Outfitters UK
                                                                                                                                                                                                                                                                                                                                                            • Warehouse Ltd

                                                                                                                                                                                                                                                                                                                                                            Clothing Retailing - UK - October 2013

                                                                                                                                                                                                                                                                                                                                                            £1,995.00 (Excl.Tax)