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

Department Stores - Europe - April 2015

This report series covers the five large Western European countries – the UK, France, Germany, Italy, and Spain.

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

Our exclusive consumer research spans all five countries. In each of these markets, we asked consumers:

  • Which department stores they had visited or bought anything from in the last six months, and whether this was online or in-store.
  • Attitudes towards shopping at department stores.

Additional questions were asked to consumers for the UK report.

What you get

What's included

Why buy from us?

Succeed

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

Instant Access

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

Opportunities

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

Trusted

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

Table of contents

  1. Introduction and Report Scope

      • Department store definition
        • Mixed goods retailers
          • Statutory revenues versus GTV
            • Financial definitions
              • Currencies
                • Figure 1: Euro to Pound exchange rates, 2008-14
              • Sales per store, sales per sq m
                • VAT rates
                    • Figure 2: Europe: VAT rates, 2011-14
                  • Abbreviations
                  • Executive Summary – Europe – The Market

                    • Key points
                      • The department store sector size
                        • Figure 3: Big five European countries: Estimated department store sector sales by country, 2012-14
                        • Figure 4: Big five European countries: Department store sector prospects by country for 2015
                      • Broader mixed goods sector: historic and forecast performance
                        • Figure 5: Big five European countries: Department store retailers as % of all mixed goods retailers’ sales, 2012-14
                        • Figure 6: Big five European countries: Mixed goods retailers’ sales by country (excl. VAT), 2009-14
                        • Figure 7: Big five European countries: Mixed goods retailers’ sales forecasts (excl. VAT), 2014-20
                        • Figure 8: Big five European countries: Historic and forecast growth of mixed goods retailers’ sales (CAGR), 2009-20
                      • Consumer confidence
                        • Figure 9: Big five European countries: Consumer confidence indicator, 2014-15
                      • Online
                        • Figure 10: Big five European countries: Proportion of the population having bought online in the last 12 months, 2010-14
                        • Figure 11: Big five European countries: Proportion of the population having bought clothing or sports goods online in the last 12 months, 2010-14
                        • Figure 12: Big five European countries: Internet retail sales, 2014
                        • Figure 13: Big five European countries: Internet retail sales as % of all retail sales, by country, 2010-14
                      • Department stores online
                        • Europe’s leading department stores
                          • Figure 14: Big five European countries: Leading department store retailers’ share of European department store sales, 2012-14
                          • Figure 15: Big five European countries: Leading department store retailers’ reported net revenues, 2010-14
                          • Figure 16: Europe: Leading department store retailers’ outlet numbers, 2010-14
                        • What we think
                          • France
                            • Germany
                              • Italy
                                • Spain
                                  • UK
                                  • Executive Summary – Europe – The Consumer

                                    • Key points
                                      • Where they shop
                                          • Figure 17: Europe: Where they bought in-store and online in country of domicile in the last six months, February 2015
                                        • Results in detail by country
                                          • France
                                            • Figure 18: France: The consumer: Where they visited and bought in the last six months, February 2015
                                          • Germany
                                            • Figure 19: Germany: The consumer – Where they visited and bought in the last six months, February 2015
                                          • Italy
                                            • Figure 20: Italy: The consumer – Where they visited and bought in the last six months, February 2015
                                          • Spain
                                            • Figure 21: Spain: The consumer: Named department stores bought from in the past six months, February 2015
                                          • UK
                                            • Figure 22: UK: Department stores purchased from in the last six months, whether in-store or online, February 2015*
                                          • Where consumers purchase – online/in-store split
                                            • Figure 23: UK: Department stores purchased from in the last six months, in-store and online, February 2015
                                          • Shopping at foreign department stores
                                              • Figure 24: Europe: The consumer – Those shopping at foreign department stores in the last six months, by country, February 2015
                                            • Attitudes towards department stores
                                                • Figure 25: Europe: The consumer – Attitudes towards department stores, February 2015
                                              • UK
                                                  • Figure 26: UK: What would encourage consumers to shop more at a department store, February 2015
                                              • European Summary – Launch Activity and Innovation

                                                • Key points
                                                  • Touchscreen mirror technology
                                                    • Digital fitting room
                                                      • Targeting Chinese tourists
                                                        • New shoe department
                                                          • Click&car
                                                            • Macy’s implements technology
                                                            • France

                                                              • Executive summary
                                                                • Spending and inflation – Department store categories
                                                                    • Figure 27: France: Harmonised indices of consumer prices: Annual % change, 2010-Jan 2015
                                                                  • Department stores’ share of clothing and beauty markets
                                                                    • Department store sector size and forecast
                                                                      • The leading department stores
                                                                        • Department stores online
                                                                          • The consumer – Where they shop
                                                                              • Figure 28: France: The consumer: Department stores purchased from in the past six months, whether in-store or online, February 2015
                                                                            • The consumer – Attitudes to department stores
                                                                              • Figure 29: France: The consumer: Attitudes to department stores, February 2015
                                                                            • What we think
                                                                              • Issues and insights
                                                                                • Paris vs the provinces
                                                                                  • The facts
                                                                                    • The implications
                                                                                      • Online is a seriously missed opportunity
                                                                                        • The facts
                                                                                          • The implications
                                                                                            • Spending and inflation – department store categories
                                                                                              • Key points
                                                                                                  • Figure 30: France: Spending on key department store product markets, (incl. VAT), at current prices, 2009-14
                                                                                                • Retailer and consumer confidence
                                                                                                  • Figure 31: France: Consumer confidence and retail confidence levels, January 2014-February 2015
                                                                                                • Inflation (and deflation)
                                                                                                  • Figure 32: France: Harmonised indices of consumer prices: Annual % change, 2010-Jan 2015
                                                                                                  • Figure 33: France: Harmonised indices of consumer prices: Annual % change, 2010-14
                                                                                                • Department stores’ share of clothing & beauty markets
                                                                                                  • Key points
                                                                                                    • Department stores are a major channel in clothing
                                                                                                      • Figure 34: France: Where people shopped for clothing in the last 12 months, Aug 2014
                                                                                                      • Figure 35: France: Estimated channels of distribution for clothing and footwear, 2013
                                                                                                    • Department stores’ share of the beauty market
                                                                                                      • Figure 36: France: Retailers used to purchase beauty products, November 2014
                                                                                                      • Figure 37: France: Estimated channels of distribution of spending on beauty and personal care goods, 2013
                                                                                                    • Department store sector size and forecast
                                                                                                      • Key points
                                                                                                        • Department store sector size
                                                                                                          • Figure 38: France: Department store sector estimated sales (excl. VAT), 2012-14
                                                                                                        • Mixed goods retailers sector
                                                                                                          • Figure 39: France: Mixed goods retailers’ sales (excl. VAT), 2009-14
                                                                                                          • Figure 40: France: Mixed goods retailers’ sales forecasts (excl. VAT), 2015-20
                                                                                                        • Leading department stores – Financials and outlets
                                                                                                          • Key points
                                                                                                            • Huge disparity between Parisian flagships and the rest of the country
                                                                                                              • Investing in new and existing stores
                                                                                                                • But facing up to realities outside the capital
                                                                                                                  • Figure 41: France: Leading department stores retailers’ sales, 2012-14
                                                                                                                  • Figure 42: France: Leading department store retailers, store numbers, 2012-14
                                                                                                                  • Figure 43: France: Leading department store retailers’ annual sales per outlet, 2012-14
                                                                                                                • Leading department stores – Market shares
                                                                                                                  • Figure 44: France: Leading department store retailers’ shares of Mixed goods retailers’ sales, 2012-14
                                                                                                                • Online
                                                                                                                  • Key points
                                                                                                                    • The online shopper
                                                                                                                      • Figure 45: France: Percentage of all individuals having purchased online in the past 12 months, selected categories, 2010-14
                                                                                                                    • Department stores online
                                                                                                                        • Figure 46: France: Online visitor data, September 2014
                                                                                                                      • The Consumer – Where they shop
                                                                                                                        • Key points
                                                                                                                          • What we asked
                                                                                                                            • Where they shop – Galeries Lafayette most popular
                                                                                                                                • Figure 47: France: The consumer: Department stores purchased from in the past six months, whether in-store or online, February 2015
                                                                                                                                • Figure 48: France: The consumer: Department stores visited and purchased from in the past six months, February 2015
                                                                                                                              • The online/offline split
                                                                                                                                • Figure 49: France: The consumer: Department stores purchased from in the past six months, in-store and online, February 2015
                                                                                                                                • Figure 50: France: The consumer: Department stores visited and purchased from online in the past six months, February 2015
                                                                                                                              • Customer profiles
                                                                                                                                • Figure 51: France: The consumer: Department stores visited in the past six months, whether in-store or online, average age and affluence, February 2015
                                                                                                                              • The Consumer – attitudes to shopping at department stores
                                                                                                                                • Key points
                                                                                                                                  • What we asked
                                                                                                                                      • Figure 52: France: The consumer: Attitudes to department stores, February 2015
                                                                                                                                      • Figure 53: France: The consumer: Attitudes to department stores, February 2015
                                                                                                                                  • Germany

                                                                                                                                    • Executive summary
                                                                                                                                      • Spending and inflation – Department store categories
                                                                                                                                        • Figure 54: Germany: Spending on key department store categories as % of all consumer spending, 2009-14
                                                                                                                                        • Figure 55: Germany: Harmonised indices of consumer prices: Annual % change, 2010-Dec 2014
                                                                                                                                      • Department stores’ share of clothing and beauty markets
                                                                                                                                        • Department store sector size and forecast
                                                                                                                                          • The leading department stores
                                                                                                                                            • Department stores online
                                                                                                                                              • The consumer – Where they shop
                                                                                                                                                • Figure 56: Germany: The consumer: Department stores purchased from in the past six months, whether in-store or online, February 2015
                                                                                                                                              • The consumer – Attitudes to department stores
                                                                                                                                                • Figure 57: Germany: The consumer: Attitudes to department stores, February 2015
                                                                                                                                              • What we think
                                                                                                                                                • Issues and insights
                                                                                                                                                  • Internet pureplayers are way ahead of department stores in clothing
                                                                                                                                                    • The facts
                                                                                                                                                      • The implications
                                                                                                                                                        • Department stores can attract younger consumers online
                                                                                                                                                          • The facts
                                                                                                                                                            • The implications
                                                                                                                                                              • Spending and inflation – Department store categories
                                                                                                                                                                • Key points
                                                                                                                                                                  • Consumer spending
                                                                                                                                                                    • Figure 58: Germany: Spending on key department store product markets, (incl. VAT), at current prices, 2009-14
                                                                                                                                                                  • Retail and consumer confidence
                                                                                                                                                                    • Figure 59: Germany: Consumer confidence and retail confidence levels, January 2014-February 2015
                                                                                                                                                                  • Inflation
                                                                                                                                                                    • Figure 60: Germany: Harmonised indices of consumer prices: Annual % change, 2010-Dec 2014
                                                                                                                                                                    • Figure 61: Germany: Harmonised indices of consumer prices: Annual % change, 2010-14
                                                                                                                                                                  • Department stores’ share of clothing and beauty markets
                                                                                                                                                                    • Key points
                                                                                                                                                                      • Department stores now only the fourth largest channel for clothing
                                                                                                                                                                        • Figure 62: Germany: Estimated channels of distribution for clothing, 2013
                                                                                                                                                                        • Figure 63: Germany: Estimated distribution of consumer spending on clothing, by value, in € (incl VAT), 2012-14
                                                                                                                                                                        • Figure 64: Germany: Retailers used to buy clothes in-store or online in the last 12 month, Germany, August 2014
                                                                                                                                                                      • Department stores’ share of the beauty market
                                                                                                                                                                        • Figure 65: Germany: Channels of distribution for personal care products, 2013
                                                                                                                                                                        • Figure 66: Germany: Retailers used to purchase make-up, skincare products, fragrances and/or aftershave products, November 2014
                                                                                                                                                                      • Department store sector size and forecast
                                                                                                                                                                        • Key points
                                                                                                                                                                          • Department store sector sales fall slightly to €6.5bn
                                                                                                                                                                              • Figure 67: Germany: Mixed goods retail sales (excl. VAT), 2009-14
                                                                                                                                                                              • Figure 68: Germany: Mixed goods retail sales forecasts (excl. VAT), 2015-2020
                                                                                                                                                                            • Leading department stores – Financials and outlets
                                                                                                                                                                              • Key points
                                                                                                                                                                                • Midmarket operators beset by stagnant or declining sales
                                                                                                                                                                                  • Galeria Kaufhof seems more secure while Karstadt struggles on
                                                                                                                                                                                    • Premium segment
                                                                                                                                                                                        • Figure 69: Germany: Leading department stores retailers’ net revenues, 2012-14
                                                                                                                                                                                        • Figure 70: Germany: Leading department store retailers’ store numbers, 2012-14
                                                                                                                                                                                        • Figure 71: Germany: Leading department store retailers’ annual sales per outlet, 2012-14
                                                                                                                                                                                      • Leading department stores - Market shares
                                                                                                                                                                                        • Figure 72: Germany: Leading department store retailers’ shares of Mixed goods retailers’ sales, 2012-14
                                                                                                                                                                                      • Online
                                                                                                                                                                                        • Key points
                                                                                                                                                                                          • The online shopper
                                                                                                                                                                                              • Figure 73: Germany: Percentage of all individuals having purchased online in the past 12 months, selected categories, 2010-14
                                                                                                                                                                                            • Department stores online
                                                                                                                                                                                              • Figure 74: Germany: Online visitor data, September 2014
                                                                                                                                                                                            • The consumer – Where they shop
                                                                                                                                                                                              • Key points
                                                                                                                                                                                                • What we asked
                                                                                                                                                                                                  • Where they shop: Galeria Kaufhof most popular
                                                                                                                                                                                                    • Figure 75: Germany: The consumer: Department stores purchased from in the past six months, whether in-store or online, February 2015
                                                                                                                                                                                                    • Figure 76: Germany: The consumer: Department stores visited and purchased from in the past six months, February 2015
                                                                                                                                                                                                  • The online/offline split
                                                                                                                                                                                                    • Figure 77: Germany: The consumer: Department stores purchased from in the past six months, in-store and online, February 2015
                                                                                                                                                                                                    • Figure 78: Germany: The consumer: Department stores visited and purchased from online in the past six months, February 2015
                                                                                                                                                                                                  • Customer profiles
                                                                                                                                                                                                    • Figure 79: Germany: The consumer: Department stores visited in the past six months, whether in-store or online, average age and affluence, February 2015
                                                                                                                                                                                                  • The consumer – Attitudes to shopping at department stores
                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                      • What we asked
                                                                                                                                                                                                          • Figure 80: Germany: The consumer: Attitudes to department stores, February 2015
                                                                                                                                                                                                          • Figure 81: Germany: The consumer: Attitudes to department stores, February 2015
                                                                                                                                                                                                      • Italy

                                                                                                                                                                                                        • Executive Summary
                                                                                                                                                                                                          • Spending and inflation – Department store categories
                                                                                                                                                                                                              • Figure 82: Italy: Harmonised indices of consumer prices: Annual % change, 2010-January 2015
                                                                                                                                                                                                            • Department stores’ share of clothing and beauty markets
                                                                                                                                                                                                              • Department store sector size and forecast
                                                                                                                                                                                                                • The leading department stores
                                                                                                                                                                                                                  • Department stores online
                                                                                                                                                                                                                    • The consumer – Where they shop
                                                                                                                                                                                                                      • Figure 83: Italy: The consumer: Where they visited and bought, February 2015
                                                                                                                                                                                                                    • The consumer – Attitudes towards department stores
                                                                                                                                                                                                                      • Figure 84: Italy: The consumer: Attitudes towards department stores, February 2015
                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                      • Issues and Insights
                                                                                                                                                                                                                        • Can Coin and La Rinascente tap in to the appetite for online shopping?
                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                              • Are department stores meeting customer needs in fashion?
                                                                                                                                                                                                                                • The facts
                                                                                                                                                                                                                                  • The implications
                                                                                                                                                                                                                                    • Spending and inflation – Department store categories
                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                          • Figure 85: Italy: Spending on key department store product markets, (incl. VAT), at current prices, 2010-14
                                                                                                                                                                                                                                        • Retailer and consumer confidence
                                                                                                                                                                                                                                          • Figure 86: Italy: Consumer confidence and retail confidence levels, January 2014-February 2015
                                                                                                                                                                                                                                        • Inflation (and deflation)
                                                                                                                                                                                                                                          • Figure 87: Italy: Harmonised indices of consumer prices: Annual % change, 2010-14
                                                                                                                                                                                                                                          • Figure 88: Italy: Harmonised indices of consumer prices: Annual % change, 2010-January 2015
                                                                                                                                                                                                                                        • Department stores’ share of clothing and beauty markets
                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                            • Department stores are a major channel in clothing
                                                                                                                                                                                                                                              • Figure 89: Italy: The consumer: Where they bought clothing in the past 12 months, August 2014
                                                                                                                                                                                                                                              • Figure 90: Italy: Estimated distribution of spending on clothing, by retail sector, 2013
                                                                                                                                                                                                                                            • Department stores share of the beauty market
                                                                                                                                                                                                                                              • Figure 91: Italy: The consumer: Where they bought beauty products in the past 12 months, November 2014
                                                                                                                                                                                                                                              • Figure 92: Italy: Estimated distribution of spending on personal care products, by retail sector, 2013
                                                                                                                                                                                                                                            • Department store sector size and forecast
                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                • Department store sector size
                                                                                                                                                                                                                                                  • Figure 93: Italy: department store sector estimated sales (excl. VAT), 2010-2014
                                                                                                                                                                                                                                                • Mixed goods retailers sector
                                                                                                                                                                                                                                                  • Figure 94: Italy: Mixed goods retail sales (excl. VAT), 2009-14
                                                                                                                                                                                                                                                  • Figure 95: Italy: Mixed goods retail sales forecasts (excl. VAT), 2015-20
                                                                                                                                                                                                                                                • Leading department stores – Financials and outlets
                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                    • Other department store operators
                                                                                                                                                                                                                                                      • Figure 96: Italy: Leading Department stores retailers’ estimated net revenues, 2010-14
                                                                                                                                                                                                                                                      • Figure 97: Italy: Leading Department store retailers’ store numbers, 2010-14
                                                                                                                                                                                                                                                      • Figure 98: Italy: Leading Department store retailers’ annual sales per outlet, 2010-14
                                                                                                                                                                                                                                                    • Leading department stores – Market shares
                                                                                                                                                                                                                                                      • Figure 99: Italy: Leading department store retailers’ shares of department store sector, 2010-14
                                                                                                                                                                                                                                                      • Figure 100: Italy: Leading department store retailers’ shares of mixed goods retailers sector, 2010-14
                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                        • The online shopper
                                                                                                                                                                                                                                                          • Figure 101: Italy: Percentage of all individuals having purchased online in the past 12 months, selected categories, 2010-14
                                                                                                                                                                                                                                                        • Department stores online
                                                                                                                                                                                                                                                          • The consumer – Where they shop
                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                              • What we asked
                                                                                                                                                                                                                                                                • Department stores not heavily used
                                                                                                                                                                                                                                                                  • Coin and La Rinascente attract more buyers than visitors
                                                                                                                                                                                                                                                                    • Figure 102: Italy: The consumer: Where they visited and bought in the previous six months, February 2015
                                                                                                                                                                                                                                                                  • Italians more likely to shop in foreign department stores
                                                                                                                                                                                                                                                                    • Figure 103: Europe: The consumer: Those shopping at foreign department stores in the previous six months, by country, February 2015
                                                                                                                                                                                                                                                                  • 20-34 year olds the key department store customer
                                                                                                                                                                                                                                                                    • Figure 104: Italy: The consumer: Where they bought in the previous six months, by age, February 2015
                                                                                                                                                                                                                                                                  • Coin has broader appeal
                                                                                                                                                                                                                                                                    • Figure 105: Italy: The consumer: Where they bought in the previous six months, by household income, February 2015
                                                                                                                                                                                                                                                                  • The consumer – Attitudes to shopping at department stores
                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                      • What we asked
                                                                                                                                                                                                                                                                        • Italians want to shop online
                                                                                                                                                                                                                                                                          • Scope to improve in-store services
                                                                                                                                                                                                                                                                            • Figure 106: Italy: The consumer: Attitudes towards department stores, February 2015
                                                                                                                                                                                                                                                                          • Fashion opportunities
                                                                                                                                                                                                                                                                            • Figure 107: Italy: The consumer: Attitudes towards the clothing offer in department stores, February 2015
                                                                                                                                                                                                                                                                          • The affluent least satisfied with choice of sizes
                                                                                                                                                                                                                                                                            • Figure 108: Italy: The consumer: Attitudes towards the clothing offer in department stores, February 2015
                                                                                                                                                                                                                                                                          • Men and smartphones
                                                                                                                                                                                                                                                                            • Figure 109: Italy: The consumer: Attitudes towards using smartphones for department store shopping, February 2015
                                                                                                                                                                                                                                                                        • Spain

                                                                                                                                                                                                                                                                          • Executive summary
                                                                                                                                                                                                                                                                            • Spending and inflation – Department store categories
                                                                                                                                                                                                                                                                              • Department stores’ share of clothing and beauty markets
                                                                                                                                                                                                                                                                                • Department store sector size and forecast
                                                                                                                                                                                                                                                                                  • The leading department stores
                                                                                                                                                                                                                                                                                    • Department stores online
                                                                                                                                                                                                                                                                                      • The consumer – Where they shop
                                                                                                                                                                                                                                                                                        • Figure 110: Spain: The consumer: Type of store bought from in the last six months, February 2015
                                                                                                                                                                                                                                                                                      • The consumer – Attitudes to shopping at department stores
                                                                                                                                                                                                                                                                                          • Figure 111: Spain: The consumer: Attitudes towards shopping at department stores, February 2015
                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                          • Issues and insights
                                                                                                                                                                                                                                                                                            • ECI needs to focus on converting younger browsers to buyers
                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                  • More work to be done online
                                                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                                                                                        • Spending and inflation – Department store categories
                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                              • Figure 112: Spain: Spending on key department store product markets, (incl. VAT), at current prices, 2009-14
                                                                                                                                                                                                                                                                                                            • Retailer and consumer confidence
                                                                                                                                                                                                                                                                                                              • Figure 113: Spain: Consumer confidence and retail confidence levels, January 2014-February 2015
                                                                                                                                                                                                                                                                                                            • Inflation (and deflation)
                                                                                                                                                                                                                                                                                                              • Figure 114: Spain: Harmonised indices of consumer prices: Annual % change, 2010-14
                                                                                                                                                                                                                                                                                                              • Figure 115: Spain: Harmonised indices of consumer prices: Annual % change, 2010-January 2015
                                                                                                                                                                                                                                                                                                            • Department stores’ share of clothing & beauty markets
                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                  • Figure 116: Spain: Estimated distribution of spending on clothing, by retail sector, 2013
                                                                                                                                                                                                                                                                                                                  • Figure 117: Spain: The consumer: Where they have bought clothing in the past 12 months, selected options, August 2014
                                                                                                                                                                                                                                                                                                                  • Figure 118: Spain: Estimated distribution of spending on personal care products, by retail sector, 2013
                                                                                                                                                                                                                                                                                                                  • Figure 119: Spain: The consumer: Where they have bought beauty products in the past 12 months, selected options, November 2014
                                                                                                                                                                                                                                                                                                                • Department store sector size and forecast
                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                    • ECI improving while mixed goods sector struggles
                                                                                                                                                                                                                                                                                                                      • Figure 120: Spain: Mixed goods retail sales (excl. VAT), 2009-14
                                                                                                                                                                                                                                                                                                                      • Figure 121: Spain: Mixed goods retail sales forecasts (excl. VAT), 2015-20
                                                                                                                                                                                                                                                                                                                    • Leading department stores – Financials and outlets
                                                                                                                                                                                                                                                                                                                        • Figure 122: Spain: Leading department stores retailers’ net revenues, 2011-14
                                                                                                                                                                                                                                                                                                                        • Figure 123: Spain: Leading department store retailers’ store numbers, 2011-14
                                                                                                                                                                                                                                                                                                                        • Figure 124: Spain: Leading department store retailers’ annual sales per outlet, 2011-14
                                                                                                                                                                                                                                                                                                                      • Leading department stores – Market shares
                                                                                                                                                                                                                                                                                                                        • Figure 125: Spain: Leading Department store retailers’ share of Mixed goods retailers’ sales, 2011-14
                                                                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                          • The online shopper
                                                                                                                                                                                                                                                                                                                            • Figure 126: Spain: Percentage of all individuals having purchased online in the past 12 months, selected categories, 2010-14
                                                                                                                                                                                                                                                                                                                          • Department stores online
                                                                                                                                                                                                                                                                                                                            • Figure 127: Spain: Online visitor data, September 2014
                                                                                                                                                                                                                                                                                                                          • The consumer – Where they shop
                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                              • What we asked
                                                                                                                                                                                                                                                                                                                                • Where they shop: El Corte Inglés is the sole domestic player
                                                                                                                                                                                                                                                                                                                                  • Figure 128: Spain: The consumer: Type of store bought from in the last six months, February 2015
                                                                                                                                                                                                                                                                                                                                • Purchasing behaviour on- and offline
                                                                                                                                                                                                                                                                                                                                  • Figure 129: The Consumer: El Corte Inglés – Purchasing behaviour in-store and online, February 2015
                                                                                                                                                                                                                                                                                                                                  • Figure 130: The Consumer: El Corte Inglés – Purchasing behaviour in-store and online, by age, February 2015
                                                                                                                                                                                                                                                                                                                                • The consumer – Attitudes to shopping at department stores
                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                    • What we asked
                                                                                                                                                                                                                                                                                                                                        • Figure 131: Spain: The consumer: Attitudes towards shopping at El Corte Inglés, February 2015
                                                                                                                                                                                                                                                                                                                                        • Figure 132: Spain: The consumer: Attitudes towards shopping at El Corte Inglés, by age, selected statements, February 2015
                                                                                                                                                                                                                                                                                                                                    • UK

                                                                                                                                                                                                                                                                                                                                      • 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 133: Best- and worst-case forecast for department store sales, 2009-19
                                                                                                                                                                                                                                                                                                                                                            • Market factors
                                                                                                                                                                                                                                                                                                                                                              • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                • Figure 134: Consumer spending on core department store categories, 2009-14
                                                                                                                                                                                                                                                                                                                                                              • Foreign visitors
                                                                                                                                                                                                                                                                                                                                                                • Figure 135: Overseas residents’ visits to the UK, by area of residence, 2013 and 2014
                                                                                                                                                                                                                                                                                                                                                              • Companies, brands and innovation
                                                                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                                                                  • Figure 136: Top department stores’ market shares, 2013 and 2014
                                                                                                                                                                                                                                                                                                                                                                • Winners and losers
                                                                                                                                                                                                                                                                                                                                                                  • Figure 137: Major retailers’ annual sales growth (some estimated) versus average segment growth, 2014
                                                                                                                                                                                                                                                                                                                                                                • Brand research
                                                                                                                                                                                                                                                                                                                                                                  • Figure 138: Attitudes towards and usage of selected brands, November 2014 and February 2015
                                                                                                                                                                                                                                                                                                                                                                • Major innovations
                                                                                                                                                                                                                                                                                                                                                                  • Space allocation
                                                                                                                                                                                                                                                                                                                                                                    • Figure 139: Department stores: Summary space allocation, February 2015
                                                                                                                                                                                                                                                                                                                                                                  • Online growth
                                                                                                                                                                                                                                                                                                                                                                    • The consumer
                                                                                                                                                                                                                                                                                                                                                                      • Where they shop
                                                                                                                                                                                                                                                                                                                                                                        • Figure 140: Department stores purchased from in the last six months, in-store and online, February 2015
                                                                                                                                                                                                                                                                                                                                                                      • What would encourage them to shop more?
                                                                                                                                                                                                                                                                                                                                                                        • Figure 141: What would encourage consumers to shop more at a department store, February 2015
                                                                                                                                                                                                                                                                                                                                                                      • Interest in additional services
                                                                                                                                                                                                                                                                                                                                                                        • Figure 142: Interest in additional services when shopping at department stores, February 2015
                                                                                                                                                                                                                                                                                                                                                                      • Reasons for shopping at a particular department store
                                                                                                                                                                                                                                                                                                                                                                        • Figure 143: Reasons for shopping in-store at a particular department store, February 2015
                                                                                                                                                                                                                                                                                                                                                                      • Shopping in the lead-up to Christmas
                                                                                                                                                                                                                                                                                                                                                                        • Figure 144: Shopping behaviour at department stores in the lead-up to Christmas, February 2015
                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                        • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                          • How have department stores performed over the last year?
                                                                                                                                                                                                                                                                                                                                                                            • 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: Experience is All
                                                                                                                                                                                                                                                                                                                                                                                                • Trend: Access All Areas
                                                                                                                                                                                                                                                                                                                                                                                                  • Trend: Return to the Experts
                                                                                                                                                                                                                                                                                                                                                                                                    • Market environment
                                                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                                                        • Foreign visits
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 145: Overseas residents’ visits to the UK, by area of residence, 2013 and 2014
                                                                                                                                                                                                                                                                                                                                                                                                        • Changing population structure
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 146: Trends in the age structure of the UK population, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer confidence falls during 2014
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 147: Financial confidence index, January 2009- January 2015
                                                                                                                                                                                                                                                                                                                                                                                                        • Closing gap between prices and wages
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 148: Retail prices index and average weekly earnings: Annual % change, January 2011-January 2015
                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer spending on department store categories
                                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                                            • Core department store categories
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 149: Consumer spending on core department store categories, 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                            • Full spending breakdown
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 150: Consumer spending on department store categories (incl. VAT), 2009-14
                                                                                                                                                                                                                                                                                                                                                                                                            • Strengths and weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                              • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                  • Who’s innovating?
                                                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                      • Setting the standard for fragrance retailing
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 151: Harrods Salon De Parfums
                                                                                                                                                                                                                                                                                                                                                                                                                      • Selfridges #beautyproject
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 152: ‘He She Me’: A display from Selfridges’ Agender department
                                                                                                                                                                                                                                                                                                                                                                                                                      • Social selling strategy
                                                                                                                                                                                                                                                                                                                                                                                                                        • John Lewis invests in technology
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 153: Beacon technology: Store staff being alerted of a click-and-collect customer entering the store
                                                                                                                                                                                                                                                                                                                                                                                                                        • Memory mirror
                                                                                                                                                                                                                                                                                                                                                                                                                          • Harrods goes healthy
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 154: Harrods’ Happy New You window display, January 2015
                                                                                                                                                                                                                                                                                                                                                                                                                          • In-store cinema
                                                                                                                                                                                                                                                                                                                                                                                                                            • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                • Department store sales grow 2.2% in 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 155: Department store sales. 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                • Market size
                                                                                                                                                                                                                                                                                                                                                                                                                                  • The future
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 156: Best- and worst-case forecast for department store sales, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 157: Best- and worst-case forecast for department store sales (inc VAT), 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Space allocation summary
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Space allocation overview
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 158: Department stores: Summary space allocation, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Detailed space allocation
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 159: Department stores: Detailed space allocation, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 160: Estimated space allocation of broad department stores product categories, 2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 161: Leading department stores: Estimated sales, by broad product category, 2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 162: Leading department stores: Estimated share of sales, by broad product category, 2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 163: Leading department stores: Estimated sales density. by product, 2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                              • High-end department stores outperform
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 164: Annual segment growth: Mid-market versus high-end, 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 165: Major retailers’ annual sales growth (some estimated) versus average segment growth, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consolidated sales versus gross transactional values
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Leading retailers by sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 166: Leading department stores: Net revenues, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store numbers
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 167: Leading department stores: Outlet numbers, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sales per store
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 168: Leading department stores: Annual sales per outlet, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Total sales area
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 169: Leading department stores: Total sales area, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sales densities
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 170: Leading department stores: Annual sales per sq m, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Operating profits and margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 171: Leading department stores: Operating profits, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 172: Leading department stores: Operating margins, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • M&S loses share, while John Lewis gains
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 173: Top department stores’ market shares, 2013 and 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 174: Leading department stores’ market shares, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online sector sales grow 6%
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 175: Estimated online sales by department stores (incl. VAT), 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key category sales online
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 176: Online as a proportion of spending on selected categories, 2014 and 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • John Lewis reaches £1.2 billion online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 177: Leading department stores’ online sales (excl. VAT), 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 178: Leading department stores’ online sales as % of their total sales, 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 179: Leading department stores’ shares of all online sales, 2012-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Most popular sites by visitor numbers
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 180: Leading department stores’ online visitor data, March 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Visits to websites by age
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 181: Proportion of visits to department store websites, by age, 1 February- 28 February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brand communication and promotion
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Leading department stores’ advertising spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 182: Leading department store retailers’ main media advertising spend, 2011-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Press advertising is favoured
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 183: Leading department store retailers’ main media advertising spend, by media type, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 184: Leading department store retailers’ main media advertising spend, by media type, 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Campaign highlights in 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brand research – Department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 185: Attitudes towards and usage of selected brands, November 2014 and February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 186: Key metrics for selected brands, November 2014 and February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand attitudes: House of Fraser most likely to attract customers on price
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 187: Attitudes, by brand, November 2014 and February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand personality: Harrods’ unique proposition is considered an exclusive one
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 188: Brand personality – Macro image, November 2014 and February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Selfridges and John Lewis most likely to be seen as fashionable
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 189: Brand personality – Micro image, November 2014 and February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • John Lewis combines style with customer service and trust
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 190: User profile of John Lewis, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Marks & Spencer has greater accessibility than other department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 191: User profile of Marks & Spencer, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Selfridges has a vibrant sense of innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 192: User profile of Selfridges, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • House of Fraser most likely to be associated with value
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 193: User profile of House of Fraser, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Harrods benefits from very unique brand image
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 194: User profile of Harrods, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Debenhams may be a choice of convenience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 195: User profile of Debenhams, November 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The consumer – Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • M&S leads but with an ageing customer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 196: Department stores purchased from in the last six months, whether in-store or online, February 2015*
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • John Lewis grows in popularity among men
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Debenhams is biased towards women
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Where consumers purchase – Online/In-store split
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 197: Department stores purchased from in the last six months, in-store and online, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Purchasing online by demographic group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 198: Department stores purchased from in the last six months, online, by gender, age and socio-economic group, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • House of Fraser
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • High-end and luxury department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where consumers browse
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 199: Department stores where consumers have browsed in the last six months, either in-store or online, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Most shop at one department store only
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 200: Repertoire of department stores purchased from in-store in the last six months, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The consumer – What would encourage them to shop more at department stores?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Demand for more retailers to offer price matching
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 201: What would encourage consumers to shop more at a department store, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Women continue to want generous loyalty schemes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 202: What would encourage consumers to shop more at a department store, by age, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Women want clothes that flatter
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Young want updated clothes ranges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • More payment options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 203: What would encourage consumers to shop more at a department store, by age, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Young keen on virtual fittings rooms
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mobile apps
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Delivery versus click-and-collect
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The consumer – Interest in additional services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 204: Interest in additional services when shopping at department stores, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 205: Interest in additional services when shopping at department stores, by gender, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Focusing on new beauty treatments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Interest in opticians and other services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The consumer – Reasons for shopping in-store and online at a particular department store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 206: Reasons for shopping in-store at a particular department store, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Reasons for shopping at particular department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 207: John Lewis: Reasons for shopping in-store at a particular department store relative to department store average, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 208: M&S: Reasons for shopping in-store at a particular department store relative to department store average, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 209: House of Fraser: Reasons for shopping in-store at a particular department store relative to department store average, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 210: Debenhams: Reasons for shopping in-store at a particular department store relative to department store average, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Reasons for shopping online at a particular department store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 211: Reasons for shopping online at a particular department store, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The consumer – Shopping at a department store in the lead-up to Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we asked
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • A promotional Christmas 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 212: Shopping behaviour at department stores in the lead-up to Christmas, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Black Friday hype
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • An online Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Coin Department Stores

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • OVS spun off from Gruppo Coin
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Better prospects for the department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Stepping into luxury territory with Excelsior
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Coin Excelsior – A better way forward?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 213: Coin department stores: Financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 214: Coin department stores: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Debenhams

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Becoming less promotionally driven
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Catching up on multichannel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Looking internationally for growth…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …as UK reaches saturation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 215: Debenhams: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Latest financial results – 19 weeks to 10 January 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 216: Debenhams: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • El Corte Inglés (Department Stores)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Upward turn in operating profits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Change at the top hails a new era
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Possibilities abroad, priorities at home
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Positive improvements made
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 217: El Corte Inglés (Department Stores): Group financial performance, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 218: El Corte Inglés (Department Stores): Outlet data, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Fenwick

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 219: Fenwick Ltd: Group financial performance, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 220: Fenwick Ltd: Outlet data, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Galeria Kaufhof

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Management shakeup poses a risk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Still a long way from modest online target
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Perennial question of Karstadt merger off the table for now
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 221: Galeria Kaufhof: Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 222: Galeria Kaufhof: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Galeries Lafayette

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • French regional store base has major problems
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Still opportunities in the domestic market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Targeting of international customer base becomes double-edged sword
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Overseas store growth is likely to bring limited additional growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Continues to lag behind in developing its online business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 223: Galeries Lafayette (Group): Group sales performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 224: Galeries Lafayette: Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Harrods

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 225: Harrods Ltd: Group financial performance, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 226: Harrods Ltd: Outlet data, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Harvey Nichols UK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • All change in the management team
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Focusing on overseas development
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strengthening the e-commerce offer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 227: Harvey Nichols UK: Group financial performance, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 228: Harvey Nichols UK: Outlet data, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • House of Fraser

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • A new phase
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strong performance as multichannel, own-brands and innovation fuels growth…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …but still making a loss
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 229: House of Fraser: Financial performance, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 230: House of Fraser: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • John Lewis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • One of retail’s winners
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Innovative, especially in omni-channel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strong store presence with pipeline of stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Well placed for future growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 231: John Lewis: Department store financial performance, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • First half and Christmas 2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 232: John Lewis: department stores outlet data, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Karstadt (Signa Retail)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Management instability unhelpful for prospects
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Goes ahead with further restructuring
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • All back under one roof for now
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Long-term outlook for core department store business in the balance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Needs to kick start online sales to provide growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 233: Karstadt Group (Signa retail): Group financial performance, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 234: Karstadt Group (Signa Retail): Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Le Bon Marché

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Small but unique
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Modernising and transforming
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 235: LVMH Selective Retail, financial performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 236: Le Bon Marché Group: Sales performance, excl. VAT, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 237: Le Bon Marché: Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Marks & Spencer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Divergent performance from two distinct halves
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Womenswear is the key
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online also a problem
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Keeping things in perspective
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 238: Marks & Spencer: Group financial performance, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 239: Marks & Spencer: Group sales breakdown, 2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Q3 2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 240: Marks & Spencer: Outlet data, 2009/10-2013/14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 241: Marks & Spencer store portfolio, March 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Printemps

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Successful move upmarket
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Haussmann store outperforms the rest of the estate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New stores and refurbishment programme to improve performance beyond the flagship
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Expanding Citadium standalone young fashion chain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 242: Printemps: Group sales performance, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 243: Printemps: Outlet data, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • La Rinascente

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Shared resources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Expanding in Europe?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Targeting teenagers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • New domestic stores in the pipeline
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Embracing the internet?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 244: La Rinascente (Department Stores): Estimated group sales performance, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 245: La Rinascente (Department Stores): Outlet data, 2010-14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Selfridges Retail

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Rapid online growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 246: Selfridges Retail Ltd: Group financial performance, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 247: Selfridges Retail Ltd: Outlet data, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Debenhams UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Harrods Group Total
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Harvey Nichols UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • John Lewis Plc (department store)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Marks & Spencer (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Mason’s Timber Products [F. W. Mason & Sons Ltd]
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Selfridges Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Department Stores - Europe - April 2015

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              £2,895.00 (Excl.Tax)