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Department Store Retailing - Europe - March 2011

The European mixed goods market has faced significant challenges throughout the recession in the major Western European markets:

  • Low consumer confidence as well as increasing competition from specialist operators has impacted on performance.
  • Only the Netherlands avoided declines in mixed goods retail sales, although this was unlikely to have been driven by the department stores.

Going forwards we expect:

  • Growth to return across the majority of the markets covered in this report. However, the mixed goods sector will typically underperform against the wider retailer sector as other spend areas recover faster.
  • Continued economic uncertainty will impact on Ireland with a return to mixed goods sector growth unlikely to be seen in the short term.

Mintel European Retail Intelligence provides independent, expert coverage of the major retail sectors throughout Europe. Each title in this series analyses retailing trends in up to 19 European markets, including the Scandinavian nations and Eastern European countries such as the Czech Republic and Poland as well as the major Western European markets.

The coverage provided by each report is as accurate, relevant and up-to-date as possible, combining in-house sector expertise with retailer performance data, taken directly from industry and trade sources.

With titles ranging from 'DIY Retailing in Europe' through to 'Food Retailing in Europe', each market examination includes studies of:

  • background economic and demographic data
  • market sizes
  • regional retailing trends and issues
  • market drivers
  • consumer expenditure
  • consumer trends
  • leading pan-European retailers
  • domestic retailers
  • market forecasts

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Table of contents

  1. Market in Brief

    • Specialists’ retail sales
      • Usage of department stores
        • The European competitive landscape
          • Outlook for department store retailing
          • Report Scope

              • Issues in the market
                • Technical notes
                  • Definitions
                    • Accounting policy
                      • Financial definitions
                        • Currencies
                          • Country codes
                            • Figure 1: Country codes
                          • VAT
                            • Figure 2: Europe: Standard VAT rates, 2010
                          • Other abbreviations
                          • European Summary and Outlook

                            • The European mixed goods market
                              • Retail sales
                                • Figure 3: Europe: Estimated mixed goods retailers’ sales, 2005-09
                              • Forecasts
                                • Figure 4: Europe: Forecast mixed goods retailers’ sales, 2010-15
                                • Figure 5: Europe: Mixed goods retailers’ sales & All retail sales by country, forecast growth 2010-15(f)
                              • Consumer attitudes
                                • Do you visit department stores?
                                  • Figure 6: Europe: Trend in visiting department stores, 2005-09
                                • Who visits department stores
                                  • Retail competitor analysis
                                    • Leading retailers
                                        • Figure 7: Europe: Top 30 leading department store retailers, 2009/10
                                      • Store development
                                          • Figure 8: Europe: Leading department store retailers store development, 2006 and 2010
                                        • Concentration
                                          • Figure 9: Europe: Market consolidation and leading retailer in each market, 2010
                                        • e-commerce
                                          • Figure 10: Europe: Leading department store retailers’ e-commerce activity, March 2011
                                        • Where next?
                                          • The potential for smaller formats?
                                            • International expansion through franchising
                                              • Catering for wealthy tourist trade at home too
                                                • Online delivery goes international
                                                  • Multi-channel – model for the future
                                                    • Corporate activity stepping up
                                                    • France

                                                      • Market in brief
                                                        • Broader market environment
                                                          • Key points
                                                            • Implications for department store retailers
                                                              • Competitive context
                                                                • Key points
                                                                  • Consumer spending
                                                                    • Figure 11: France: Spending on key department store product markets, 2005-09
                                                                  • Consumer price inflation
                                                                    • Figure 12: France: Consumer prices inflation for various categories, Jan-Dec 2010
                                                                  • Competition with other sectors
                                                                    • Consumer shopping habits and attitudes
                                                                      • Figure 13: Trends in visiting department stores, France, 2005-09
                                                                      • Figure 14: France: Trends in agreement with shopping, 2005-09
                                                                    • Sector size and forecast
                                                                      • Key points
                                                                        • Economic outlook
                                                                          • Retail sales and forecasts
                                                                              • Figure 15: France: Mixed goods retailers’ sales, 2005-15
                                                                            • Retail competitor analysis
                                                                              • Key points
                                                                                • Leading retailers
                                                                                  • Galeries Lafayette
                                                                                    • Printemps
                                                                                      • Le Bon Marché
                                                                                        • Few local operators
                                                                                          • Au revoir to La Samaritaine?
                                                                                            • Bonjour to M&S?
                                                                                              • Foreign competition online
                                                                                                  • Figure 16: France: Leading department stores, 2010
                                                                                                  • Figure 17: France: Sales growth rates for leading department stores, 2006-10
                                                                                                • Market shares
                                                                                                    • Figure 18: France: Leading department stores, market shares, 2010
                                                                                                • Germany

                                                                                                  • Market in brief
                                                                                                    • Broader market environment
                                                                                                      • Key points
                                                                                                        • Implications for department store retailers
                                                                                                          • Competitive context
                                                                                                            • Key points
                                                                                                              • Consumer spending
                                                                                                                • Figure 19: Germany: Spending on key department store product markets, 2005-09
                                                                                                              • Outlook for 2010 and beyond
                                                                                                                • Inflation
                                                                                                                  • Figure 20: Germany: Consumer price index for goods typically sold at department stores, 2000-10
                                                                                                                • Competition with other sectors
                                                                                                                  • Consumer shopping habits and attitudes
                                                                                                                    • Frequency of visiting department stores
                                                                                                                      • Figure 21: Trends in visiting department stores, Germany, 2005-09
                                                                                                                    • Consumer attitudes to shopping
                                                                                                                      • Figure 22: Trends in agreement with shopping, Germany, 2005-09
                                                                                                                    • Sector size and forecast
                                                                                                                      • Key points
                                                                                                                        • Economic and consumer outlook
                                                                                                                          • Retail sales and forecasts
                                                                                                                              • Figure 23: Germany: Mixed goods retailers’ sales, 2005-15
                                                                                                                            • Prospects for department store retailers
                                                                                                                              • Retail competitor analysis
                                                                                                                                • Leading retailers
                                                                                                                                  • Breuninger and Ludwig Beck
                                                                                                                                    • Hertie name disappears after some 70 years…
                                                                                                                                      • Mainstream stores in need of change
                                                                                                                                        • Figure 24: Germany: Leading department store retailers, 2010
                                                                                                                                    • Italy

                                                                                                                                      • Market in brief
                                                                                                                                        • Broader market environment
                                                                                                                                          • Key points
                                                                                                                                            • Implications for department store retailers
                                                                                                                                              • Competitive context
                                                                                                                                                • Consumer spending
                                                                                                                                                    • Figure 25: Italy: Consumer spending on goods typically stocked by department stores, 2005-09
                                                                                                                                                  • Consumer prices inflation
                                                                                                                                                    • Figure 26: Italy: Consumer prices inflation for various categories, Jan-Dec 2010
                                                                                                                                                  • Competition with other sectors
                                                                                                                                                    • Sector size and forecast
                                                                                                                                                      • Key points
                                                                                                                                                        • Economic and consumer outlook
                                                                                                                                                          • Retail sales and forecasts
                                                                                                                                                              • Figure 27: Italy: Mixed goods retailers’ sales, 2005-15
                                                                                                                                                            • Outlets and enterprises
                                                                                                                                                              • Figure 28: Italy: Number of outlets by store type, 2005-09
                                                                                                                                                            • Retail competitor analysis
                                                                                                                                                              • Key points
                                                                                                                                                                • Revamp for Upim
                                                                                                                                                                  • Uncertainty for La Rinascente
                                                                                                                                                                    • Coin expanding through acquisition
                                                                                                                                                                      • Other stores
                                                                                                                                                                        • Foreign competition online
                                                                                                                                                                            • Figure 29: Italy: Leading department-store retailers, 2010
                                                                                                                                                                            • Figure 30: Italy: Sales growth rates for Coin and La Rinascente, 2006-10
                                                                                                                                                                          • Market shares
                                                                                                                                                                            • Figure 31: Italy: Department-store retailers, market shares, 2010
                                                                                                                                                                        • Republic of Ireland

                                                                                                                                                                          • Market in brief
                                                                                                                                                                            • Broader market environment
                                                                                                                                                                              • Key points
                                                                                                                                                                                • Implications for mixed goods retailers
                                                                                                                                                                                  • Competitive context
                                                                                                                                                                                    • The end of the boom years
                                                                                                                                                                                      • Figure 32: Republic of Ireland: Consumer spending on key department store markets, 2005-09
                                                                                                                                                                                    • Outlook for 2010 and beyond
                                                                                                                                                                                      • Deflation in major product categories
                                                                                                                                                                                        • Figure 33: Republic of Ireland: Inflation in selected department store product categories, 2000-10
                                                                                                                                                                                      • Sector size and forecast
                                                                                                                                                                                        • Key points
                                                                                                                                                                                          • Economic outlook
                                                                                                                                                                                            • Retail sales
                                                                                                                                                                                              • Mixed goods retail prospects
                                                                                                                                                                                                • Figure 34: Republic of Ireland: Retail sales, 2005-15
                                                                                                                                                                                              • Enterprise data
                                                                                                                                                                                                • Figure 35: Republic of Ireland: Number of enterprises, 2003-07
                                                                                                                                                                                              • Outlet data
                                                                                                                                                                                                • Figure 36: Republic of Ireland: Leading department store retailers – outlet numbers, 2001-09
                                                                                                                                                                                              • Retail competitor analysis
                                                                                                                                                                                                • British retailers lead the way
                                                                                                                                                                                                  • Brown Thomas turning a corner
                                                                                                                                                                                                    • Arnotts; messy but stable
                                                                                                                                                                                                        • Figure 37: Republic of Ireland: Leading department store retailers, 2010/11
                                                                                                                                                                                                    • The Netherlands

                                                                                                                                                                                                      • Market in brief
                                                                                                                                                                                                        • Broader market environment
                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                            • Implications for department store retailers
                                                                                                                                                                                                              • Competitive context
                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                  • Consumer spending
                                                                                                                                                                                                                      • Figure 38: The Netherlands: Consumer spending on selected categories of goods, 2005-09
                                                                                                                                                                                                                      • Figure 39: Netherlands: Year-on-year change in consumer spending in selected categories, January-November 2010
                                                                                                                                                                                                                    • Consumer prices inflation
                                                                                                                                                                                                                      • Figure 40: The Netherlands: Consumer prices inflation for goods typically sold at department stores, January-December 2010
                                                                                                                                                                                                                    • Competition with other sectors
                                                                                                                                                                                                                      • Sector size and forecast
                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                          • Economic outlook
                                                                                                                                                                                                                            • Retail sales
                                                                                                                                                                                                                                • Figure 41: The Netherlands: Retail sales, 2005-15
                                                                                                                                                                                                                              • Enterprise and outlet data
                                                                                                                                                                                                                                • Figure 42: The Netherlands: Department stores/mixed goods retailers: outlet and enterprise numbers, 2006-10
                                                                                                                                                                                                                              • Retail competitor analysis
                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                  • Hema
                                                                                                                                                                                                                                    • V&D
                                                                                                                                                                                                                                      • De Bijenkorf
                                                                                                                                                                                                                                        • Maison de Bonneterie
                                                                                                                                                                                                                                          • Metz & Co
                                                                                                                                                                                                                                            • Figure 43: The Netherlands: Leading operators in the department-store sector, 2010-11
                                                                                                                                                                                                                                          • Market shares
                                                                                                                                                                                                                                            • Figure 44: The Netherlands: Leading department store operators’ market shares, 2010
                                                                                                                                                                                                                                        • Spain

                                                                                                                                                                                                                                          • Market in brief
                                                                                                                                                                                                                                            • Broader market environment
                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                • Implications for mixed goods retailers
                                                                                                                                                                                                                                                  • Competitive context
                                                                                                                                                                                                                                                    • Cutting back in the recession
                                                                                                                                                                                                                                                        • Figure 45: Spain: Consumer spending on goods typically sold at department stores, 2006-09
                                                                                                                                                                                                                                                      • Outlook for 2010 and beyond
                                                                                                                                                                                                                                                        • Slow inflation hampers key categories
                                                                                                                                                                                                                                                          • Figure 46: Spain: Consumer price inflation on selected goods, 2002-10
                                                                                                                                                                                                                                                        • Consumer shopping habits and attitudes
                                                                                                                                                                                                                                                          • Frequency of visiting department stores
                                                                                                                                                                                                                                                            • Figure 47: Trends in visiting department stores, Spain, 2005-09
                                                                                                                                                                                                                                                          • Consumer attitudes to shopping
                                                                                                                                                                                                                                                            • Figure 48: Trends in agreement with shopping, Spain, 2005-09
                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                              • Economic outlook
                                                                                                                                                                                                                                                                • Retail sales
                                                                                                                                                                                                                                                                  • Mixed goods retail prospects
                                                                                                                                                                                                                                                                    • Figure 49: Spain: Retail sales, 2005-15
                                                                                                                                                                                                                                                                  • Retail competitor analysis
                                                                                                                                                                                                                                                                      • Figure 50: Spain: Leading mixed goods retailers, 2009/10
                                                                                                                                                                                                                                                                  • United Kingdom

                                                                                                                                                                                                                                                                    • Introduction
                                                                                                                                                                                                                                                                      • Department store definition
                                                                                                                                                                                                                                                                        • Sector benchmarks
                                                                                                                                                                                                                                                                          • Department stores
                                                                                                                                                                                                                                                                            • Mixed goods retailers
                                                                                                                                                                                                                                                                              • Accounting policy
                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                  • Abbreviations
                                                                                                                                                                                                                                                                                    • Financial definitions
                                                                                                                                                                                                                                                                                      • Issues in the Market
                                                                                                                                                                                                                                                                                        • How large is the department store sector and what will drive future growth?
                                                                                                                                                                                                                                                                                          • Who are the key department store customers?
                                                                                                                                                                                                                                                                                            • How important are quality and service to the department store proposition?
                                                                                                                                                                                                                                                                                              • How do younger people feel about department store shopping?
                                                                                                                                                                                                                                                                                                • Is multi-channel the holy grail for department store retailers?
                                                                                                                                                                                                                                                                                                  • Executive summary
                                                                                                                                                                                                                                                                                                    • The market
                                                                                                                                                                                                                                                                                                      • Volatile performance through the downturn
                                                                                                                                                                                                                                                                                                        • Figure 51: Department store retailers’ sales* at current and constant prices, 2005-15
                                                                                                                                                                                                                                                                                                        • Figure 52: Department store retailers’ sales, 2005-15
                                                                                                                                                                                                                                                                                                      • Mixed reactions to recession
                                                                                                                                                                                                                                                                                                        • 2010 rebound
                                                                                                                                                                                                                                                                                                          • Market factors
                                                                                                                                                                                                                                                                                                            • Volatile consumer confidence
                                                                                                                                                                                                                                                                                                              • Austerity and inflation = uncertainty
                                                                                                                                                                                                                                                                                                                • Tourist trade
                                                                                                                                                                                                                                                                                                                  • The consumer
                                                                                                                                                                                                                                                                                                                    • John Lewis wins more customers
                                                                                                                                                                                                                                                                                                                      • Private label will score in 2011
                                                                                                                                                                                                                                                                                                                        • Figure 53: Attitudes to department store shopping, January 2011
                                                                                                                                                                                                                                                                                                                      • Regular shoppers biased to the ABC1 demographic
                                                                                                                                                                                                                                                                                                                        • Quality and Service Led target group underpins demand in 2010
                                                                                                                                                                                                                                                                                                                          • Figure 54: Department store target groups, January 2011
                                                                                                                                                                                                                                                                                                                        • Company brand and innovation
                                                                                                                                                                                                                                                                                                                          • Figure 55: Major department store retailers, 2009/10
                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                          • Future opportunities
                                                                                                                                                                                                                                                                                                                            • Guiding Choice
                                                                                                                                                                                                                                                                                                                              • Prove It
                                                                                                                                                                                                                                                                                                                                • Broader market environment
                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                    • Austerity + inflation = uncertainty
                                                                                                                                                                                                                                                                                                                                        • Figure 56: GDP, Personal Disposable Income (PDI), consumer expenditure and savings, at current prices, 2005-15
                                                                                                                                                                                                                                                                                                                                        • Figure 57: GDP, Personal Disposable Income (PDI), consumer expenditure and savings, at constant 2010 prices, 2005-15
                                                                                                                                                                                                                                                                                                                                      • Implications for retail sales
                                                                                                                                                                                                                                                                                                                                        • Consumer confidence remains volatile
                                                                                                                                                                                                                                                                                                                                          • Figure 58: GFK NOP monthly consumer confidence index, Jan 2005-Dec 2010
                                                                                                                                                                                                                                                                                                                                        • Chinese tourism boosts spend
                                                                                                                                                                                                                                                                                                                                          • Inflation to remain high
                                                                                                                                                                                                                                                                                                                                            • The benefits of getting older
                                                                                                                                                                                                                                                                                                                                                • Figure 59: Trends and projections in the UK population (‘000s), by age group, 2005-15
                                                                                                                                                                                                                                                                                                                                                • Figure 60: UK: % of total population aged 65+, 2010, 2015 and 2020
                                                                                                                                                                                                                                                                                                                                              • Competitive context
                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                  • Consumer spending in main department store categories
                                                                                                                                                                                                                                                                                                                                                      • Figure 61: Consumer spending on key department store markets, 2005-10 (Q1-Q3)
                                                                                                                                                                                                                                                                                                                                                    • Competition with other sectors
                                                                                                                                                                                                                                                                                                                                                      • Beauty specialists
                                                                                                                                                                                                                                                                                                                                                        • Clothing specialists
                                                                                                                                                                                                                                                                                                                                                          • Electricals specialists
                                                                                                                                                                                                                                                                                                                                                            • Grocers
                                                                                                                                                                                                                                                                                                                                                              • CPI remaining high
                                                                                                                                                                                                                                                                                                                                                                  • Figure 62: UK: Consumer prices inflation for various categories, Jan 2010-Jan 2011
                                                                                                                                                                                                                                                                                                                                                                • Strengths and weaknesses in the market
                                                                                                                                                                                                                                                                                                                                                                  • Strengths
                                                                                                                                                                                                                                                                                                                                                                    • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                      • Who’s innovating?
                                                                                                                                                                                                                                                                                                                                                                        • Pop-up stores
                                                                                                                                                                                                                                                                                                                                                                          • Online initiatives
                                                                                                                                                                                                                                                                                                                                                                            • Harvey Nichols – a mobile pop-up?
                                                                                                                                                                                                                                                                                                                                                                              • Daimaru Shinsaibashi targets the twenty somethings too
                                                                                                                                                                                                                                                                                                                                                                                • Selfridges steps up with its ‘open to the world’ philosophy
                                                                                                                                                                                                                                                                                                                                                                                  • Harrods taps into workplace learning trend
                                                                                                                                                                                                                                                                                                                                                                                    • And from across the pond
                                                                                                                                                                                                                                                                                                                                                                                      • Sector Size and Forecast
                                                                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                                                                          • Technical note
                                                                                                                                                                                                                                                                                                                                                                                            • Past performance
                                                                                                                                                                                                                                                                                                                                                                                              • Forecast
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 63: Department store retailers’ sales* at current and constant prices, 2005-15
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 64: Department store retailers’ sales*, 2005-15
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 65: Department store retailers sales as % all retail sales, 2003-15
                                                                                                                                                                                                                                                                                                                                                                                              • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                • Department store prospects
                                                                                                                                                                                                                                                                                                                                                                                                  • Who will be the key customers?
                                                                                                                                                                                                                                                                                                                                                                                                    • Managing price increases and value perceptions
                                                                                                                                                                                                                                                                                                                                                                                                      • Private label – a compelling alternative to premium brands
                                                                                                                                                                                                                                                                                                                                                                                                        • Multi-channel support
                                                                                                                                                                                                                                                                                                                                                                                                          • Store expansion at home and overseas will drive some medium term growth
                                                                                                                                                                                                                                                                                                                                                                                                            • Department store outlet data
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 66: Identified department stores, outlet numbers, 2003-09
                                                                                                                                                                                                                                                                                                                                                                                                            • Mixed goods retailers
                                                                                                                                                                                                                                                                                                                                                                                                              • Sector sales and forecasts
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 67: Mixed goods retailers’ sales, 2005-15
                                                                                                                                                                                                                                                                                                                                                                                                              • Outlet data
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 68: Non-specialised retail outlet numbers, 2004-08
                                                                                                                                                                                                                                                                                                                                                                                                              • Retail competitor analysis
                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                  • Market leaders continued to invest
                                                                                                                                                                                                                                                                                                                                                                                                                    • Older consumers return to the market
                                                                                                                                                                                                                                                                                                                                                                                                                      • House of Fraser stands out
                                                                                                                                                                                                                                                                                                                                                                                                                        • Debenhams impacted by constrained family shopper?
                                                                                                                                                                                                                                                                                                                                                                                                                          • Premium players boosted by overseas tourists and luxury bounce back …
                                                                                                                                                                                                                                                                                                                                                                                                                            • ... and continue to gain market share
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 69: UK: Combined market share of Selfridges, Harrods and Harvey Nichols, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                            • Further fallout
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 70: Major department store retailers, 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 71: Department store retailers, market shares, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail advertising and promotion
                                                                                                                                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 72: Main media advertising spend, by department stores, 2007-10
                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 73: Annual % change in main media advertising spend, by leading department stores, 2007-10
                                                                                                                                                                                                                                                                                                                                                                                                                              • Spending as percentage of turnover
                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 74: UK: Main advertising spending as percentage of total sales for the ten leading department store chains, 2007-09
                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 75: Major department stores’ main media advertising spend as % of sales, 2008 and 2009
                                                                                                                                                                                                                                                                                                                                                                                                                              • Spending by media
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 76: Main media advertising by department stores, by media used, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                • Brand elements
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 77: Attitudes towards and usage of department store brands, December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand attitudes
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 78: Attitudes by Department store brand, December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand personality
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 79: Department store brand personality – macro image, December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 80: Department store brand personality – micro image, December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Correspondence analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand experience
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 81: Department store brand usage, December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 82: Satisfaction with various department store brands, February 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 83: Consideration of department store brands, December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 84: Consumer perceptions of current department store brand performance, December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 85: Department store brand recommendation – Net Promoter Score, December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand index
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 86: Department store brand index, December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 87: Department store brand index vs. recommendation, December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Target group analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 88: Target groups, December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 89: Department store brand usage, by target groups, December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Group One – The Conformists
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Group Two – Simply the Best
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Group Three – Shelf Stalkers
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Group Four – Habitual Shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Group Five – The Individualists
                                                                                                                                                                                                                                                                                                                                                                                                                                                • The consumer – Which department store they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 90: Department stores bought from in the last six months, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Changing face of the sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 91: Which department stores consumers have bought from in the previous six months, 2001-04, 2006, 2008 and 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Winners and losers
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • M&S likely to have gained general merchandise shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • John Lewis forges ahead
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Debenhams expansion fails to drive significantly more shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • House of Fraser nudges up on same size network
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Is Selfridges losing shoppers to House of Fraser?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • TJ Hughes loses out
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retailer market positioning
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 92: UK: Market positioning of leading department stores, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 93: Most popular department stores bought from in last six months, by gender, age and socio-economic group, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 94: Next most popular department stores bought from in last six months, by gender, age and socio-economic group, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Repertoire – less promiscuous shoppers in this sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 95: department stores bought from, by repertoire of department stores, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The Consumer – Department Store Shopper Habits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • High conversion rate among the frequent visitors
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 96: Department store shopping habits, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Grabbing the attention of male shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 97: Department store shopping habits, by gender, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • ABC1 bias
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 98: How often they visit and buy from department stores, by gender, age, socio-economic group and lifestage, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The consumer – Attitudes to department store shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 99: Attitudes to department store shopping, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • On the whole men quite like department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Target groups
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 100: Department store target groups, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 101: Attitudes towards department stores, by target groups, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Group 1: Convenience Seekers (20%)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Who are the Convenience Seekers?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Group 2: Quality and Service Led (15%)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Who are the Quality and Service Led?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Group 3: Specials Seekers (15%)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Who are the Specials Seekers?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Group 4: Browsers (6%)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Who are the Browsers?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Group 5: Indifferent (44%)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Who are the Indifferent?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where people shop by typology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 102: Target groups, by department stores bought from in last six months, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The consumer – Occasional shopper attitudes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 103: Why they only shop occasionally, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 104: Why they only shop occasionally, by gender, age and socio-economic group, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Young people find better value elsewhere
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Lower socio-economic groups find department stores a bit pricey
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Convenience is important for the ABC1s
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Older people not prepared to travel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Families in particular find them pricey
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 105: Those that think they are a bit pricey, by lifestage and presence of children, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 106: Those that think they are a bit pricey or can find better value elsewhere, by special group, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 107: Why they only shop occasionally, by lifestage, presence of children and special group, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Which department store they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 108: Most popular department stores bought from in last six months, by demographics, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 109: Next most popular department stores bought from in last six months, by demographics, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 110: Repertoire of department stores bought from in last six months, by demographics, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – The department store shopper habits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 111: Most popular how often they visit and buy from department stores, by demographics, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 112: Next most popular how often they visit and buy from department stores, by demographics, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Attitudes to department store shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 113: Most popular attitudes towards department store shopping, by demographics, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 114: Next most popular attitudes towards department store shopping, by demographics, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Target groups
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 115: Target groups, by demographics, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Arnotts

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 116: Arnotts: Sales as share of mixed goods retailers’ sales in Ireland, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 117: Arnotts: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Beale

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 118: Beale Plc: Sales as share of department store and mixed goods retailers sales in the UK, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 119: Beale Plc: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 120: Beale Plc: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brown Thomas

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 121: Brown Thomas: Sales as share of mixed goods retailers’ sales in Ireland, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 122: Brown Thomas: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Coin

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 123: Coin department stores: Sales as share of mixed goods retailers in Italy, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 124: Coin department stores: Financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 125: Coin Italy department stores: Outlet data, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 126: Coin: Own label brands, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • De Bijenkorf

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 127: De Bijenkorf: Estimated market share of mixed goods retailers’ sales in the Netherlands, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 128: De Bijenkorf: Estimated sales performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 129: De Bijenkorf: Outlet data, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Debenhams

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 130: Debenhams: Sales as share of department store and mixed goods retailers sales in the UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Overseas franchises increase brand exposure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 131: Debenhams: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 132: Debenhams: UK and Republic of Ireland outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 133: Debenhams: International franchise outlet numbers, 2004-Feb 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 134: Debenhams: International franchises – countries of operation, February 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 135: Debenhams shoppers in last six months, by gender, age and socio-economic group, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 136: Debenhams shoppers in last six months, by region and ACORN group, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 137: Debenhams: Own bought product mix, 2006/07 and 2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 138: Debenhams: Online profile of unique visitors, three month average to December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • El Corte Inglés

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 139: El Corte Inglés (Department Stores): Sales as share of mixed goods retailers’ sales in Spain, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 140: El Corte Inglés (Department Stores): Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 141: El Corte Inglés (Department Stores): Outlet data, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Fenwick Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 142: Fenwick Ltd: Sales as share of UK department store and mixed goods retailers sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 143: Fenwick Ltd: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 144: Fenwick Ltd: Outlet data, 2005/06-2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Galeries Lafayette (Group)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 145: Galeries Lafayette (Group): Sales as share of mixed goods retailers’ sales in France, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 146: Galeries Lafayette (Group): Group financial performance, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 147: Galeries Lafayette (Group): Outlet data, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Harrods

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 148: Harrods Ltd: Sales as share of UK department store and mixed goods retailers’ sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 149: Harrods Ltd: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 150: Harrods Ltd: Outlet data, 2005-2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 151: Harrods.com: Profile of online UK unique visitors, three-month average to December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Harvey Nichols Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 152: Harvey Nichols Group Ltd: Sales as share of department store and mixed goods retailers sales in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 153: Harvey Nichols Group Ltd: UK and Ireland retail financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 154: Harvey Nichols Ltd: Total domestic versus overseas retail floorspace, 2000-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Note: 2011 and 2012 projected based on planned store openings.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Note: 2011 and 2012 projected based on planned store openings.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 155: Harvey Nichols Group Ltd: UK and Ireland outlet data, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 156: Harvey Nichols Group Ltd: Group outlet data, February 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 157: Harveynichols.com: Profile of unique visitors, three-month average to December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • House of Fraser

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 158: House of Fraser: Sales as share of department store and mixed goods retailers sales in the UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online and multi-channel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 159: House of Fraser: Group financial performance, 2007/08-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 160: House of Fraser shoppers in last six months, by gender, age and socio-economic group, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 161: House of Fraser shoppers in last six months, by region and ACORN group, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 162: House of Fraser.co.uk: Profile of unique visitors, three-month average to December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • John Lewis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 163: John Lewis Plc: Sales as share of department store and mixed goods retailers sales in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 164: John Lewis Plc: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 165: John Lewis Plc: Half year to end July 2009 and 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 166: John Lewis Plc: Outlet data, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 167: John Lewis shoppers in last six months, by gender, age and socio-economic group, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 168: John Lewis shoppers in last six months, by region and ACORN group, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 169: John Lewis: Online profile of unique visitors, three month average to December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Karstadt

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 170: Karstadt: Sales as share of mixed goods retailers’ sales in Germany, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 171: Karstadt Department Stores: Group financial performance, 2005-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 172: Karstadt Department Stores: Outlet data, 2006-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 173: Karstadt Department Stores: Breakdown by store type, 2006-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Galeria Kaufhof

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 174: Kaufhof (Germany): Sales as share of mixed goods retailers’ sales in Germany, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 175: Kaufhof: Group financial performance, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 176: Kaufhof: Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Advertising and marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Le Bon Marche (LVMH)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 177: France Le Bon Marché: Sales as share of mixed goods retailers’ sales in France, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 178: Le Bon Marché Group: Estimated retail sales and sales densities, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 179: Le Bon Marché Group: Sales area, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Marks & Spencer (M&S)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 180: Marks & Spencer: Non-food sales as share of UK department store and mixed goods retailers sales, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 181: Marks & Spencer: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 182: Marks & Spencer: Outlet data, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 183: M&S: UK Outlets not specialising in food, by type, 2008-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Consumer profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 184: Marks & Spencer UK: Consumer profile – demographics, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 185: Marks & Spencer UK: Consumer profile – location, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 186: Marks & Spencer UK: Consumer profile – ACORN group, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 187: Marks & Spencer: own brand portfolio, 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 188: M&S: M&S Direct sales, 2006/07-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 189: M&S: Online profile of unique visitors, three month average to December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Printemps

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 190: France Printemps: Sales as share of mixed goods retailers’ sales in France, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 191: France Printemps: Group financial performance, 2005-2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 192: France Printemps: Outlet data, 2005-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 193: Printemps: Store numbers 2005, 2007 and 2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • La Rinascente

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 194: Rinascente (Department Stores): Sales as share of mixed goods retailers’ sales in Italy, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • History
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 195: Rinascente (Department Stores): Group sales performance, 2006-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 196: Rinascente (Department Stores): Outlet data, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Loyalty card
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Selfridges Retail Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 197: Selfridges Retail Ltd: Sales as share of department store and mixed goods retailers sales in the UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 198: Selfridges Retail Ltd: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 199: Selfridges Retail Ltd: Outlet data, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 200: Selfridges: Consumer profile – demographics, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 201: Selfridges: Consumer profile – location, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 202: Selfridges: Consumer profile – ACORN group, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 203: Selfridges: Online profile of unique visitors, three month average to December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • TJ Hughes

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 204: TJ Hughes Plc: Sales as share of department store and mixed goods retailers sales in UK, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 205: TJ Hughes Plc: Group financial performance, 2005/06-2009/10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 206: TJ Hughes Ltd: Geographical location of outlets, January 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 207: TJ Hughes Ltd: Outlet data, 2005/06-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 208: TJ Hughes: Consumer profile – demographics, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 209: TJ Hughes: Consumer profile – location, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 210: TJ Hughes: Consumer profile – ACORN group, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 211: TJ Hughes: Online profile of unique visitors, three month average to December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • V&D

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 212: V&D: Estimated market share of mixed goods retailers’ sales in the Netherlands, 2006-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strategic evaluation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financial performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 213: V&D: Estimated sales performance, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Store portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 214: V&D: Outlet data, 2006/07-2010/11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • e-commerce and home shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Broader Market Environment

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 215: Europe top 7: Population breakdown, by age group, 2005
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 216: Europe top 7: Population breakdown, by age group, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 217: Europe top 7: Population breakdown, by age group, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 218: Europe top 7: Population breakdown, by age group, 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • GDP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 219: Europe top 7: GDP (in current prices) 2000-Q4 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 220: Europe top 7: GDP growth rates (in constant prices), 2000-Q4 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 221: Europe top 7: Consumer spending (in current prices) 2001-Q4 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 222: Europe top 7: Consumer spending growth rates (in constant prices) 2001-Q4 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 223: Europe top 7: Consumer prices, 2001-Jan 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Unemployment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 224: Europe top 7: Average rate of unemployment, 2001-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Interest rates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 225: UK and Eurozone: Interest rates, 2004-Q4 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer confidence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 226: Europe top 6: Consumer confidence, April 2009-December 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Consumer Usage of Department Stores and Attitudes to Shopping

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 227: Trends in agreement with shopping, France, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 228: Trends in visiting department stores, France, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 229: Frequency of visiting department stores by demographics, France, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 230: Trends in agreement with shopping, Germany, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 5: Trends in visiting department stores, Germany, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 231: Frequency of visiting department stores by demographics, Germany, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Spain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 232: Trends in agreement with shopping, Spain, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 233: Trends in visiting department stores, Spain, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 234: Frequency of visiting department stores by demographics, Spain, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • GB
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 235: Trends in agreement with shopping, GB, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 236: Trends in visiting department stores, GB, 2005-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 237: Frequency of visiting department stores by demographics, GB, 2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Aarhus United UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Advertising Standards Authority
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Allders Croydon Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Alliance Boots UK Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Amazon.co.uk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Argos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • ASOS (UK retail sales)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Bank of England
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Baugur
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Beale Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Beatties of London Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Bentalls Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Biba
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brown Thomas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Bullring
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Capital Radio Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Cath Kidston Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Clarins UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Clinique Laboratories Ltd (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Co-operative Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Currys
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • D&D London
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Daimaru
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • DDB London Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Denners Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Diesel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Dualit Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Dunnes Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Episode
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Estée Lauder Companies Inc. (The)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Etam Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Facebook, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Fendi SRL
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Fenwick Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Firetrap
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Focus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Fortnum & Mason Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Freeview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Gfk NOP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Government Actuary's Department (GAD)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Gucci Group N.V.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Harrods Group Total
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Harvey Nichols UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Hoopers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • J. Choo Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Jacques Vert Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Jarrold & Sons Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Jenners Princes Street Edinburgh Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Karen Millen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Kings Supermarkets (USA)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Krispy Kreme UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • L'Occitane Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Landsbanki Islands Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • le BHV Marais
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Liberty Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • London Stock Exchange plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Lush Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • LVMH Moët Hennessy Louis Vuitton SA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Macy's, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Magasin du Nord
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Mamas & Papas Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Market & Opinion Research International (MORI)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Matalan Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Mitsukoshi
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Morleys Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Mothercare Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Mulberry Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Nike
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Oasis Fashions Ltd - UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Office for National Statistics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Oldrid & Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Paul Costelloe Collections Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Paul Smith Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Pearsons (Enfield) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Pied a Terre Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Poundland Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Poundstretcher Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Prada (I Pellettieri d'Italia S.p.A.)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Reiss Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • River Island Clothing Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Saks Incorporated
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Selfridges Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Selfridges Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sharp Electronics (UK) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Space NK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Starbucks Coffee Company UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Superdrug Stores Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Takashimaya
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Ted Baker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Tefal UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The Boston Consulting Group Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The British Land Company Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The Perfume Shop Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • TJ Hughes Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Topshop old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Trafford Centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Uniqlo UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Vergo Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • VisitBritain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Viyella
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Vodafone Group Plc (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Vom Fass
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • W Boyes & Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Waitrose
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • WH Smith PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Wilkinson Hardware Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Williams & Griffin Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Woolworths Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • YouTube, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Yves Saint Laurent

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Department Store Retailing - Europe - March 2011

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    £1,285.00 (Excl.Tax)