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Clothing Retailing - UK - October 2016

“In an increasingly challenging clothing market, clothing retailers need to rapidly adapt to the changing needs of consumers and encourage them to spend by offering them frequently updated collections that are less tied to the seasons, which they can buy and wear immediately.”

– Tamara Sender, Senior Fashion Analyst

This report looks at the following areas:

  • How has the clothing sector performed in 2016?
  • Who are the winners and losers in clothing?
  • What are the opportunities for driving sales in the sector?

Specialist clothing retailers have seen their share of the total clothing market continue to decline further following the demise of Bhs and Austin Reed and the underperformance of M&S and as sports stores, the grocery multiples and department stores have grabbed share. Online-only retailers such as ASOS, Boohoo and Amazon are seeing strong growth and are rapidly growing their share of spending on clothing. The way consumers are shopping for clothes is changing, there is a buy-now, wear-now mentality and retailers have failed to adapt to this fast enough, with the majority of women aged 16-44 finding it hard to find clothes that suit unusual weather for the season such as warm clothes in summer. There has also been a growing momentum for locally made clothes.

While womenswear is struggling, menswear is driving growth and sales of men’s clothing are rising at a faster rate than women’s clothing, driven by a growing interest in fashion and grooming among men. Young fashion retailers that have previously focused mainly on women are experiencing a real shift in shopping habits, with a decline in young women shopping and a big increase in young male shoppers. Retailers such as New Look, H&M and River Island are responding to this increase in male shoppers and are adapting to the new reality by dedicating more store space to men, launching standalone menswear stores and with a wider range of men’s clothing, footwear and accessories. However, this change in demographics buying clothes has huge implications for the fashion sector and retailers that have previously focused on women need to move fast to capitalise on the rise in young male shoppers and to make up for the decline in young female shoppers.

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Table of contents

  1. Overview

    • What you need to know
      • Products covered in this Report
      • Executive Summary

          • The market
            • Clothes sales to be hit by low growth of 1.8% in 2016
              • Figure 1: Best- and worst-case forecast for consumer spending on clothing and accessories (incl. VAT), 2011-21
            • Specialists’ share of clothing spend declines further
              • Figure 2: Clothing specialists’ estimated share of spending on clothing, 2011-16
            • Companies and brands
              • Over half of the top players are non-specialists
                • Boohoo and Missguided benefit from cutting-edge image
                  • Figure 3: Attitudes towards and usage of selected brands, January-August 2016
                • The consumer
                  • M&S sees declining in-store female shoppers
                    • Figure 4: Retailers from which clothes are bought both in-store and online, July 2016
                  • Young men buy clothes most often
                    • Figure 5: How often consumers have bought clothes in the last 12 months, July 2016
                  • Half of women treat themselves to clothes
                    • Figure 6: Reasons consumers have bought clothes for themselves in the last 12 months, July 2016
                  • Growing interest in Made in Britain clothes
                    • Figure 7: Agreement with attitudes towards buying clothes, July 2016
                  • End to seasonal clothes
                    • Figure 8: Agreement with attitudes towards shopping for clothes, July 2016
                  • What we think
                  • Issues and Insights

                    • How has the clothing sector performed in 2016?
                      • The facts
                        • The implications
                          • Who are the winners and losers in clothing?
                            • The facts
                              • The implications
                                • What are the opportunities for driving sales in the sector?
                                  • The facts
                                    • The implications
                                    • The Market – What You Need to Know

                                      • Deepening deflation
                                        • Consumer confidence only dips slightly post-Brexit
                                          • Clothes sales to be hit by low growth of 1.8% in 2016
                                            • Consumers cut back on clothing as share of total spend
                                              • Menswear drives growth
                                                • Clothing specialists’ sales to drop 4%
                                                • Market Drivers

                                                  • Deepening deflation
                                                    • Figure 9: Consumer prices inflation for garments, Aug 2015-Aug 2016
                                                    • Figure 10: Consumer prices inflation for garments, 2005-15
                                                    • Figure 11: Consumer prices inflation for accessories and footwear, Aug 2015-Aug 2016
                                                  • Inflation versus spending growth
                                                    • Figure 12: Annual percentage change in spending on clothing (including accessories) versus annual percentage change in consumer prices inflation in clothing, 2012-15
                                                  • Obesity levels
                                                    • Figure 13: Proportion of overweight and obese population, by gender, 2009-14
                                                  • Consumer confidence only dips slightly post-Brexit
                                                    • Figure 14: Trends in consumer sentiment for the coming year, January 2015-August 2016
                                                  • Implications of a drop in young consumers
                                                    • Figure 15: Trends in the age structure of the UK population, 2010-20
                                                  • 25-44s drive clothing sales
                                                    • Catering to an ageing population
                                                    • Market Size and Forecast

                                                      • Clothes sales to be hit by low growth of 1.8% in 2016
                                                        • Figure 16: Best- and worst-case forecast for consumer spending on clothing and accessories (incl. VAT), 2011-21
                                                      • The future
                                                        • Figure 17: Consumer spending on clothing and accessories (incl. VAT) at current prices, 2011-21
                                                      • Consumers cut back on clothing as share of total spend
                                                        • Figure 18: Spending on clothing and accessories as percentage of all consumer spending, 2011-16
                                                      • Menswear drives growth
                                                        • Figure 19: Estimated distribution of spending on clothing, by sub-category, 2016 (est)
                                                      • Forecast methodology
                                                        • The impact of the EU referendum vote
                                                          • Clothing spend has been resilient in previous slowdowns
                                                            • Figure 20: Alternative market scenarios for the post-Brexit clothing and accessories market, at current prices, 2016-21
                                                            • Figure 21: Detailed Post-Brexit scenarios for the clothing and accessories market, at current prices, 2016-21
                                                          • Clothing is struggling, but not as a result of Brexit
                                                            • Consumers prioritised clothing over leisure previously
                                                              • Women continued to spend post-recession
                                                              • Sector Size and Forecast

                                                                • Clothing specialists’ sales to drop 4%
                                                                  • Figure 22: Best- and worst-case forecast of clothing specialists’ sector sales (incl. VAT), 2011-21
                                                                  • Figure 23: Clothing specialist sales (incl. VAT), 2011-21
                                                                • Specialists’ sales of clothing
                                                                  • Figure 24: Estimated sales of clothing by clothing specialist retailers (incl. VAT), 2011-16
                                                                • Specialists’ share of clothing spend declines further
                                                                  • Figure 25: Clothing specialists’ estimated share of spending on clothing, 2011-16
                                                              • Key Players – What You Need to Know

                                                                • Next moves into the lead
                                                                  • Retailers with strong lifestyle brands outperform
                                                                    • Over half of the top players are non-specialists
                                                                      • M&S sees its share of clothing decline further
                                                                        • Supermarkets develop their clothing ranges
                                                                          • ASOS is the brand with the highest level of recommendations
                                                                          • Leading Specialist Retailers

                                                                            • Next moves into the lead
                                                                              • Figure 26: Leading specialist retailers: net revenues, 2011-15
                                                                            • Retailers with strong lifestyle brands outperform
                                                                              • Figure 27: Leading 20 specialist retailers: compound annual growth in revenues, 2011-15
                                                                            • Outlet numbers and sales per outlet
                                                                              • Figure 28: Leading specialist retailers: outlet numbers, 2011-15
                                                                            • Sales per outlet
                                                                              • Figure 29: Leading specialist retailers: annual sales per outlet, 2011-15
                                                                            • Sales area and sales densities
                                                                              • Figure 30: Leading specialist retailers: total sales area, 2011-15
                                                                              • Figure 31: Leading specialist retailers: annual sales per sq m, 2011-15
                                                                            • Operating profits and margins
                                                                              • Figure 32: Leading specialist retailers: operating profits, 2011-15
                                                                              • Figure 33: Leading specialist retailers: operating margins, 2011-15
                                                                          • Market Shares

                                                                            • Over half of the top players are non-specialists
                                                                                • Figure 34: Leading retailers’ share of spending on clothing and footwear, 2013-15
                                                                              • M&S sees its share of clothing decline further
                                                                                • Figure 35: Marks & Spencer’s share of spending on clothing and footwear, 2008-15
                                                                            • Leading Non-Specialist Retailers

                                                                                • Figure 36: Leading non-specialist retailers: net clothing and footwear revenues, 2013-15
                                                                              • Online-only retailers see strong sales
                                                                                • Figure 37: Retailers from which clothes have been bought in the last 12 months, in-store or online, July 2016
                                                                            • Channels of Distribution

                                                                              • Grocers and pureplays gain share
                                                                                • Figure 38: Estimated distribution of consumer spending on clothing, by value, 2014-16
                                                                              • Specialists lose share further
                                                                                • Figure 39: Clothing specialists’ estimated share of spending on clothing, 2011-16
                                                                            • Space Allocation Summary

                                                                                • Gender split
                                                                                  • Figure 40: Specialist and non-specialist clothing retailers, estimated space allocation by men’s, women’s and children’s wear, October 2016
                                                                                • Detailed category space allocation
                                                                                  • Figure 41: Specialist and non-specialist clothing retailers, estimated detailed space allocation by category, October 2016
                                                                                  • Figure 42: Specialist and non-specialist clothing retailers, estimated detailed space allocation by category, October 2016
                                                                                • Clothing versus non-clothing space split
                                                                                  • Figure 43: Specialist and non-specialist clothing retailers, estimated clothing versus non-clothing space, October 2016
                                                                              • Retail Product Mix

                                                                                  • Figure 44: Leading retailers of clothing, estimated sales mix, 2015
                                                                                  • Figure 45: Leading clothing retailers, share of clothing sales by product, 2015/16
                                                                                  • Figure 46: Leading clothing retailers, estimated sales density by product, 2015/16
                                                                                  • Figure 47: Leading clothing retailers, share of product markets, 2015/16
                                                                              • Online

                                                                                • Online clothing market to reach £12.8 billion
                                                                                  • Figure 48: Estimated online sales of clothing and footwear (incl. VAT), 2013-16
                                                                                • Online market shares
                                                                                    • Figure 49: Estimated market shares of online sales of clothing and footwear, 2015
                                                                                  • Where consumers shop online
                                                                                    • Figure 50: Retailers from which clothes were bought in the last 12 months online, July 2016
                                                                                • Launch Activity and Innovation

                                                                                  • Supermarkets develop their clothing ranges
                                                                                    • Figure 51: Press images from Sainsbury’s TU Premium range, autumn 2016
                                                                                  • Retailers expand their menswear offer
                                                                                    • Made in Britain: Patrick Gant launches not-for-profit label
                                                                                      • British-made jeans
                                                                                        • Zara launches sustainable clothing collection
                                                                                          • Figure 52: Garments from Zara’s sustainable Join Life collection, autumn/winter 2016
                                                                                        • ASOS and New Look introduce one-hour delivery slots
                                                                                          • Jigsaw debuts at London Fashion Week
                                                                                            • Selfridges launches Body Studio
                                                                                              • Figure 53: Selfridges’ new Body Studio department, April 2016
                                                                                              • Figure 54: Interactive mirrors by Oak Labs, 2015
                                                                                            • Mr Porter creates shoppable video content for Apple TV
                                                                                              • Long Tall Sally creates mannequin based on 3D scan of a customer
                                                                                              • Advertising and Marketing Activity

                                                                                                • Declining advertising spend at the supermarkets
                                                                                                  • Figure 55: Total above-the-line, online display and direct mail advertising expenditure on clothing, top 30 spenders, 2012-16
                                                                                                • Boohoo and Burberry utilise digital channels
                                                                                                  • Amazon Fashion launches first television advert
                                                                                                    • H&M retains high-profile campaign with David Beckham
                                                                                                      • Press advertising accounts for almost half of spend
                                                                                                        • Figure 56: Total above-the-line, online display and direct mail advertising expenditure on clothing, by media type, 2015
                                                                                                      • Nielsen Ad Intel coverage
                                                                                                      • Brand Research

                                                                                                          • What you need to know
                                                                                                            • Brand map
                                                                                                              • Figure 57: Attitudes towards and usage of selected brands, January-August 2016
                                                                                                            • Key brand metrics
                                                                                                              • Figure 58: Key metrics for selected brands, January-August 2016
                                                                                                            • Brand attitudes: ASOS and Very provide a great online service
                                                                                                              • Figure 59: Attitudes, by brand, January-August 2016
                                                                                                            • Brand personality: Ted Baker and Jigsaw earn an image of exclusivity
                                                                                                              • Figure 60: Brand personality – Macro image, January-August 2016
                                                                                                            • Boohoo and Missguided benefit from cutting-edge image
                                                                                                              • Figure 61: Brand personality – Micro image, January-August 2016
                                                                                                            • Brand analysis
                                                                                                              • Mid-market retailers: M&S, Next and Gap
                                                                                                                • Young and premium fashion retailers: Zara, Superdry, Ted Baker and Jigsaw
                                                                                                                  • Online-only fashion retailers: ASOS, Boohoo, Missguided and Very
                                                                                                                    • Value retailers: Primark and TK Maxx
                                                                                                                    • Asda Group Ltd

                                                                                                                        • What we think
                                                                                                                          • In a spin
                                                                                                                            • Clothing
                                                                                                                              • Project Renewal
                                                                                                                                • The need for online growth
                                                                                                                                  • ToYou could provide increased store footfall
                                                                                                                                    • Background
                                                                                                                                      • Company performance
                                                                                                                                        • Figure 62: Asda Group Ltd: Group financial performance, 2010/11-2014/15
                                                                                                                                        • Figure 63: Asda Group Ltd: Outlet data, 2010/11-2014/15
                                                                                                                                      • Retail offering
                                                                                                                                      • Arcadia Group

                                                                                                                                          • What we think
                                                                                                                                            • Total sales grow but like-for-likes are down
                                                                                                                                              • Topshop/Topman drives the business
                                                                                                                                                • Other brands less profitable
                                                                                                                                                  • Scope for rationalisation
                                                                                                                                                    • Burton: could do better
                                                                                                                                                      • Company background
                                                                                                                                                        • Company performance
                                                                                                                                                            • Figure 64: Arcadia Group: Group financial performance, 2010/11-2014/15
                                                                                                                                                            • Figure 65: Arcadia Group: Outlet data, 2010/11-2014/15
                                                                                                                                                          • Retail offering
                                                                                                                                                          • Debenhams

                                                                                                                                                              • What we think
                                                                                                                                                                • More relevant marketing
                                                                                                                                                                  • More exciting and exclusive new Designers at Debenhams launches
                                                                                                                                                                    • Children’s clothing
                                                                                                                                                                      • New fashion concession partners
                                                                                                                                                                        • Improved multichannel fashion experience
                                                                                                                                                                          • New chief executive brings a wealth of fashion experience
                                                                                                                                                                            • Company background
                                                                                                                                                                              • Company performance
                                                                                                                                                                                • Figure 66: Debenhams: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                • Figure 67: Debenhams: Outlet data, 2010/11-2014/15
                                                                                                                                                                              • Retail offering
                                                                                                                                                                              • The Edinburgh Woollen Mill Group

                                                                                                                                                                                  • Background
                                                                                                                                                                                    • Company performance
                                                                                                                                                                                      • Figure 68: The Edinburgh Woollen Mill Group: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                      • Figure 69: The Edinburgh Woollen Mill Group: Outlet data, 2010/11-2014/15
                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                    • Grupo Inditex

                                                                                                                                                                                        • What we think
                                                                                                                                                                                          • Inditex outperforms the market
                                                                                                                                                                                            • Integrating the digital and physical experience
                                                                                                                                                                                              • Zara adopts a more sustainable approach to fast fashion
                                                                                                                                                                                                • Company background
                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                    • Figure 70: Grupo Inditex: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                    • Figure 71: Grupo Inditex: Share of sales, by retail brand, 2015/16
                                                                                                                                                                                                    • Figure 72: Grupo Inditex: Sales and operating profit, by major retail brand, 2011/12-2015/16
                                                                                                                                                                                                    • Figure 73: Grupo Inditex: Outlet data, by region, at January 2016
                                                                                                                                                                                                    • Figure 74: Grupo Inditex: Store numbers, by retail brand, at January 2016
                                                                                                                                                                                                    • Figure 75: Grupo Inditex: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                  • H&M Hennes & Mauritz

                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                        • Designer collaborations boost sales and strengthen fashion credentials
                                                                                                                                                                                                          • Rapid store growth
                                                                                                                                                                                                            • E-commerce expansion
                                                                                                                                                                                                              • A one-stop shop for fashion and beauty
                                                                                                                                                                                                                • Sustainable fashion initiatives
                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                      • Figure 76: H&M Hennes & Mauritz: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                      • Figure 77: H&M Hennes & Mauritz: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                    • House of Fraser Plc

                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                          • Capitalising on House Brand and womenswear sales growth
                                                                                                                                                                                                                            • Online fashion shopping proposition
                                                                                                                                                                                                                              • Perfect fit
                                                                                                                                                                                                                                • Store refurbs attracting new fashion brands
                                                                                                                                                                                                                                  • Embracing multicultural fashion
                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                          • Figure 78: House of Fraser Plc: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                          • Figure 79: House of Fraser Plc: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                        • John Lewis

                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                              • A strong performance
                                                                                                                                                                                                                                                • An area of focus
                                                                                                                                                                                                                                                  • Innovation drives growth
                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                          • Figure 80: John Lewis Partnership: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                          • Figure 81: John Lewis Partnership: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                        • Matalan

                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                              • Liverpool warehouse problems resolved
                                                                                                                                                                                                                                                                • New web platform to push online growth
                                                                                                                                                                                                                                                                  • New shop-in-shop concept
                                                                                                                                                                                                                                                                    • Bolstering fashion credentials
                                                                                                                                                                                                                                                                      • Fresh store layouts for a more enjoyable shopping experience
                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                            • Figure 82: Missouri TopCo Ltd/Matalan: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                            • Figure 83: Matalan Ltd: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                          • Marks & Spencer

                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                • Clothing: still the main problem for M&S
                                                                                                                                                                                                                                                                                  • Womenswear remains the focus
                                                                                                                                                                                                                                                                                    • Streamlining the brand portfolio
                                                                                                                                                                                                                                                                                      • Availability and in-store experience must improve
                                                                                                                                                                                                                                                                                        • Back to basics
                                                                                                                                                                                                                                                                                          • Menswear looks promising
                                                                                                                                                                                                                                                                                            • Online sales must improve
                                                                                                                                                                                                                                                                                              • The road ahead
                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                      • Figure 84: Marks & Spencer: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                      • Figure 85: Marks & Spencer: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                    • New Look Group Plc

                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                          • Menswear push
                                                                                                                                                                                                                                                                                                            • Cosmetics and fragrances and homewares
                                                                                                                                                                                                                                                                                                              • Web enhancements and wider delivery options drive own online sales
                                                                                                                                                                                                                                                                                                                • Capitalising on third-party e-commerce partners’ local knowledge and expertise
                                                                                                                                                                                                                                                                                                                  • New concept stores delivering sales and profit growth
                                                                                                                                                                                                                                                                                                                    • China expansion gathering pace
                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                          • Figure 86: New Look Group Plc: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                          • Figure 87: New Look Group Plc: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                        • Next

                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                              • A solid performer
                                                                                                                                                                                                                                                                                                                                • E-commerce late to mobile
                                                                                                                                                                                                                                                                                                                                  • Becoming more agile
                                                                                                                                                                                                                                                                                                                                    • Store network facilitates click-and-collect
                                                                                                                                                                                                                                                                                                                                      • One brand, multiple channels?
                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                              • Figure 88: Next plc: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                              • Figure 89: Next plc: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                            • Primark/Penneys

                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                  • The most popular clothing retailer
                                                                                                                                                                                                                                                                                                                                                    • Inevitable slowing of growth
                                                                                                                                                                                                                                                                                                                                                      • Facing a triple threat
                                                                                                                                                                                                                                                                                                                                                        • Lack of transactional website is hurting it
                                                                                                                                                                                                                                                                                                                                                          • Devaluation of pound set to hit margins
                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                • Figure 90: Primark/Penneys: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                • Figure 91: Primark/Penneys: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                              • River Island Clothing Co Ltd

                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                    • Catering to plus-sized customers
                                                                                                                                                                                                                                                                                                                                                                      • Making it easier for its customers to buy online
                                                                                                                                                                                                                                                                                                                                                                        • Menswear push
                                                                                                                                                                                                                                                                                                                                                                          • New kids’ collection to capitalise on the growing UK children’s clothing market
                                                                                                                                                                                                                                                                                                                                                                            • Tapping into the athleisure trend
                                                                                                                                                                                                                                                                                                                                                                              • New delivery option for customers unable to collect their orders
                                                                                                                                                                                                                                                                                                                                                                                • Using digital technology to drive footfall to stores
                                                                                                                                                                                                                                                                                                                                                                                  • New channels to shop River Island
                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 92: River Island Clothing Co Ltd: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 93: River Island Clothing Co Ltd: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                      • Tesco Plc

                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                            • On the road to recovery
                                                                                                                                                                                                                                                                                                                                                                                              • Clothing sales tracking UK sales
                                                                                                                                                                                                                                                                                                                                                                                                • Streamlining online ordering
                                                                                                                                                                                                                                                                                                                                                                                                  • In-store concessions: no decision yet
                                                                                                                                                                                                                                                                                                                                                                                                    • Exposed to performance of larger Tesco stores
                                                                                                                                                                                                                                                                                                                                                                                                      • International expansion for F&F brand
                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 94: Tesco Plc: Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 95: Tesco Plc: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                          • TJX UK (TK Maxx)

                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                • TK Maxx benefits from younger men’s penchant for designer brands
                                                                                                                                                                                                                                                                                                                                                                                                                  • Scope for catching up in the online space
                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 96: TJX UK (TK Maxx): Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 97: TJX UK (TK Maxx): Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                      • The Consumer – What You Need to Know

                                                                                                                                                                                                                                                                                                                                                                                                                        • Increase in male shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                          • M&S sees declining female shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                            • Young men buy clothes most often
                                                                                                                                                                                                                                                                                                                                                                                                                              • Half of women treat themselves to clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                • Moving away from discounting
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Growing interest in Made in Britain clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                    • End to seasonal clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                    • What Fashion Items People Buy

                                                                                                                                                                                                                                                                                                                                                                                                                                      • Outerwear dominates
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 98: Spending habits on clothes, footwear and accessories, September 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail Customer Profile Comparison

                                                                                                                                                                                                                                                                                                                                                                                                                                      • Increase in male shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 99: Customer profile, by gender, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Rise in 35-44s shopping for clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 100: Customer profile, by age, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 101: Customer profile, by socio-economic group, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Where People Shop for Clothes

                                                                                                                                                                                                                                                                                                                                                                                                                                        • M&S sees declining female shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 102: Retailers from which clothes are bought both in-store and online, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Amazon is fifth most popular for fashion
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 103: Retailers from which clothes are bought split by in-store and online, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Supermarkets grow in popularity for clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Young men are shopping more at young fashion retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Who is driving growth?
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 104: People who have bought clothes for themselves in-store and/or online or have not bought clothes in the last 12 months, by gender and age, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Repertoire analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 105: Repertoire of retailers from which clothes are bought in-store or online, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Frequency of Buying Clothes

                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 106: How often consumers have bought clothes in the last 12 months, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Young men buy clothes most often
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 107: Consumers who have bought clothes once a month or more often in the last 12 months, by gender and age, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Women aged 25-44 shop less frequently, but will pay for quality
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Affluent buy clothes more frequently
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 108: Consumers who have bought clothes once a month or more often or once every 2-3 months or less in the last 12 months, by how they describe their financial situation, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Reasons for Buying Clothes

                                                                                                                                                                                                                                                                                                                                                                                                                                                • Half of women treat themselves to clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retailers combine leisure and retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 109: Reasons consumers have bought clothes for themselves in the last 12 months, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Moving away from discounting
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 110: Consumers who have bought clothes for themselves in the last 12 months to take advantage of a sale/special offer, by gender and age, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Attitudes towards Buying Clothes

                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Growing interest in Made in Britain clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 111: Agreement with attitudes towards buying clothes, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Young men focus on design
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 112: Agreement with statement ‘I prefer designs that stand out’, by gender and age compared with average, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Young women drawn to low prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Attitudes towards Shopping For Clothes

                                                                                                                                                                                                                                                                                                                                                                                                                                                        • End to seasonal clothes
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 113: Agreement with attitudes towards shopping for clothes, July 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Older women drawn to in-store displays
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Young men want to see stock availability online
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Data Sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Definitions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • VAT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sales per store, sales per sq m
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Other
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer research methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – Market Size and Forecast

                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Forecast methodology

                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Companies Covered

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

                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Clothing Retailing - UK - October 2016

                                                                                                                                                                                                                                                                                                                                                                                                                                                                            US $2,672.70 (Excl.Tax)