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Clothing Retailing - UK - October 2014

“As consumers increasingly want more regularly updated clothes, it is becoming more important for retailers to find improved ways of dealing with the challenges of getting clothes to market at an ever quicker pace.”
– Tamara Sender, Senior Fashion Analyst

This report answers the following questions: 

  • How has the clothing sector performed in 2014?
  • Who are the winners and losers in clothing?
  • What are the main changes in shopping behaviour?
  • How can retailers improve the shopping experience for customers?

 

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Table of contents

  1. Introduction

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

                    • The market
                      • Figure 1: Best - and worst - case forecast for consumer spending on clothing and accessories (incl. VAT), 2009-19
                    • Market factors
                      • Companies, brands and innovation
                        • Figure 2: Estimated distribution of consumer spending on clothing, by value, 2013 and 2014
                        • Figure 3: Attitudes towards and usage of brands in the clothing retail sector, August 2014
                      • The consumer
                        • Where consumers buy
                          • Figure 4: Retailers from which clothes are bought in-store and online, July 2014
                        • How people shop for clothes
                          • Figure 5: How consumers shop and buy clothes for themselves, July 2014
                        • Reasons for shopping at a particular retailer
                          • Figure 6: Reasons for shopping at a particular retailer, July 2014
                        • The consumer – improving the shopping experience
                          • Figure 7: What would improve the shopping experience, July 2014
                        • The consumer – what would encourage them to buy more online
                          • Figure 8: Factors that would encourage consumers to buy more clothes online, July 2014
                        • What we think
                        • Issues and Insights

                            • How has the clothing sector performed in 2014?
                              • The facts
                                • The implications
                                  • Who are the winners and losers in clothing?
                                    • The facts
                                      • The implications
                                        • What are the main changes in shopping behaviour?
                                          • The facts
                                            • The implications
                                              • How can retailers improve the shopping experience for customers?
                                                • The facts
                                                  • The implications
                                                  • Trend Application

                                                      • Trend: Life Hacking
                                                        • Trend: Guiding Choice
                                                          • Mintel Futures Trend: Access Anything Anywhere
                                                          • Market Size and Forecast – Consumer Spending on Clothing

                                                            • Key points
                                                              • Clothing sales to grow 4.6%
                                                                • Figure 9: Best- and worst-case forecast for consumer spending on clothing and accessories (incl. VAT), 2009-19
                                                                • Figure 10: Consumer spending on clothing and accessories (incl. VAT), at current prices, 2009-19
                                                              • Consumers grow spend on clothing in real terms
                                                                • Figure 11: Annual % change in spending on clothing (including accessories) versus annual % change in consumer prices inflation in clothing (including accessories), 2010-13
                                                              • Consumers prioritise clothing
                                                                • Figure 12: Spending on clothing and accessories as percentage of all consumer spending, 2009-14
                                                              • Segmentation – womenswear has the largest share
                                                                • Figure 13: Estimated distribution of spending on clothing, by sub-category, 2014 (est)
                                                              • Segmentation: value retailers
                                                                • Figure 14: Value retailers as a proportion of the total clothing market, 2013 (est)
                                                              • Mintel’s forecast methodology
                                                              • Sector Size and Forecast – The Clothing Specialist Sector

                                                                • Key points
                                                                  • Specialist sales to grow 3.5%
                                                                    • Figure 15: Best- and worst-case forecast of clothing specialists’ sector sales (incl. VAT), 2009-19
                                                                    • Figure 16: Clothing specialists’ sales (incl. VAT), 2009-19
                                                                  • Specialists’ sales of clothing
                                                                      • Figure 17: Estimated sales of clothing by clothing specialist retailers (incl. VAT), 2009-14
                                                                    • Specialists’ share of clothing spending falls further
                                                                      • Figure 18: Clothing specialists’ estimated share of spending on clothing, 2009-14
                                                                    • Mintel’s forecast methodology
                                                                    • Market Environment

                                                                      • Key points
                                                                        • Prices and costs: inflation slows
                                                                          • Figure 19: Global cotton prices: annual % change, January 2013-July 2014
                                                                          • Figure 20: Consumer prices inflation: garments, January 2013-July 2014
                                                                          • Figure 21: Consumer prices inflation: garments, 2004-13
                                                                          • Figure 22: Shop-price inflation, as measured by the BRC, July 2013-July 2014
                                                                        • Affiliated categories
                                                                          • Figure 23: Consumer prices inflation: accessories and footwear, January 2013-July 2014
                                                                        • Inflation versus spending growth: shoppers increase their spend
                                                                          • Figure 24: Annual % change in spending on clothing (including accessories) versus annual % change in consumer prices inflation in clothing (including accessories), 2010-13
                                                                        • An ageing population is a threat to fashion retail
                                                                          • Figure 25: Projected age structure of the UK population, 2013 and 2018
                                                                      • Strengths and Weaknesses

                                                                        • Strengths
                                                                          • Weaknesses
                                                                          • Brand Research

                                                                            • Brand map
                                                                                • Figure 26: Attitudes towards and usage of brands in the clothing retail sector, August 2014
                                                                              • Correspondence analysis
                                                                                • Brand attitudes
                                                                                  • Figure 27: Attitudes, by clothing retail brand, August 2014
                                                                                • Brand personality
                                                                                  • Figure 28: Clothing retail brand personality – macro image, August 2014
                                                                                  • Figure 29: Clothing retail brand personality – micro image, August 2014
                                                                                • Brand experience
                                                                                  • Figure 30: Clothing retail brand usage, August 2014
                                                                                  • Figure 31: Satisfaction with various clothing retail brands, August 2014
                                                                                  • Figure 32: Consideration of clothing retail brands, August 2014
                                                                                • Brand recommendation
                                                                                  • Figure 33: Recommendation of selected clothing retail brands, August 2014
                                                                              • The Consumer – Retail Customer Profile Comparison

                                                                                • Key points
                                                                                  • Gender
                                                                                    • Figure 34: Customer profile, by gender, July 2014
                                                                                  • Age
                                                                                    • Figure 35: Customer profile, by age, July 2014
                                                                                  • Socio-economic group
                                                                                    • Figure 36: Customer profile, by socio-economic group, July 2014
                                                                                  • State of finances
                                                                                    • Figure 37: Customer profile, by financial situation, July 2014
                                                                                • The Consumer – Where They Shop

                                                                                  • Key points
                                                                                    • What we asked
                                                                                      • Where consumers buy
                                                                                        • Figure 38: Retailers from which clothes are bought in-store and online, July 2014
                                                                                      • Primark in the lead (again)
                                                                                        • Sports clothing
                                                                                          • Online and offline split – where consumers buy
                                                                                            • Figure 39: Where consumers buy clothes, in-store and online, July 2014
                                                                                          • Marks & Spencer is the most popular specialist online
                                                                                            • Store repertoire analysis
                                                                                              • Figure 40: Repertoire of retailers from which clothes are bought online, July 2014
                                                                                            • Who shops where in-store
                                                                                              • Figure 41: Profile of in-store clothing shoppers, by age and affluence, July 2014
                                                                                            • Who shops where online
                                                                                              • Figure 42: Profile of online clothing shoppers, by age and affluence, July 2014
                                                                                          • The Consumer – How They Shop

                                                                                            • Key points
                                                                                              • What we asked
                                                                                                  • Figure 43: How consumers shop and buy clothes for themselves, July 2014
                                                                                                • 45-54s shop more online
                                                                                                  • Figure 44: How consumers shop and buy clothes for themselves, by age, July 2014
                                                                                                • Young people opt to browse and buy online
                                                                                                  • Click-and-collect grows in popularity
                                                                                                    • Figure 45: Profile of consumers who have ordered/reserved online and collected in-store, by gender, age and socio-economic group, July 2014
                                                                                                  • Under-35s browse fashion on mobile devices
                                                                                                    • Loyal shoppers
                                                                                                    • The Consumer – Reasons for Shopping at a Particular Retailer

                                                                                                      • Key points
                                                                                                        • What we asked
                                                                                                            • Figure 46: Reasons for shopping at a particular retailer, July 2014
                                                                                                          • 35-44s are most cost-conscious
                                                                                                              • Figure 47: Profile of shoppers who see quality of clothing and low price as the main reasons for shopping at a particular retailer, by age, July 2014
                                                                                                            • Older people favour quality over price
                                                                                                              • Women want flattering styles
                                                                                                                • Under-35s look for retailers that sell latest fashion trends
                                                                                                                  • Young want designs that stand out
                                                                                                                    • Sizing issues
                                                                                                                      • Figure 48: Reasons for shopping at a particular retailer, by age, July 2014
                                                                                                                    • Men look for selection of brands
                                                                                                                    • The Consumer – Improving the Shopping Experience

                                                                                                                      • Key points
                                                                                                                        • What we asked
                                                                                                                          • Women want better availability of sizes
                                                                                                                            • Figure 49: What would improve the shopping experience, July 2014
                                                                                                                          • A third want fewer queues and nicer changing rooms
                                                                                                                            • Young want improved clothes displays
                                                                                                                              • Figure 50: What would improve the shopping experience, by age, July 2014
                                                                                                                            • Under-35s want personalised clothes
                                                                                                                              • Parents with young kids want stylist advice
                                                                                                                                • What M&S shoppers want
                                                                                                                                  • Figure 51: What would improve the shopping experience for people who have shopped at M&S, Next, New Look and Debenhams relative to the average, July 2014
                                                                                                                                • Innovative technology
                                                                                                                                • The Consumer – What Would Encourage Consumers to Buy More Online

                                                                                                                                  • Key points
                                                                                                                                    • What we asked
                                                                                                                                        • Figure 52: Factors that would encourage consumers to buy more clothes online, July 2014
                                                                                                                                      • Half want cheaper delivery
                                                                                                                                        • Young want same/next-day delivery
                                                                                                                                            • Figure 53: Factors that would encourage consumers to buy more clothes online, by age, July 2014
                                                                                                                                          • Women want better images of clothes
                                                                                                                                            • Notifying shoppers of items back in stock
                                                                                                                                              • Under-35s want better apps and one-click payment
                                                                                                                                              • Who’s Innovating?

                                                                                                                                                • Key points
                                                                                                                                                  • Virtual reality catwalk experience
                                                                                                                                                    • Luxury fashion store taps into the digital experience
                                                                                                                                                      • Fully enabled t-commerce advertising campaign
                                                                                                                                                        • Virtual wardrobe mirror
                                                                                                                                                          • Smart fitting room
                                                                                                                                                            • Emergency S.O.S. wardrobe service
                                                                                                                                                              • Pop-up ‘convenience’ store
                                                                                                                                                                • Personal shopping for men via Google+ Hangouts
                                                                                                                                                                • Channels of Distribution

                                                                                                                                                                  • Key points
                                                                                                                                                                    • Pure-plays and sports retailers gain in a strong market
                                                                                                                                                                      • Figure 54: Estimated distribution of consumer spending on clothing, by value, 2012-14
                                                                                                                                                                    • Specialists losing share over the longer term
                                                                                                                                                                      • Figure 55: Clothing specialists’ estimated share of spending on clothing, 2009-14
                                                                                                                                                                    • Methodological notes
                                                                                                                                                                    • Market Shares

                                                                                                                                                                      • Key points
                                                                                                                                                                        • Non-specialists rival the biggest specialist retailers
                                                                                                                                                                            • Figure 56: Leading retailers’ shares of spending on clothing and footwear, 2011-13
                                                                                                                                                                          • M&S in focus
                                                                                                                                                                            • Figure 57: Marks & Spencer’s share of spending on clothing and footwear, 2005-13
                                                                                                                                                                        • Space Allocation Summary

                                                                                                                                                                          • Key points
                                                                                                                                                                            • Men, women and children
                                                                                                                                                                                • Figure 58: General clothing retailers, space allocation by men’s, women’s and childrenswear, October 2014
                                                                                                                                                                              • Formal – casual
                                                                                                                                                                                • Figure 59: Retailers of menswear: Formal – casual space allocation, October 2014
                                                                                                                                                                                • Figure 60: Retailers of womenswear: Formal – casual space allocation, October 2014
                                                                                                                                                                              • Space allocations: Detailed estimates
                                                                                                                                                                                • Figure 61: Broad range clothing retailers, detailed space allocations, October 2014
                                                                                                                                                                                • Figure 62: Broad range clothing retailers, detailed space allocations, October 2014 (continued)
                                                                                                                                                                                • Figure 63: Food retailers, detailed space allocations, October 2014
                                                                                                                                                                                • Figure 64: Womenswear specialists, detailed space allocation estimates, October 2014
                                                                                                                                                                                • Figure 65: Menswear specialists, detailed space allocation estimates, October 2014
                                                                                                                                                                            • Retail Product Mix

                                                                                                                                                                              • Key points
                                                                                                                                                                              • Leading Specialist Retailers

                                                                                                                                                                                • Key points
                                                                                                                                                                                  • Sales: Primark set to overtake Arcadia
                                                                                                                                                                                    • Figure 69: Leading specialist retailers: net revenues, 2009-13
                                                                                                                                                                                    • Figure 70: Leading 20 specialist retailers: compound annual growth in revenues, 2009-13
                                                                                                                                                                                    • Figure 71: The top specialist retailers: projected revenues based on recent CAGRs, 2013-16
                                                                                                                                                                                  • Outlet numbers: and sales per outlet
                                                                                                                                                                                    • Figure 72: Leading specialist retailers: Outlet numbers:, 2009-13
                                                                                                                                                                                    • Figure 73: Leading specialist retailers: annual sales per outlet, 2009-13
                                                                                                                                                                                  • Sales area and sales densities
                                                                                                                                                                                    • Figure 74: Leading specialist retailers: total sales area, 2009-13
                                                                                                                                                                                    • Figure 75: Leading specialist retailers: annual sales per sq m, 2009-13
                                                                                                                                                                                  • Operating profits and margins
                                                                                                                                                                                    • Figure 76: Leading specialist retailers: Operating profits, 2009-13
                                                                                                                                                                                    • Figure 77: Leading specialist retailers: Operating margins, 2009-13
                                                                                                                                                                                • Leading Non-Specialist Retailers

                                                                                                                                                                                  • Key points
                                                                                                                                                                                    • Sports retailers, grocers and department stores are big players
                                                                                                                                                                                      • Figure 78: Leading non-specialist retailer: net clothing and footwear revenues, 2011-13
                                                                                                                                                                                    • The consumer: more than 40% shop at supermarkets
                                                                                                                                                                                      • Figure 79: The consumer: Retailers clothes have been bought from in the past 12 months, whether online or in-store, July 2014
                                                                                                                                                                                  • Online

                                                                                                                                                                                    • Key points
                                                                                                                                                                                      • Online clothing market to reach £9 billion
                                                                                                                                                                                        • Figure 80: Estimated online sales of clothing and footwear (incl VAT), 2011-14
                                                                                                                                                                                      • Multichannel retailers retain the lion’s share
                                                                                                                                                                                        • Market shares: store-based retailers lead
                                                                                                                                                                                          • Figure 81: Estimated market shares of online sales of clothing and footwear, 2013
                                                                                                                                                                                        • The consumer: two thirds shop online, Amazon most popular
                                                                                                                                                                                          • Figure 82: The consumer: Retailers clothes were bought from in the past 12 months, online, July 2014
                                                                                                                                                                                        • Website visitor numbers: M&S and Next vie for first place
                                                                                                                                                                                          • Figure 83: Leading apparel retail websites, by unique visitor numbers, August 2014
                                                                                                                                                                                          • Figure 84: Total unique visitor numbers: marksandspencer.com and next.co.uk, January 2013-August 2014
                                                                                                                                                                                      • Retail Advertising and Promotion

                                                                                                                                                                                        • Key points
                                                                                                                                                                                          • Adspend growth gains momentum
                                                                                                                                                                                              • Figure 85: Main media advertising spend by leading clothing retailers, 2010-13
                                                                                                                                                                                            • Majority of advertising spend channelled through the press
                                                                                                                                                                                                • Figure 86: Percentage breakdown of leading clothing retailers’ advertising spend, by media type, 2013
                                                                                                                                                                                              • What we have seen so far in 2014
                                                                                                                                                                                              • Arcadia Group

                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                    • Topshop
                                                                                                                                                                                                      • Where next?
                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                            • Figure 87: Arcadia Group: Group financial performance, 2008/09-2013/14
                                                                                                                                                                                                            • Figure 88: Arcadia Group: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                            • Figure 89: Arcadia: Store portfolio, 2014
                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                          • Asda Group

                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                    • Figure 90: Asda Group Ltd: Group financial performance, 2009-2014
                                                                                                                                                                                                                    • Figure 91: Asda Group Ltd: Outlet data, 2009-2013
                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                  • Debenhams

                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                        • Debenhams losing market share
                                                                                                                                                                                                                          • Refocusing promotional activity
                                                                                                                                                                                                                            • Improving multichannel offering
                                                                                                                                                                                                                              • Strong international performance
                                                                                                                                                                                                                                • New concessions enlisted
                                                                                                                                                                                                                                  • Strategy going forward
                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                          • Figure 92: Debenhams: Group financial performance, 2008/09-2012/13
                                                                                                                                                                                                                                          • Figure 93: Debenhams: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                          • Product mix
                                                                                                                                                                                                                                            • Figure 94: Debenhams: breakdown of sales, by brand type, 2012/13
                                                                                                                                                                                                                                        • Esprit

                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                              • Sales continue to fall but profits stabilise and a new model is introduced
                                                                                                                                                                                                                                                • Focus on retail
                                                                                                                                                                                                                                                  • Online to benefit from the new model
                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                      • UK
                                                                                                                                                                                                                                                        • Figure 95: Esprit: Group financial performance, 2008/09-2013/14
                                                                                                                                                                                                                                                        • Figure 96: Esprit: Turnover, by segment, 2012-14
                                                                                                                                                                                                                                                        • Figure 97: Esprit: Outlet data, 2008/09-2013/14
                                                                                                                                                                                                                                                        • Figure 98: Esprit: Directly managed retail stores, by country, 2010/11-2013/14
                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                      • The Edinburgh Woollen Mill Group

                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                            • New store format aimed at attracting a wider demographic of customer
                                                                                                                                                                                                                                                              • Jane Norman unable to compete on the UK and Irish high street
                                                                                                                                                                                                                                                                • Rejuvenated Peacocks
                                                                                                                                                                                                                                                                  • Online developments
                                                                                                                                                                                                                                                                    • Snaps up intellectual property assets of Internaçionale
                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                          • Figure 99: The Edinburgh Woollen Mill Group: Group financial performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                          • Figure 100: The Edinburgh Woollen Mill Group: Estimated UK outlet data, 2008/09-2013/14
                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                        • H&M Hennes & Mauritz

                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                              • Guest-designer collaborations enhance fashion credentials
                                                                                                                                                                                                                                                                                • Net new 375 stores planned for 2014
                                                                                                                                                                                                                                                                                  • Online shop expansion
                                                                                                                                                                                                                                                                                    • Broadening product range
                                                                                                                                                                                                                                                                                      • Taking on board ethical issues
                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                            • Figure 101: H&M Hennes & Mauritz: Percentage share of net sales by region, 2011/12 and 2012/13
                                                                                                                                                                                                                                                                                            • Figure 102: H&M Hennes & Mauritz: Group financial performance, 2008/09-2012/13
                                                                                                                                                                                                                                                                                            • Figure 103: H&M Hennes & Mauritz: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                          • House of Fraser

                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                • International franchise store expansion on the cards
                                                                                                                                                                                                                                                                                                  • House Brands
                                                                                                                                                                                                                                                                                                    • Ongoing online improvements and enhancements
                                                                                                                                                                                                                                                                                                      • Plus-size clothing initiative
                                                                                                                                                                                                                                                                                                        • New multichannel concept
                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                • Figure 104: House of Fraser Plc: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                • Figure 105: House of Fraser Plc: UK & Republic of Ireland outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                              • Grupo Inditex

                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                    • Prospects
                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                          • Figure 106: Grupo Inditex: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                          • Figure 107: Grupo Inditex: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                          • Figure 108: Inditex: Sales, by brand, 2014
                                                                                                                                                                                                                                                                                                                      • John Lewis (department store)

                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                • Figure 109: John Lewis Plc (department store): Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                • Figure 110: John Lewis Plc (department store): Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                              • Marks & Spencer

                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                    • A tale of two halves
                                                                                                                                                                                                                                                                                                                                      • The other half
                                                                                                                                                                                                                                                                                                                                        • Figure 111: M&S: Share of UK clothing spending, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                      • Challenges
                                                                                                                                                                                                                                                                                                                                        • Differentiation between the sub-brands.
                                                                                                                                                                                                                                                                                                                                          • Younger customers
                                                                                                                                                                                                                                                                                                                                            • Does M&S really understand what older customers want?
                                                                                                                                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                                                                                                                                • Where next?
                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                        • Figure 112: Marks & Spencer: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                        • Figure 113: Marks & Spencer: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                      • Matalan

                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                            • Taking on the high street
                                                                                                                                                                                                                                                                                                                                                              • Competition intensifies
                                                                                                                                                                                                                                                                                                                                                                • Womenswear improvements
                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                      • Figure 114: Matalan Ltd: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                      • Figure 115: Matalan Ltd: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                    • New Look Group

                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                          • A truly multichannel offer
                                                                                                                                                                                                                                                                                                                                                                            • A clear plan for international expansion
                                                                                                                                                                                                                                                                                                                                                                              • Disposal of Mim paves way for greater focus
                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 116: New Look Group Plc: Group financial performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 117: New Look Group Plc: Outlet data, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 118: New Look Group: Directly operated European stores, March 2014
                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                  • Next Group

                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                        • In-house design
                                                                                                                                                                                                                                                                                                                                                                                          • Multichannel
                                                                                                                                                                                                                                                                                                                                                                                            • Competitors
                                                                                                                                                                                                                                                                                                                                                                                              • Prospects
                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 119: Next Group: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 120: Next Group: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                    • Otto Group (Multichannel Retail)

                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 121: Otto Group (Multichannel Retail): Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                            • Primark/Penneys

                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                  • Online offer remains absent
                                                                                                                                                                                                                                                                                                                                                                                                                    • Ownership
                                                                                                                                                                                                                                                                                                                                                                                                                      • Outlook
                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 122: Primark/Penneys: Group financial performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 123: Primark/Penneys: Outlet data, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                          • River Island Clothing Co

                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                • Profits fall following investments
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Global expansion accelerates
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Collaborations boost River Island’s profile
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Expanding the menswear range
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Investments in multichannel
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 124: River Island Clothing Co Ltd: Group financial performance, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 125: River Island Clothing Co Ltd: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tesco

                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 126: Tesco: UK sales performance, 2013/14 and 2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 127: Tesco: Estimated clothing sales, 2010/11-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 128: Tesco Plc: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 129: Tesco Plc: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • TJX Europe (TK Maxx)

                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 130: TJX Europe (TK Maxx): Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 131: TJX Europe (TK Maxx): Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                              Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Grupo Inditex
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Topshop old

                                                                                                                                                                                                                                                                                                                                                                                                                                                              Clothing Retailing - UK - October 2014

                                                                                                                                                                                                                                                                                                                                                                                                                                                              £1,995.00 (Excl.Tax)