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Department Stores - Europe - April 2014

This report series covers seven Western European countries – six major economies, plus Ireland: the UK, France, Germany, Italy, Spain, the Netherlands and Ireland.

This data in its entirety is contained in the single copy seven-country report. Single country reports are also available for the UK, France, Germany, Spain and Italy.

This year, our exclusive consumer research spanned the UK, France, Germany, Italy and Spain. In each of these markets, we asked consumers:

  • Which department stores they shopped at in the last six months and whether this was online or in-store (no online/offline split for Italy);
  • What product categories they bought from department stores in the past six months;
  • How satisfied they were with a range of elements at department stores.

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Table of contents

  1. Introduction and Report Scope

      • Department store definition
        • Mixed goods retailers
          • Statutory revenues versus GTV
            • Financial definitions
              • Currencies
                • Figure 1: Euro to Pound exchange rates, 2008-13
              • Sales per store, sales per sq m
                • VAT rates
                  • Figure 2: Europe: VAT rates, 2010-14
                • Abbreviations
                • Executive Summary

                    • Figure 3: Europe: Estimated department store sector sales (excl. VAT), ranked by country, 2012 and 2013
                    • Figure 4: Europe: Department store sector sales as % of all retail sales, ranked by country, 2013
                    • Figure 5: Europe: Department store sector prospects by country for 2014
                    • Figure 6: Leading department store retailers’ share of European department store sales, 2013
                • European Summary – The Market

                  • Key points
                    • Department store sales around Europe
                      • Figure 7: Europe: Estimated department store sector sales (excl. VAT), ranked by country, 2012 and 2013
                      • Figure 8: Europe: Department store sector prospects by country for 2014
                    • The mixed goods retail sector
                        • Figure 9: Europe: Estimated department store sector sales (excl. VAT) by country, 2013
                      • Mixed goods sector: historic and forecast performance
                        • Figure 10: Europe: Mixed goods retailers sales by country (excl. VAT), 2008-13
                        • Figure 11: Europe: Mixed goods retailers sales forecasts (excl. VAT), 2013-18
                      • Europe’s leading department stores
                        • Figure 12: Leading department store retailers’ share of European department store sales, 2012 and 2013
                        • Figure 13: Europe: Leading department store retailers’ reported net revenues, 2009-13
                        • Figure 14: Europe: Leading department store retailers’ outlet numbers, 2009-13
                      • What we think
                        • France
                          • Germany
                            • Ireland
                              • Italy
                                • Netherlands
                                  • Spain
                                    • UK
                                    • European Summary – The Consumer

                                      • Key points
                                        • What they buy
                                            • Figure 15: Europe: The consumer: Items bought from a department store in the past six months, February 2014
                                          • In detail, by country
                                            • Figure 16: France: The consumer: Items bought from a department store in the past six months, February 2014
                                            • Figure 17: Germany: The consumer: Items bought from a department store in the past six months, February 2014
                                            • Figure 18: Italy: The consumer: Items bought from a department store or other large-space retailer* in the past six months, February 2014
                                            • Figure 19: Spain: The consumer: Items bought from a department store or other large-space retailer* in the past six months, February 2014
                                            • Figure 20: UK: The consumer: Items bought from a department store in the past six months, March 2014
                                          • Satisfaction levels
                                              • Figure 21: Europe: The consumer: Satisfaction with department stores – “any satisfied”, February 2014 / March 2014 (UK)
                                            • Most popular retailers, by country
                                                • Figure 22: France: The consumer: Named department stores bought from in the past six months, February 2014
                                                • Figure 23: Germany: The consumer: Named department stores bought from in the past six months, February 2014
                                                • Figure 24: Italy: The consumer: Named department stores bought from in the past six months, February 2014
                                                • Figure 25: Spain: The consumer: Named department stores bought from in the past six months, February 2014
                                                • Figure 26: UK: The consumer: Named department stores bought from in the past six months, March 2014
                                            • France

                                              • Executive summary
                                                • Consumer spending
                                                  • Distribution of spending on clothing and beauty
                                                    • The department store sector
                                                      • Leading retailers
                                                        • Online
                                                          • The consumer: Where they shop
                                                            • The consumer: What they bought
                                                              • The consumer: Customer satisfaction
                                                                • What we think
                                                                  • Spending and inflation
                                                                    • Key points
                                                                      • Consumer spending: Clothing and beauty are key
                                                                        • Figure 27: France: Spending on key department store product markets, (incl. VAT), at current prices, 2008-13
                                                                      • Economy and consumer confidence
                                                                          • Figure 28: France: Consumer and retail confidence indicator, January 2013-February 2014
                                                                        • Inflation (and deflation)
                                                                          • Figure 29: France: Harmonised indices of consumer prices: Annual % change, Jan 2013-Feb 2014
                                                                          • Figure 30: France: Harmonised indices of consumer prices: Annual % change, 2009-13
                                                                        • Distribution of spending on clothing and beauty
                                                                          • Key points
                                                                            • Department stores are a major channel in clothing
                                                                              • Figure 31: France: Estimated distribution of spending on clothing, by retail sector, 2013
                                                                              • Figure 32: France: Estimated channels of distribution for personal care products, 2012
                                                                            • The consumer: Where they buy clothing and beauty
                                                                              • Figure 33: France: The consumer: Where they have bought clothing in the past 12 months, August 2013
                                                                              • Figure 34: France: The consumer: Where they have bought beauty products in the past 12 months, November 2013
                                                                            • Sector size and forecast
                                                                              • Key points
                                                                                • Mixed goods down, department stores up
                                                                                    • Figure 35: France: Mixed goods retail sales (excl. VAT), 2008-13
                                                                                    • Figure 36: France: Mixed goods retail sales forecasts (excl. VAT), 2014-18
                                                                                  • The leading retailers: Financials and outlets
                                                                                    • Key points
                                                                                        • Figure 37: France: Leading department stores retailers’ sales, 2011-13
                                                                                        • Figure 38: France: Leading department store retailers, store numbers, 2011-13
                                                                                        • Figure 39: France: Leading department store retailers’ annual sales per outlet, 2011-13
                                                                                      • Leading specialists: Market shares
                                                                                        • Figure 40: France: Leading department store retailers’ shares of mixed goods retailers’ sales, 2011-13
                                                                                      • Online
                                                                                        • Key points
                                                                                          • Department stores online
                                                                                              • Figure 41: France: Online visitor data, February 2014
                                                                                            • The online consumer
                                                                                              • Figure 42: France: Percentage of all individuals having purchased online in the past 12 months, selected categories, 2009-13
                                                                                            • The consumer: Where they shop
                                                                                              • Key points
                                                                                                • What we asked
                                                                                                  • Where they shop: Galeries Lafayette most popular
                                                                                                    • Figure 43: France: The consumer: Department stores purchased from in the past six months, whether in-store or online, February 2014
                                                                                                  • The online/offline split
                                                                                                    • Figure 44: France: The consumer: Department stores purchased from in the past six months, in-store and online, February 2014
                                                                                                  • Demographics
                                                                                                    • Figure 45: France: The consumer: Department stores shopped from in the past six months, whether in-store or online, average age and affluence, February 2014
                                                                                                  • The consumer: What they bought
                                                                                                    • Key points
                                                                                                      • What we asked
                                                                                                        • What they bought: Clothing and footwear the strongest categories
                                                                                                          • Figure 46: France: The consumer: Items bought from a department store in the past six months, February 2014
                                                                                                        • Demographics: Clothing shoppers tend to be younger, beauty shoppers more affluent
                                                                                                          • Figure 47: France: The consumer: Items bought from a department store in the past six months, average age/affluence, February 2014
                                                                                                          • Figure 48: France: The consumer: Items bought from a department store in the past six months, by age group, February 2014
                                                                                                        • What they buy, by where they shop
                                                                                                          • Figure 49: France: The consumer: Items bought from In-store or online (broad categories), by department stores bought from, February 2014
                                                                                                          • Figure 50: France: The consumer: Items bought from In-store or online, by department stores bought from, February 2014
                                                                                                        • The consumer: Customer satisfaction
                                                                                                          • Key points
                                                                                                            • What we asked
                                                                                                              • Satisfaction levels prove to be high
                                                                                                                • Figure 51: France: The consumer: Satisfaction with department stores, ranked by total satisfaction levels, February 2014
                                                                                                                • Figure 52: France: The consumer: Satisfaction with department stores, ranked by ‘very satisfied’, February 2014
                                                                                                            • Germany

                                                                                                              • Executive summary
                                                                                                                • Consumer spending
                                                                                                                  • Distribution of spending on clothing and beauty
                                                                                                                    • The department store sector
                                                                                                                      • Leading retailers
                                                                                                                        • Online
                                                                                                                          • The consumer: Where they shop
                                                                                                                            • The consumer: What they purchased
                                                                                                                              • The consumer: Customer satisfaction
                                                                                                                                • What we think
                                                                                                                                  • Spending and inflation
                                                                                                                                    • Key points
                                                                                                                                      • Consumer spending: Clothing and beauty are key
                                                                                                                                        • Figure 53: Germany: Spending on key department store product markets, (incl. VAT), at current prices, 2009-13
                                                                                                                                      • Retailer and Consumer Confidence
                                                                                                                                        • Figure 54: Germany: Consumer confidence and retail confidence levels, January 2013-February 2014
                                                                                                                                      • Inflation (and deflation)
                                                                                                                                        • Figure 55: Germany: Harmonised indices of consumer prices: Annual % change, January 2013-February 2014
                                                                                                                                        • Figure 56: Germany: Harmonised indices of consumer prices: Annual % change, 2009-13
                                                                                                                                      • Distribution of spending on clothing and beauty
                                                                                                                                        • Key points
                                                                                                                                          • Department stores are a major channel in clothing
                                                                                                                                            • Figure 57: Germany: Estimated distribution of spending on clothing, by retail sector, 2013
                                                                                                                                            • Figure 58: Germany: Estimated distribution of spending on personal care products, by retail sector, 2013
                                                                                                                                          • The consumer: Where they buy clothing and beauty
                                                                                                                                            • Figure 59: Germany: The consumer: Where they have bought clothing in the past 12 months, selected options, August 2013
                                                                                                                                            • Figure 60: Germany: The consumer: Where they have bought beauty products in the past 12 months, selected options, November 2013
                                                                                                                                          • Sector size and forecast
                                                                                                                                            • Key points
                                                                                                                                              • Department store sector sales remain flat at €7.6 billion
                                                                                                                                                  • Figure 61: Germany: Mixed goods retail sales (excl. VAT), 2008-13
                                                                                                                                                  • Figure 62: Germany: Mixed goods retail sales forecasts (excl. VAT), 2014-18
                                                                                                                                                • The leading retailers: Financials and outlets
                                                                                                                                                  • Key points
                                                                                                                                                    • Midmarket investment but sales stagnating
                                                                                                                                                      • Strategies – Some common elements
                                                                                                                                                        • Divestments
                                                                                                                                                          • Premium segment
                                                                                                                                                              • Figure 63: Germany: Leading department stores retailers’ net revenues, 2011-13
                                                                                                                                                              • Figure 64: Germany: Leading department store retailers’ store numbers, 2011-13
                                                                                                                                                              • Figure 65: Germany: Leading department store retailers’ annual sales per outlet, 2011-13
                                                                                                                                                            • The leading retailers: Market shares
                                                                                                                                                              • Figure 66: Germany: Leading department store retailers’ shares of mixed goods retailers’ sales, 2011-13
                                                                                                                                                            • Online
                                                                                                                                                              • Key points
                                                                                                                                                                • The retailers
                                                                                                                                                                  • Figure 67: Online visitor data, February 2014
                                                                                                                                                                  • Figure 68: Galeria Kaufhof: Online sales revenues, 2011-13
                                                                                                                                                                  • Figure 69: Karstadt – Click-and-collect, April 2014
                                                                                                                                                                • The online consumer
                                                                                                                                                                  • Figure 70: Germany: Percentage of all individuals having purchased online in the past 12 months, selected categories, 2009-13
                                                                                                                                                                • The consumer: Where they shop
                                                                                                                                                                  • Key points
                                                                                                                                                                    • What we asked
                                                                                                                                                                      • Where they shop: Galeria Kaufhof leads over Karstadt
                                                                                                                                                                        • Figure 71: Germany: The consumer: Department stores shopped from in the past six months, whether in-store or online, February 2014
                                                                                                                                                                        • Figure 72: Germany: The consumer: Department stores shopped from in the past six months, by in-store and online, February 2014
                                                                                                                                                                      • Demographics: Major chains attract young shoppers
                                                                                                                                                                        • Figure 73: Germany: The consumer: Department stores shopped from in the past six months, whether in-store and online, average age and affluence, February 2014
                                                                                                                                                                      • The consumer: What they bought
                                                                                                                                                                        • Key points
                                                                                                                                                                          • What we asked
                                                                                                                                                                            • What they bought: Apparel leads but home goods strong
                                                                                                                                                                              • Figure 74: Germany: The consumer: Items bought from a department store in the past six months, February 2014
                                                                                                                                                                            • Demographics: Beauty shoppers are younger
                                                                                                                                                                              • Figure 75: Germany: The consumer: Items bought from a department store in the past six months, average age/affluence, February 2014
                                                                                                                                                                              • Figure 76: Germany: The consumer: Items bought from a department store in the past six months, by age group, February 2014
                                                                                                                                                                            • What they buy, by where they shop
                                                                                                                                                                              • Figure 77: Germany: The consumer: Items bought from in-store or online (broad categories), by department stores bought from, February 2014
                                                                                                                                                                              • Figure 78: Germany: The consumer: Items bought from in-store or online, by department stores bought from, February 2014
                                                                                                                                                                            • The consumer – Customer satisfaction
                                                                                                                                                                              • Key points
                                                                                                                                                                                • What we asked
                                                                                                                                                                                  • Levels of dissatisfaction are low
                                                                                                                                                                                    • Figure 79: Germany: The consumer: Satisfaction with department stores, ranked by total satisfaction levels, February 2014
                                                                                                                                                                                    • Figure 80: Germany: The consumer: Satisfaction with department stores, ranked by ‘very satisfied’, February 2014
                                                                                                                                                                                • Ireland

                                                                                                                                                                                  • Executive summary
                                                                                                                                                                                    • Consumer spending
                                                                                                                                                                                      • The department store sector
                                                                                                                                                                                        • Leading retailers
                                                                                                                                                                                          • Online
                                                                                                                                                                                            • What we think
                                                                                                                                                                                              • Spending and inflation
                                                                                                                                                                                                • Key points
                                                                                                                                                                                                  • Consumer spending: Clothing and footwear are key
                                                                                                                                                                                                    • Figure 81: Ireland: Spending on key department store product markets, (incl. VAT), at current prices, 2009-13
                                                                                                                                                                                                  • Economy and consumer confidence
                                                                                                                                                                                                      • Figure 82: Ireland: Consumer confidence indicator, January 2013-February 2014
                                                                                                                                                                                                    • Inflation (and deflation)
                                                                                                                                                                                                      • Figure 83: Ireland: Harmonised indices of consumer prices: Annual % change, January 2013-February 2014
                                                                                                                                                                                                      • Figure 84: Ireland: Harmonised indices of consumer prices: Annual % change, 2009-13
                                                                                                                                                                                                    • Sector size and forecast
                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                        • Department store sector sales reach €815m
                                                                                                                                                                                                            • Figure 85: Ireland: Mixed goods retailers’ sales, 2009-14
                                                                                                                                                                                                            • Figure 86: Ireland: Mixed goods retail sales (excl. VAT), 2008-13
                                                                                                                                                                                                            • Figure 87: Ireland: Mixed goods retail sales forecasts (excl. VAT), 2014-18
                                                                                                                                                                                                          • The leading retailers: Financials and outlets
                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                              • Contrasting fortunes for Shaws
                                                                                                                                                                                                                • Receivership and flash flood hit Clerys
                                                                                                                                                                                                                  • Debenhams and M&S both struggle
                                                                                                                                                                                                                    • Heatons benefits from its value positioning
                                                                                                                                                                                                                      • Figure 88: Ireland: Leading department stores retailers’ net revenues, 2011-13
                                                                                                                                                                                                                      • Figure 89: Ireland: Leading department store retailers’ store number, 2011-13
                                                                                                                                                                                                                      • Figure 90: Ireland: Selected leading department store retailers’ annual sales per outlet, 2011-13
                                                                                                                                                                                                                    • The leading retailers: Market shares
                                                                                                                                                                                                                      • Figure 91: Ireland: Selected leading department store retailers’ shares of mixed good retailers’ sales, 2011-13
                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                        • Department stores online
                                                                                                                                                                                                                          • The online consumer
                                                                                                                                                                                                                            • Figure 92: Ireland: Percentage of all individuals having purchased online in the past 12 months, selected categories, 2009-13
                                                                                                                                                                                                                        • Italy

                                                                                                                                                                                                                          • Executive summary
                                                                                                                                                                                                                            • Consumer spending
                                                                                                                                                                                                                              • Distribution of spending on clothing and beauty
                                                                                                                                                                                                                                • The department store sector
                                                                                                                                                                                                                                  • Leading retailers
                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                      • The consumer: Where they shop
                                                                                                                                                                                                                                        • The consumer: What they bought
                                                                                                                                                                                                                                          • The consumer: Customer satisfaction
                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                              • Spending and inflation
                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                  • Consumer spending: clothing and footwear are key
                                                                                                                                                                                                                                                    • Figure 93: Italy: Spending on key department store product markets, (incl. VAT), at current prices, 2009-13
                                                                                                                                                                                                                                                  • Economy and consumer confidence
                                                                                                                                                                                                                                                    • Figure 94: Italy: consumer and retailer confidence levels, January 2013-February 2014
                                                                                                                                                                                                                                                  • Inflation (and deflation)
                                                                                                                                                                                                                                                    • Figure 95: Italy: Harmonised indices of consumer prices: Annual % change, January 2013-Feb 2014
                                                                                                                                                                                                                                                    • Figure 96: Italy: Harmonised indices of consumer prices: Annual % change, 2009-13
                                                                                                                                                                                                                                                  • Distribution of spending on clothing and beauty
                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                      • Department stores are a major channel in clothing
                                                                                                                                                                                                                                                        • Figure 97: Italy: Estimated distribution of spending on clothing, by retail sector, 2013
                                                                                                                                                                                                                                                        • Figure 98: Italy: Beauty and personal care products, estimated channels of distribution, 2012
                                                                                                                                                                                                                                                      • The consumer: Where they buy clothing and beauty
                                                                                                                                                                                                                                                        • Figure 99: Italy: The consumer: Where they have bought clothing in the past 12 months, whether in-store or online, August 2013
                                                                                                                                                                                                                                                        • Figure 100: Italy: The consumer: Where they have bought beauty products in the past 12 months, November 2013
                                                                                                                                                                                                                                                      • Sector size and forecast
                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                          • Mixed sector sales continue to fall
                                                                                                                                                                                                                                                            • Figure 101: Italy: Mixed goods retail sales (excl. VAT), 2008-13
                                                                                                                                                                                                                                                            • Figure 102: Italy: Mixed goods retail sales forecasts (excl. VAT), 2014-18
                                                                                                                                                                                                                                                          • The leading retailers: Financials and outlets
                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                              • Flagship refurbishment pays off for Rinascente
                                                                                                                                                                                                                                                                • Coin dipping a toe in premium market
                                                                                                                                                                                                                                                                  • Other department store operators small
                                                                                                                                                                                                                                                                    • Figure 103: Italy: Leading department stores retailers’ net revenues, 2011-13
                                                                                                                                                                                                                                                                    • Figure 104: Italy: Leading department store retailers’ store numbers, 2011-13
                                                                                                                                                                                                                                                                    • Figure 105: Italy: Leading department store retailers’ annual sales per outlet, 2011-13
                                                                                                                                                                                                                                                                  • The leading retailers: Market shares
                                                                                                                                                                                                                                                                    • Figure 106: Italy: Leading department store retailers’ shares of mixed goods retailers’ sales, 2011-13
                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                      • The retailers
                                                                                                                                                                                                                                                                        • The online consumer
                                                                                                                                                                                                                                                                          • Figure 107: Italy: Percentage of all individuals who purchased online in the past 12 months, selected categories, 2009-13
                                                                                                                                                                                                                                                                        • The consumer: Where they shop
                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                            • What we asked
                                                                                                                                                                                                                                                                              • Where they shop: Coin just ahead
                                                                                                                                                                                                                                                                                • Figure 108: The consumer: Type of store bought from in the last six months, by demographics, Italy, February 2014
                                                                                                                                                                                                                                                                              • Demographics: Department stores attract the young and the affluent
                                                                                                                                                                                                                                                                                • Figure 109: Italy: The consumer: Large space retailers shopped from in the past six months, whether in-store and online, average age and affluence, February 2014
                                                                                                                                                                                                                                                                              • The consumer: What they bought
                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                  • What we asked
                                                                                                                                                                                                                                                                                    • What they bought: Clothing by far the strongest category
                                                                                                                                                                                                                                                                                      • Figure 110: Italy: The consumer: Broad product groups bought from in-store or online by where they bought, February 2014
                                                                                                                                                                                                                                                                                      • Figure 111: Italy: The consumer: Items bought in-store or online by where they bought, February 2014
                                                                                                                                                                                                                                                                                    • The consumer – Customer satisfaction
                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                        • What we asked
                                                                                                                                                                                                                                                                                          • Products and store standards deliver satisfaction
                                                                                                                                                                                                                                                                                            • Figure 112: Italy: The consumer: Satisfaction with department stores and other large space retailers, ranked by total satisfaction levels, February 2014
                                                                                                                                                                                                                                                                                            • Figure 113: Italy: The consumer: Satisfaction with department stores and other large space retailers, ranked by ‘very satisfied’, February 2014
                                                                                                                                                                                                                                                                                        • Netherlands

                                                                                                                                                                                                                                                                                          • Executive summary
                                                                                                                                                                                                                                                                                            • Consumer spending
                                                                                                                                                                                                                                                                                              • The department store sector
                                                                                                                                                                                                                                                                                                • Leading retailers
                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                      • Spending and inflation
                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                          • Consumer spending: clothing and footwear are key
                                                                                                                                                                                                                                                                                                            • Figure 114: The Netherlands: Spending on key department store product markets, (incl. VAT), at current prices, 2009-13
                                                                                                                                                                                                                                                                                                          • Economy and consumer confidence
                                                                                                                                                                                                                                                                                                              • Figure 115: The Netherlands: Consumer and retail confidence indicator, January 2013-February, 2014
                                                                                                                                                                                                                                                                                                            • Inflation (and deflation)
                                                                                                                                                                                                                                                                                                              • Figure 116: The Netherlands: Harmonised indices of consumer prices: Annual % change, January 2013-February 2014
                                                                                                                                                                                                                                                                                                              • Figure 117: The Netherlands: Harmonised indices of consumer prices: Annual % change, 2009-13
                                                                                                                                                                                                                                                                                                            • Sector size and forecast
                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                • Mixed goods down, department stores up
                                                                                                                                                                                                                                                                                                                    • Figure 118: The Netherlands: Mixed goods retailers’ sales, 2009-14
                                                                                                                                                                                                                                                                                                                    • Figure 119: The Netherlands: Mixed good retail sales (excl. VAT), 2008-13
                                                                                                                                                                                                                                                                                                                    • Figure 120: The Netherlands: Mixed goods retail sales forecasts (excl. VAT), 2014-18
                                                                                                                                                                                                                                                                                                                  • The leading specialists: Financials and outlets
                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                        • Figure 121: Netherlands: Leading department stores retailers’ estimated sales, 2011-13
                                                                                                                                                                                                                                                                                                                        • Figure 122: Netherlands: Leading department store retailers, Store numbers, 2011-13
                                                                                                                                                                                                                                                                                                                        • Figure 123: Netherlands: Leading department store retailers’ annual sales per outlet (estimated), 2011-13
                                                                                                                                                                                                                                                                                                                      • Leading specialists: Market shares
                                                                                                                                                                                                                                                                                                                        • Figure 124: Netherlands: Leading Department store retailers’ shares of Mixed goods retailers’ sales (estimated), 2011-13
                                                                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                          • Department stores online
                                                                                                                                                                                                                                                                                                                            • The online consumer
                                                                                                                                                                                                                                                                                                                              • Figure 125: The Netherlands: Percentage of all individuals having purchased online in the past 12 months, selected categories, 2009-13
                                                                                                                                                                                                                                                                                                                          • Spain

                                                                                                                                                                                                                                                                                                                            • Executive summary
                                                                                                                                                                                                                                                                                                                              • Consumer spending
                                                                                                                                                                                                                                                                                                                                • Distribution of spending on clothing and beauty
                                                                                                                                                                                                                                                                                                                                  • The department store sector and leading retailers
                                                                                                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                                                                                                      • The consumer: Where they shop
                                                                                                                                                                                                                                                                                                                                        • The consumer: What they purchased
                                                                                                                                                                                                                                                                                                                                          • The consumer: Customer satisfaction
                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                              • Spending and inflation
                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                  • Consumer spending: non-food markets contract across the board
                                                                                                                                                                                                                                                                                                                                                    • Figure 126: Spain: Spending on key department store product markets, (incl. VAT), at current prices, 2008-13
                                                                                                                                                                                                                                                                                                                                                  • Economy and Consumer Confidence
                                                                                                                                                                                                                                                                                                                                                    • Figure 127: Spain: consumer and retailer confidence levels, January 2013-February 2014
                                                                                                                                                                                                                                                                                                                                                  • Inflation (and deflation)
                                                                                                                                                                                                                                                                                                                                                    • Figure 128: Spain: Harmonised indices of consumer prices: Annual % change, January 2013-February 2014
                                                                                                                                                                                                                                                                                                                                                    • Figure 129: Spain: Harmonised indices of consumer prices: Annual % change, 2009-13
                                                                                                                                                                                                                                                                                                                                                  • Distribution of spending on clothing and beauty
                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                      • Department stores are a major channel in clothing and beauty/personal care
                                                                                                                                                                                                                                                                                                                                                        • Figure 130: Spain: Estimated distribution of spending on clothing, by retail sector, 2013
                                                                                                                                                                                                                                                                                                                                                        • Figure 131: Spain: Channels of distribution for personal care products, 2013
                                                                                                                                                                                                                                                                                                                                                      • The consumer: Where they buy clothing and beauty
                                                                                                                                                                                                                                                                                                                                                        • Figure 132: Spain: The consumer – Where they bought clothing in-store or online in the past 12 months, August 2013
                                                                                                                                                                                                                                                                                                                                                        • Figure 133: Spain: The consumer – Where they bought beauty products in the past 12 months, November 2013
                                                                                                                                                                                                                                                                                                                                                      • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                                          • Mixed goods operators lose retail market share
                                                                                                                                                                                                                                                                                                                                                            • Figure 134: Spain: Mixed goods retail sales (excl. VAT), 2008-13
                                                                                                                                                                                                                                                                                                                                                            • Figure 135: Spain: Mixed goods retail sales forecasts (excl. VAT), 2014-18
                                                                                                                                                                                                                                                                                                                                                            • Figure 136: Spain: El Corte Inglés as % of all mixed goods retailers sales, 2008-13
                                                                                                                                                                                                                                                                                                                                                          • The leading retailers: Financials and outlets
                                                                                                                                                                                                                                                                                                                                                            • Figure 137: Spain: Leading department stores retailers’ net revenues, 2011-13
                                                                                                                                                                                                                                                                                                                                                            • Figure 138: Spain: Leading department store retailers’ store numbers, 2011-13
                                                                                                                                                                                                                                                                                                                                                            • Figure 139: Spain: Leading department store retailers’ annual sales per outlet, 2011-13
                                                                                                                                                                                                                                                                                                                                                          • The leading retailers: Market shares
                                                                                                                                                                                                                                                                                                                                                            • Figure 140: Spain: Leading department store retailers’ share of mixed goods retailers’ sales, 2011-13
                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                              • The retailers
                                                                                                                                                                                                                                                                                                                                                                • Figure 141: Online visitor data, February 2014
                                                                                                                                                                                                                                                                                                                                                                • Figure 142: Spain: El Corte Inglés estimated online sales, 2011/12-2013/14
                                                                                                                                                                                                                                                                                                                                                              • The online consumer
                                                                                                                                                                                                                                                                                                                                                                • Figure 143: Spain: Percentage of all individuals who purchased online in the past 12 months, selected categories, 2009-13
                                                                                                                                                                                                                                                                                                                                                              • The consumer: Where they shop
                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                  • What we asked
                                                                                                                                                                                                                                                                                                                                                                    • El Corte Inglés only multiple department store operator
                                                                                                                                                                                                                                                                                                                                                                      • Figure 144: The consumer: Type of store bought from in the last 6 months, whether in-store or online, February 2014
                                                                                                                                                                                                                                                                                                                                                                    • The online/offline split
                                                                                                                                                                                                                                                                                                                                                                      • Figure 145: The consumer: Type of store bought from in the last six months, in-store versus online, February 2014
                                                                                                                                                                                                                                                                                                                                                                    • Demographics: El Corte Inglés bias to more affluent shoppers
                                                                                                                                                                                                                                                                                                                                                                      • Figure 146: The consumer: El Corte Inglés – Key demographics, February 2014
                                                                                                                                                                                                                                                                                                                                                                    • The consumer: What they bought
                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                        • What we asked
                                                                                                                                                                                                                                                                                                                                                                          • What they bought: fashion the strongest product group
                                                                                                                                                                                                                                                                                                                                                                            • Figure 147: Spain: The consumer: Broad product groups bought from in-store or online by where they bought, February 2014
                                                                                                                                                                                                                                                                                                                                                                          • Footwear leads all other categories
                                                                                                                                                                                                                                                                                                                                                                            • Figure 148: Spain: The consumer: Items bought in-store or online by where they bought, February 2014
                                                                                                                                                                                                                                                                                                                                                                          • The consumer: Customer satisfaction
                                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                                              • What we asked
                                                                                                                                                                                                                                                                                                                                                                                • El Corte Inglés customers satisfied with website but not delivery options
                                                                                                                                                                                                                                                                                                                                                                                  • Figure 149: Spain: The consumer: ‘Any satisfied’ with El Corte Inglés and other large space retailers, February 2014
                                                                                                                                                                                                                                                                                                                                                                                • Improving the fashion offer
                                                                                                                                                                                                                                                                                                                                                                                  • Food services
                                                                                                                                                                                                                                                                                                                                                                                  • United Kingdom

                                                                                                                                                                                                                                                                                                                                                                                    • Introduction
                                                                                                                                                                                                                                                                                                                                                                                      • Department store definition
                                                                                                                                                                                                                                                                                                                                                                                        • Sector benchmarks
                                                                                                                                                                                                                                                                                                                                                                                          • Department stores
                                                                                                                                                                                                                                                                                                                                                                                            • Mixed goods retailers
                                                                                                                                                                                                                                                                                                                                                                                              • Statutory revenues versus GTV
                                                                                                                                                                                                                                                                                                                                                                                                • Financial definitions
                                                                                                                                                                                                                                                                                                                                                                                                  • Sales per store, sales per sq m
                                                                                                                                                                                                                                                                                                                                                                                                    • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                      • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                        • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                          • The market
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 150: Best-and worst-case forecast for department store sales, 2008-18
                                                                                                                                                                                                                                                                                                                                                                                                          • Market factors
                                                                                                                                                                                                                                                                                                                                                                                                            • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 151: Consumer spending on core department store categories, 2008-13
                                                                                                                                                                                                                                                                                                                                                                                                            • Foreign visitors
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 152: Overseas residents’ visits to the UK, by area of residence, 2012 and 2013
                                                                                                                                                                                                                                                                                                                                                                                                            • Changing population structure
                                                                                                                                                                                                                                                                                                                                                                                                              • Companies, brands and innovation
                                                                                                                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 153: Top department stores’ market shares, 2012 and 2013
                                                                                                                                                                                                                                                                                                                                                                                                                • Winners and losers
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 154: Major retailers’ annual sales growth (some estimated) versus average segment growth, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                • Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 155: Attitudes towards and usage of brands in the department stores sector, November 2013 and January 2014
                                                                                                                                                                                                                                                                                                                                                                                                                • Major innovations
                                                                                                                                                                                                                                                                                                                                                                                                                  • Space allocation
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 156: Department stores: Summary space allocation, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                  • Online growth
                                                                                                                                                                                                                                                                                                                                                                                                                    • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                      • How often they shop
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 157: Frequency of purchasing at department stores, in-store and online, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                      • Where they purchase
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 158: Department stores purchased from in the past six months, in-store and online, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                      • What they buy
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 159: Fashion, beauty and sports products purchased at department stores in the past six month, in-store and online, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                      • Level of satisfaction with department stores
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 160: Levels of satisfaction with last department store purchased from, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                      • What would encourage them to shop more
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 161: What would encourage people to shop more at a department store, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                        • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                          • How have department stores performed over the last year and what is the outlook?
                                                                                                                                                                                                                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                • What are department stores doing to stand out in fashion and to compete with clothing retailers?
                                                                                                                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                      • To what extent have the main players been investing in their beauty offering?
                                                                                                                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                            • How are department stores competing in a multichannel world?
                                                                                                                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What are the main growth opportunities for department stores?
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Trend application
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Trend: Make a deal
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Trend: Objectify
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Mintel futures: Human
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Economic and demographic context
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Foreign visits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 162: Overseas residents’ visits to the UK, by area of residence, 2012 and 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Changing population structure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 163: Trends in the age structure of the UK population, 2008-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The economy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 164: UK GDP quarterly percentage change, Q3 2009-Q3 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 165: Consumer confidence index, January 2007-July 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumer spending on department store categories
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Core department store categories
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 166: Consumer spending on core department store categories, 2008-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Full spending breakdown
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 167: Consumer spending on department store categories (incl. VAT), 2008-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strengths and weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Who’s innovating?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Futuristic pop-up concession
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • ‘Open House by John Lewis’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • House of Fraser pop-up market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Seibu opens world’s first ever KitKat boutique
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Mobile point-of-sale
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Harrods enhances beauty product experience remotely
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 24/7 exclusive shopping assistance for ultra-rich apartment owners
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • ‘Virtual queuing’ system for click-and-collect customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Department store sales grow 2.8% in 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 168: Department store sales, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The future
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 169: Best-and worst-case forecast for department store sales, 2008-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 170: Best-and worst-case forecast for department store sales (inc VAT), 2008-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Space allocation summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 171: Department stores: Summary space allocation, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 172: Department stores: Detailed space allocation, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Debenhams
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 173: Debenhams sales mix of own bought merchandise and total space allocation estimate, 2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Product mix estimates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 174: Leading department stores: Estimated sales by product, 2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 175: Leading department stores: Estimated sales density by product, 2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Leading retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • High-end segment continues its outperformance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 176: Annual segment growth: Midmarket versus high-end, 2010-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 177: Major retailers’ annual sales growth (some estimated) versus average segment growth, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Consolidated sales versus gross transactional values
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Leading retailers by sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 178: Leading department stores: Net revenues, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store numbers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 179: Leading department stores: Outlet numbers, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sales per store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 180: Leading department stores: Annual sales per outlet, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Total sales area
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 181: Leading department stores: Total sales area, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sales densities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 182: Leading department stores: Annual sales per sq m, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Operating profits and margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 183: Leading department stores: Operating profits, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 184: Leading department stores: Operating margins, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • M&S’s share falls again
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 185: Top department stores’ market shares, 2012 and 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • M&S’s share down four percentage points in four years
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 186: Leading department stores’ market shares, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online sector sales grow 28%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 187: Estimated online sales by department stores (incl. VAT), 2011-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Key category sales online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 188: Online as a proportion of spending on selected categories, 2013 and 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • John Lewis approaching £1 billion online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 189: Leading department stores’ online sales (excl. VAT), 2011-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 190: Leading department stores’ online sales as % of their total sales, 2011-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 191: Leading department stores’ shares of all online sales by department stores, 2011-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online sales mix: John Lewis and Debenhams
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 192: John Lewis: Estimated online sales mix, 2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 193: Debenhams: Estimated online sales mix, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The consumer: Frequent online browsing is very popular
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 194: The consumer: How often they shop at department stores, online, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 195: Which department stores people have shopped at in the last six months, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Most popular sites by visitor numbers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 196: Leading department stores’ online visitor data, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Average sales per visitor
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 197: Estimated ratio of annual online sales values to visitor numbers, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Advertising and promotion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Adspend leaders
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 198: Main media advertising spend by leading department store retailers, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Spending by media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 199: Leading department store retailers’ main media advertising spend, by media type, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we saw in 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 200: Attitudes towards and usage of brands in the department stores sector, November 2013 and January 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Correspondence analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand attitudes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 201: Attitudes, by department stores brand, November 2013 and January 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand personality
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 202: Department stores brand personality – Macro image, November 2013 and January 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 203: Department stores brand personality – Micro image, November 2013 and January 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 204: Department stores brand usage, November 2013 and January 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 205: Satisfaction with various department stores brands, November 2013 and January 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 206: Consideration of department stores brands, November 2013 and January 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 207: Consumer perceptions of current department stores brand performance, November 2013 and January 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand recommendation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 208: Recommendation of selected department stores brands, November 2013 and January 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The consumer – How often they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • How often consumers browse
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 209: Frequency of browsing at department stores, in-store and online, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • How often consumers buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 210: Frequency of purchasing at department stores, in-store and online, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 211: Frequency of purchasing as a percentage of those who purchase at department stores, in-store and online, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Most frequent department store shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 212: Frequent purchasing at department stores in-store and online, at least once every three months, by gender and age, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The consumer – Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 213: Department stores purchased from in the past six months, whether in-store or online, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Average consumer by age and affluence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 214: Department stores purchased from in the past six months, whether in-store or online, by age and affluence of shoppers, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where consumers purchase – Online/Offline split
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 215: Department stores purchased from in the past six months, in-store and online, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Purchasing online by demographic group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 216: Department stores purchased from in the past six months, online, by gender, age and socio-economic group, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Luxury players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 217: Luxury department stores purchased from in the past six months, in-store and online, by gender, age and socio-economic group, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where consumer browse – Online/Offline break
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 218: Department stores browsed in the past six months, in-store and online, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The consumer – What they buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online and offline purchases by category
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 219: Products purchased at department stores in the past six months, in-store and online, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Clothing and beauty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 220: Fashion, beauty and sports products purchased at department stores in the past six month, in-store and online, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 221: Fashion, beauty and sports products purchased at department stores in the past six month, in-store and online, by gender, age and socio-economic group, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Home and electricals
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 222: Home and leisure products purchased at department stores in the past six month, in-store and online, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The consumer – Levels of satisfaction with department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 223: Levels of satisfaction with last department store purchased from, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Satisfaction with specific department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 224: John Lewis: satisfaction ratings relative to department stores average, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • John Lewis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 225: M&S: satisfaction ratings relative to department stores average, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • M&S
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 226: Debenhams: satisfaction ratings relative to department stores average, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Debenhams
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 227: House of Fraser: satisfaction ratings relative to department stores average, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • House of Fraser
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The consumer – What would encourage consumers to shop more at department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 228: What would encourage people to shop more at a department store, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Women want better loyalty schemes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Refurbished stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Improved online services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 229: What would encourage people to shop more at a department store, by age group, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • 25-34s want personalised services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 230: What would encourage people to shop more at a department store, by age group, March 2014 (continued)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • 16-24s drawn to designer collaborations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Beauty and additional services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 231: Best-and worst-case forecast for department store sales, 2008-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – The consumer – How often they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 232: Most popular how often they shop at department stores – Bought in-store and online, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 233: Next most popular how often they shop at department stores – Bought in-store and online, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – The consumer – where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 234: Most popular what department stores people shop at – Bought in-store and online, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 235: Next most popular what department stores people shop at – Bought in-store and online, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 236: Other what department stores people shop at – Bought in-store and online, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 237: Most popular what department stores people shop at – Bought in-store, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 238: Next most popular what department stores people shop at – Bought in-store, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 239: Other what department stores people shop at – Bought in-store, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 240: Most popular what department stores people shop at – Bought online, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 241: Next most popular what department stores people shop at – Bought online, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 242: Other what department stores people shop at – Bought online, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – The consumer – What they Buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 243: Most popular products purchased at department stores – Bought in-store and online, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 244: Next most popular products purchased at department stores – Bought in-store and online, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 245: Other products purchased at department stores – Bought in-store and online, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – The consumer – Levels of satisfaction with department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 246: Most popular level of satisfaction with last department store purchased from – Product quality, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 247: Next most popular level of satisfaction with last department store purchased from – Product quality, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 248: Most popular level of satisfaction with last department store purchased from – Product availability, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 249: Next most popular level of satisfaction with last department store purchased from – Product availability, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 250: Most popular level of satisfaction with last department store purchased from – Store standards, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 251: Next most popular level of satisfaction with last department store purchased from – Store standards, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 252: Most popular level of satisfaction with last department store purchased from – Customer service, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 253: Next most popular level of satisfaction with last department store purchased from – Customer service, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 254: Most popular level of satisfaction with last department store purchased from – Ease of navigation within the store, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 255: Next most popular level of satisfaction with last department store purchased from – Ease of navigation within the store, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 256: Most popular level of satisfaction with last department store purchased from – Waiting time at check-out, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 257: Next most popular level of satisfaction with last department store purchased from – Waiting time at check-out, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 258: Most popular level of satisfaction with last department store purchased from – Value for money, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 259: Next most popular level of satisfaction with last department store purchased from – Value for money, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 260: Most popular level of satisfaction with last department store purchased from – Ease of use of the website, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 261: Next most popular level of satisfaction with last department store purchased from – Ease of use of the website, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 262: Most popular level of satisfaction with last department store purchased from – Fashionable clothing range, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 263: Next most popular level of satisfaction with last department store purchased from – Fashionable clothing range, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 264: Most popular level of satisfaction with last department store purchased from – In-store/online delivery options, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 265: Next most popular level of satisfaction with last department store purchased from – In-store/online delivery options, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 266: Most popular level of satisfaction with last department store purchased from – In-store services, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 267: Next most popular level of satisfaction with last department store purchased from – In-store services, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 268: Most popular level of satisfaction with last department store purchased from – Buy/reserve online and collect in-store service, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 269: Next most popular level of satisfaction with last department store purchased from – Buy/reserve online and collect in-store service, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – The consumer – What would encourage consumers to shop more at department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 270: Most popular what would encourage them to shop more at a department store, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 271: Next most popular what would encourage them to shop more at a department store, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 272: Other what would encourage them to shop more at a department store, by demographics, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Arnotts

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 273: Arnotts: Estimated group sales performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 274: Arnotts: Outlet data, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Beales

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 275: Beale Plc: Group financial performance, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 276: Beale Plc: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brown Thomas

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 277: Brown Thomas: Group financial performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 278: Brown Thomas: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Coin

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 279: Coin department stores: Financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 280: Coin department stores: Outlet data, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • De Bijenkorf

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 281: de Bijenkorf: Estimated sales performance, excl. sales tax, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 282: de Bijenkorf: Outlet data, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Debenhams

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 283: Debenhams: Group financial performance, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 284: Debenhams: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • El Corte Inglés

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 285: El Corte Inglés: Department store financial performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 286: El Corte Inglés: department stores outlet data, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Fenwick

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 287: Fenwick Ltd: Group Financial Performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 288: Fenwick Ltd: Outlet Data, 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Galeries Lafayette (Group)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 289: Groupe Galeries Lafayette (Department stores only), sales performance, excl. sales tax, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 290: Groupe Galeries Lafayette (Department stores only), outlet data, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Harrods

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 291: Harrods Ltd: Group Financial Performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 292: Harrods Ltd: Outlet Data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Harvey Nichols

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 293: Harvey Nichols: Group financial performance, 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 294: Harvey Nichols: Outlet data, 2009-2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 295: Harvey Nichols International Stores, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • House of Fraser

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 296: House of Fraser: Financial performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 297: House of Fraser: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • John Lewis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 298: John Lewis: Department store financial performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 299: John Lewis: department stores outlet data, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Karstadt Department Stores

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 300: Karstadt Department Stores: Group sales performance, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 301: Karstadt Department Stores: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Galeria Kaufhof

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 302: Kaufhof: Group financial performance, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 303: Kaufhof: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Le Bon Marché

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 304: LVMH Selective Retail, financial performance, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 305: Le Bon Marché: Sales performance, excl. VAT, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 306: Le Bon Marché: Outlet data, 2008/09-2012/13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Marks & Spencer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 307: Marks & Spencer, UK like-for-like growth, 2012/13, 2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 308: Marks & Spencer: Group financial performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 309: Marks & Spencer store portfolio, September 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 310: Marks & Spencer: Estimated sales area breakdown, September 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 311: Marks & Spencer: Outlet data, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Printemps

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 312: Printemps: Sales performance, excl. sales tax, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 313: Printemps: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • La Rinascente (Department Stores)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 314: Rinascente (Department Stores): Estimated group sales performance, 2010-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 315: Rinascente (Department Stores): Outlet data, 2010-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Selfridges

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 316: Selfridges: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 317: Selfridges: Outlet Data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 318: Selfridges store portfolio, 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • V&D

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 319: V&D: financial performance, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 320: V&D: Outlet data, 2008/09-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Broader Market Environment

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 321: Europe: Percentage of households with a broadband internet connection, by country, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 322: Europe: Percentage of all individuals accessing the internet daily, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer confidence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 323: Europe: Consumer confidence levels, April 2013 – March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 324: Europe: Population, total and by age group, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 325: Europe: Forecast population, total and by age group, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 326: Europe: Forecast population, total and by age group, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Gross domestic product
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 327: Europe: Gross domestic product, at current prices, 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 328: Europe: Real-terms year-on-year GDP growth, 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 329: Europe: Consumer spending, at current prices, 2012
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 330: Europe: Real-terms year-on-year growth in consumer spending, 2009-12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Inflation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 331: Europe: Harmonised indices of consumer prices – annual % change, all items, 2009-13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Interest rates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 332: Europe: Central bank interest rates, 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – The Consumer: European Comparisons

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 333: Department stores bought from in the past six months, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 334: Department stores bought from in the past six months, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 335: Department stores* bought from in the past six months, Italy, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 336: Department stores* bought from in the past six months, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 337: Items bought from a department store, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 338: Items bought from a department store, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 339: Items bought from a department store*, Italy, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 340: Items bought from a department store*, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 341: Satisfaction with department stores, by country, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 342: Department stores bought from in the past six months – In-store or online, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 343: Department stores bought from in the past six months – In-store, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 344: Department stores bought from in the past six months – Online, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 345: Most popular items bought from a department store – In-store or online, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 346: Next most popular items bought from a department store – In-store or online, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 347: Other items bought from a department store – In-store or online, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 348: Least popular items bought from a department store – In-store or online, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 349: Satisfaction with department stores – Prices/value for money, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 350: Satisfaction with department stores – Customer service, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 351: Satisfaction with department stores – Product availability, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 352: Satisfaction with department stores – Ease of navigation within the store^, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 353: Satisfaction with department stores – Store standards^, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 354: Satisfaction with department stores – Waiting time at check-out ^, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 355: Satisfaction with department stores – Option to buy/reserve online and collect in-store ^^, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 356: Satisfaction with department stores – Fashionable clothing offer, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 357: Satisfaction with department stores – Product quality, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 358: Satisfaction with department stores – Delivery options, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 359: Satisfaction with department stores – Ease of use of the website ^^, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 360: Satisfaction with department stores – In-store services^, by demographics, France, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Germany
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 361: Department stores bought from in the past six months – In-store or online, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 362: Department stores bought from in the past six months – In-store, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 363: Department stores bought from in the past six months – Online, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 364: Most popular items bought from a department store – In-store or online, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 365: Next most popular items bought from a department store – In-store or online, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 366: Other items bought from a department store – In-store or online, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 367: Least popular items bought from a department store – In-store or online, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 368: Satisfaction with department stores – Prices/value for money, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 369: Satisfaction with department stores – Customer service, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 370: Satisfaction with department stores – Product availability, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 371: Satisfaction with department stores – Ease of navigation within the store^, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 372: Satisfaction with department stores – Store standards^, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 373: Satisfaction with department stores – Waiting time at check-out ^, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 374: Satisfaction with department stores – Option to buy/reserve online and collect in-store ^^, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 375: Satisfaction with department stores – Fashionable clothing offer, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 376: Satisfaction with department stores – Product quality, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 377: Satisfaction with department stores – Delivery options, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 378: Satisfaction with department stores – Ease of use of the website ^^, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 379: Satisfaction with department stores – In-store services^, by demographics, Germany, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Italy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 380: Department stores* bought from in the past six months – In-store or online, by demographics, Italy, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 381: Most popular items bought from a department store* – In-store or online, by demographics, Italy, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 382: Next most popular items bought from a department store* – In-store or online, by demographics, Italy, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 383: Other items bought from a department store* – In-store or online, by demographics, Italy, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 384: Least popular items bought from a department store* – In-store or online, by demographics, Italy, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 385: Satisfaction with department stores – Prices/value for money, by demographics, Italy, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 386: Satisfaction with department stores – Customer service, by demographics, Italy, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 387: Satisfaction with department stores – Product availability, by demographics, Italy, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 388: Satisfaction with department stores – Ease of navigation within the store^, by demographics, Italy, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 389: Satisfaction with department stores – Store standards^, by demographics, Italy, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 390: Satisfaction with department stores – Waiting time at check-out ^, by demographics, Italy, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 391: Satisfaction with department stores – Fashionable clothing offer, by demographics, Italy, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 392: Satisfaction with department stores – Product quality, by demographics, Italy, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 393: Satisfaction with department stores – Delivery options, by demographics, Italy, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 394: Satisfaction with department stores – In-store services^, by demographics, Italy, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Spain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 395: Department stores** bought from in the past six months – In-store or online, by demographics, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 396: Most popular items bought from a department store** – In-store or online, by demographics, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 397: Next most popular items bought from a department store** – In-store or online, by demographics, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 398: Other items bought from a department store** – In-store or online, by demographics, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 399: Least popular items bought from a department store** – In-store or online, by demographics, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 400: Satisfaction with department stores – Prices/value for money, by demographics, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 401: Satisfaction with department stores – Customer service, by demographics, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 402: Satisfaction with department stores – Product availability, by demographics, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 403: Satisfaction with department stores – Ease of navigation within the store^, by demographics, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 404: Satisfaction with department stores – Store standards^, by demographics, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 405: Satisfaction with department stores – Waiting time at check-out ^, by demographics, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 406: Satisfaction with department stores – Option to buy/reserve online and collect in-store ^^, by demographics, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 407: Satisfaction with department stores – Fashionable clothing offer, by demographics, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 408: Satisfaction with department stores – Product quality, by demographics, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 409: Satisfaction with department stores – Delivery options, by demographics, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 410: Satisfaction with department stores – Ease of use of the website ^^, by demographics, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 411: Satisfaction with department stores – In-store services^, by demographics, Spain, February 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – UK Brand Research

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 412: Brand usage, January 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 413: Brand usage, November 2013
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 414: Brand commitment, November 2013 and January 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 415: Brand momentum, November 2013 and January 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 416: Brand diversity, November 2013 and January 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 417: Brand satisfaction, November 2013 and January 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 418: Brand recommendation, November 2013 and January 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 419: Brand attitude, November 2013 and January 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 420: Brand image – Macro image, November 2013 and January 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 421: Brand image – Micro image, November 2013 and January 2014

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Beale Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Debenhams UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Fenwick Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Harrods Group Total
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Harvey Nichols UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • John Lewis Plc (department store)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Liberty Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Marks & Spencer (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Mason’s Timber Products [F. W. Mason & Sons Ltd]
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Morleys Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Oldrid & Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Selfridges Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • TJ Hughes Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • W Boyes & Co Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Department Stores - Europe - April 2014

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    £2,895.00 (Excl.Tax)