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Department Stores - Europe - April 2016

“There was a time when department stores were seen as the dinosaurs of the retail industry. But that is no longer the case. House of Fraser is a destination store for young fashion. John Lewis, Galeries Lafayette and Printemps all attract a younger and more affluent customer than average. That is even true of Coin as well. Those are good models for others, for example the German leaders, Kaufhof and Karstadt, to follow. But to maintain that image they all need to follow the UK retailers, especially John Lewis, in expanding their online capability and recognise that it will enhance their appeal.”
– Richard Perks, Director of Retail Research

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Table of contents

  1. Europe – Overview

      • Department store definition
        • Market size
          • Financial definitions
            • Abbreviations
              • VAT around Europe
                • Figure 1: VAT rates around Europe, 2011-16
            • Executive Summary – Europe - The Market

                • Department store retailers’ sales
                  • Figure 2: Big five European countries: Estimated department store sector sales (ex VAT) by country, 2012-15
                • Leading department store groups
                  • Figure 3: Europe: Top 30 leading department stores, 2011/12-2015/16
                  • Figure 4: European department stores, estimated total market size, 2011-15
                • Mixed goods retailers’ sales
                  • Figure 5: Europe: Mixed goods retailers sales, ex VAT, 2011-15
                  • Figure 6: Europe: Mixed goods retailers forecast sales, ex VAT, 2016-20
                • Market shares
                  • Figure 7: Europe: Top 10 department stores share of all department store sales, 2013-15
                  • Figure 8: European department stores: Sector structure, 2015
                • Online
                    • Figure 9: Online share of all department store sales, 2015
                    • Figure 10: UK, France, Spain, Germany, Italy share of Big 5 online department store sales, 2015
                • Executive Summary – Europe – The Consumer

                    • Department stores in Europe
                        • Figure 11: Proportion of survey respondents that have visited* a department store in the last 6 months, March* 2016
                        • Figure 12: Proportion of survey respondents that have visited a department store outside their own country, March 2016
                        • Figure 13: Most used department store by market and percentage of respondents using that store most regularly, March* 2016
                      • Satisfaction
                          • Figure 14: Proportion of shoppers who are satisfied with attributes of their most used store, March* 2016
                        • What we think
                          • France
                            • Germany
                              • Italy
                                • Spain
                                  • UK
                                  • Executive Summary – Europe – Launch Activity and Innovations

                                    • Creative Collaborations enhance in-store experience
                                      • Figure 15: Xavier Veilhan exhibition at Galeries Lafayette
                                    • Galeria Kaufhof steps up on sustainability
                                      • Galeries Lafayette’s eco-friendly rooftop garden
                                        • Figure 16: Galeries Lafayette, Boulevard Haussmann, Rooftop Garden
                                      • The Printemps and Furla Home Warming Party
                                        • A renewed focus on menswear departments
                                          • Figure 17: Galeries Lafayette, Boulevard Haussmann, Revamped menswear department
                                        • A new emphasis on beauty for Le Bon Marché
                                          • Le Bon Marché new footwear and homeware departments
                                            • A Burberry Christmas at La Rinascente
                                            • France

                                              • Overview
                                                • What you need to know
                                                  • Areas covered in this report
                                                    • Executive summary
                                                      • The market
                                                        • Spending and inflation
                                                          • Department stores’ share of clothing and beauty markets
                                                            • Figure 18: France: Estimated retail distribution of spending on clothing, 2014
                                                            • Figure 19: France: Estimated retail distribution of spending on beauty and personal care goods, 2014
                                                          • Sector size and forecast
                                                            • Leading players
                                                              • Key metrics
                                                                • Market shares
                                                                  • Figure 20: France: Department stores’ share of mixed goods retailers’ sales, 2012 and 2015
                                                                • Online
                                                                  • The consumer
                                                                    • Where they shop
                                                                      • Satisfaction levels
                                                                        • Figure 21: France: Department stores used most often, satisfaction with various criteria, March 2016
                                                                      • What we think
                                                                        • Issues and insights
                                                                          • Struggling provincial stores
                                                                            • The facts
                                                                              • The implications
                                                                                • Need to invest in online operations
                                                                                  • The facts
                                                                                    • The implications
                                                                                      • The market – What you need to know
                                                                                        • Consumer spend held back by high unemployment
                                                                                          • Department store sector sales remarkably resilient
                                                                                            • Department stores’ share of clothing and beauty markets
                                                                                              • Spending
                                                                                                • Figure 22: France: Spending on key department store product markets, (incl. VAT), at current prices, 2010-15
                                                                                              • Department stores’ share of clothing and beauty markets
                                                                                                • Clothing
                                                                                                  • Sector size and forecast
                                                                                                    • Department store sector size
                                                                                                      • Figure 23: France: Department stores, estimates sector sales (excl VAT), 2011-15
                                                                                                    • Mixed goods retailers sector
                                                                                                      • Figure 24: France: Mixed goods retailers’ sales (excl. VAT), 2010-15
                                                                                                      • Figure 25: France: Mixed goods retailers’ sales forecasts (excl. VAT), 2015-20
                                                                                                    • Leading players – What you need to know
                                                                                                      • A third consecutive year of falling sales for Galeries Lafayette
                                                                                                        • Ramping up flagship store investment
                                                                                                          • Market share gains in 2014 drop off in 2015
                                                                                                            • Leading players
                                                                                                              • Galeries Lafayette’s performance deteriorates
                                                                                                                • Multi-million euro flagship store makeovers
                                                                                                                  • Figure 26: France: Leading department stores retailers’ sales, 2011-15
                                                                                                                  • Figure 27: France: Leading department store retailers, store numbers, 2011-15
                                                                                                                  • Figure 28: France: Leading department store retailers’ annual sales per outlet, 2011-15
                                                                                                                • Market shares
                                                                                                                  • Gains made in 2014 lost in 2015
                                                                                                                    • Figure 29: France: Leading department store retailers’ shares of mixed goods retailers’ sales, 2012-15
                                                                                                                  • Online
                                                                                                                    • Online activity
                                                                                                                      • Leading online players
                                                                                                                        • The consumer – What you need to know
                                                                                                                          • Low usage of department stores
                                                                                                                            • Customer profile is young and affluent
                                                                                                                              • Online offer needs to be improved
                                                                                                                                • Where they shop
                                                                                                                                  • Figure 30: France: Department stores visited, in-store or online, March 2016
                                                                                                                                  • Figure 31: France: Profile of department store shoppers, March 2016
                                                                                                                                • Satisfaction levels
                                                                                                                                    • Figure 32: France: Department store used most often, satisfaction with various criteria, March 2016
                                                                                                                                    • Figure 33: France: Galeries Lafayette and all other stores, satisfaction with various criteria, March 2016
                                                                                                                                  • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                    • Abbreviations
                                                                                                                                      • Data sources
                                                                                                                                      • Germany

                                                                                                                                        • Overview
                                                                                                                                          • What you need to know
                                                                                                                                            • Areas covered in this report
                                                                                                                                              • Executive summary
                                                                                                                                                • The market
                                                                                                                                                  • Spending and inflation
                                                                                                                                                    • Department stores’ share of clothing and beauty markets
                                                                                                                                                      • Figure 34: Germany: Estimated distribution of consumer spending on clothing and footwear by value in % terms, 2014
                                                                                                                                                    • Sector size and forecast
                                                                                                                                                      • Leading players
                                                                                                                                                        • Key metrics
                                                                                                                                                          • Market shares
                                                                                                                                                            • Figure 35: Germany: Estimated shares of mixed goods retailers’ sales by value, 2015
                                                                                                                                                          • Online
                                                                                                                                                            • The consumer
                                                                                                                                                              • Where they shop
                                                                                                                                                                • Figure 36: Germany: The consumer: Department stores visited in the past six months, whether in-store or online, March 2016
                                                                                                                                                              • Satisfaction levels
                                                                                                                                                                • Figure 37: Germany: The consumer: Attitudes to department stores, March 2016
                                                                                                                                                              • What we think
                                                                                                                                                                • Issues and insights
                                                                                                                                                                  • Innovation needs to accelerate on core product areas
                                                                                                                                                                    • The facts
                                                                                                                                                                      • The implications
                                                                                                                                                                        • Falling behind on online versus in-store service
                                                                                                                                                                          • The facts
                                                                                                                                                                            • The implications
                                                                                                                                                                              • The market – What you need to know
                                                                                                                                                                                • Consumer spending provides more buoyant background
                                                                                                                                                                                  • Department stores under competitive pressure
                                                                                                                                                                                    • Sector contracts again in 2015
                                                                                                                                                                                      • Spending
                                                                                                                                                                                        • Figure 38: Germany: Spending on key department store product markets, (incl. VAT), at current prices, 2010-15
                                                                                                                                                                                      • Department stores’ share of clothing & beauty markets
                                                                                                                                                                                        • Mixed goods retailers the fourth largest channel for clothing
                                                                                                                                                                                          • Figure 39: Germany: Estimated distribution of consumer spending on clothing and footwear by value in % terms, 2014
                                                                                                                                                                                        • Pressure from low price and online retailers
                                                                                                                                                                                          • Mixed goods retailers’ share of the beauty market
                                                                                                                                                                                            • Figure 40: Germany: Estimated channels of distribution for personal care products (excluding services), 2013-15
                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                            • Department store sector size
                                                                                                                                                                                              • Figure 41: Germany: Department store sector, estimated sales (excl. VAT), 2012-15
                                                                                                                                                                                            • Mixed goods sector continues relative decline
                                                                                                                                                                                              • Figure 42: Germany: Mixed goods retailers’ sales (excl. VAT), 2010-15
                                                                                                                                                                                              • Figure 43: Germany: Mixed goods retailers’ sales forecasts (excl. VAT), 2015-20
                                                                                                                                                                                            • Leading players – What you need to know
                                                                                                                                                                                              • Market leader Galeria Kaufhof has a new owner
                                                                                                                                                                                                • KaDeWe also sees international investment
                                                                                                                                                                                                  • Midmarket underperforms but upmarket operators fare better
                                                                                                                                                                                                    • Online sales small
                                                                                                                                                                                                      • Leading players
                                                                                                                                                                                                        • Galeria Kaufhof bought by Canada’s Hudson’s Bay Company
                                                                                                                                                                                                          • Midmarket operators miss out on growth in retail sales
                                                                                                                                                                                                            • KaDeWe majority stake goes to Thailand’s Central Group
                                                                                                                                                                                                              • Niche upmarket operators perform better
                                                                                                                                                                                                                • Figure 44: Germany: Leading department stores retailers’ sales, 2012-15
                                                                                                                                                                                                                • Figure 45: Germany: Leading department store retailers, store numbers, 2012-15
                                                                                                                                                                                                                • Figure 46: Germany: Leading department store retailers’ annual sales per outlet, 2012-15
                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                • Karstadt continues to fall behind Galeria Kaufhof
                                                                                                                                                                                                                  • Figure 47: Germany: Leading department store retailers’ shares of mixed goods retailers’ sales, 2012-15
                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                  • Online activity
                                                                                                                                                                                                                    • Big department stores lag in online development
                                                                                                                                                                                                                      • The consumer – What you need to know
                                                                                                                                                                                                                        • Galeria Kaufhof a long way ahead
                                                                                                                                                                                                                          • Two main players closely positioned
                                                                                                                                                                                                                            • Customers happier with in-store experience than with online
                                                                                                                                                                                                                              • Where they shop
                                                                                                                                                                                                                                • Galeria Kaufhof remains market leader
                                                                                                                                                                                                                                  • Figure 48: Germany: The consumer: Department stores visited in the past six months, whether in-store or online, March 2016
                                                                                                                                                                                                                                • Customer profiles
                                                                                                                                                                                                                                  • Main players attract affluent visitor base
                                                                                                                                                                                                                                    • Dangers of cannibalisation
                                                                                                                                                                                                                                      • Figure 49: Germany: The consumer: Department stores visited in the past six months, whether in-store or online, average age and affluence, March 2016
                                                                                                                                                                                                                                    • Satisfaction levels
                                                                                                                                                                                                                                      • Changing rooms and staff attitude see highest satisfaction
                                                                                                                                                                                                                                        • Room for improvement in advice, returns and catering
                                                                                                                                                                                                                                          • Lack of strong views on many aspects
                                                                                                                                                                                                                                            • Figure 50: Germany: Department store used most often, satisfaction with various criteria, March 2016
                                                                                                                                                                                                                                          • Attitudes to department stores and where people shop
                                                                                                                                                                                                                                            • Galeria Kaufhof more often ahead on satisfaction
                                                                                                                                                                                                                                              • Figure 51: Germany: Attitudes to department stores and where people shop, March 2016
                                                                                                                                                                                                                                            • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                              • Abbreviations
                                                                                                                                                                                                                                                • Data sources
                                                                                                                                                                                                                                                • Italy

                                                                                                                                                                                                                                                  • Overview
                                                                                                                                                                                                                                                    • What you need to know
                                                                                                                                                                                                                                                      • Areas covered in this report
                                                                                                                                                                                                                                                        • Executive summary
                                                                                                                                                                                                                                                          • The market
                                                                                                                                                                                                                                                            • Spending
                                                                                                                                                                                                                                                              • Department stores’ share of clothing and beauty markets
                                                                                                                                                                                                                                                                • Figure 52: Italy: Estimated retail distribution of spending on clothing inc. VAT, 2014
                                                                                                                                                                                                                                                                • Figure 53: Italy: Estimated retail distribution of spending on beauty and personal care products, inc VAT, 2014
                                                                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                                                                • Leading players
                                                                                                                                                                                                                                                                  • Key metrics
                                                                                                                                                                                                                                                                    • Market shares
                                                                                                                                                                                                                                                                      • Figure 54: Italy: Department stores’ estimated market shares, 2012 and 2015
                                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                                      • The consumer
                                                                                                                                                                                                                                                                        • Where they shop
                                                                                                                                                                                                                                                                          • Figure 55: Italy: The consumer: Department stores visited, either in-store or online in the last six months, March 2016
                                                                                                                                                                                                                                                                        • Satisfaction levels
                                                                                                                                                                                                                                                                          • Figure 56: Italy: Satisfaction levels with department store most regularly used in the last six months, March 2016
                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                          • Issues and insights
                                                                                                                                                                                                                                                                            • Online continues to lag behind
                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                  • Battle for youth
                                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                                                                        • The market – What you need to know
                                                                                                                                                                                                                                                                                          • Consumer spending improves for second consecutive year
                                                                                                                                                                                                                                                                                            • A small share of category spend
                                                                                                                                                                                                                                                                                              • Strong growth in the department store sector
                                                                                                                                                                                                                                                                                                • Time for online
                                                                                                                                                                                                                                                                                                  • Spending
                                                                                                                                                                                                                                                                                                    • Figure 57: Italy: Spending on key department store product markets, (incl. VAT), at current prices, 2011-15
                                                                                                                                                                                                                                                                                                  • Department stores’ share of clothing & beauty markets
                                                                                                                                                                                                                                                                                                    • Clothing
                                                                                                                                                                                                                                                                                                      • Beauty
                                                                                                                                                                                                                                                                                                        • Sector size and forecast
                                                                                                                                                                                                                                                                                                          • Department store sector size
                                                                                                                                                                                                                                                                                                            • Figure 58: Italy: Department store sector estimated sales (excl. VAT), 2011-15
                                                                                                                                                                                                                                                                                                          • Mixed goods retailers sector
                                                                                                                                                                                                                                                                                                            • Figure 59: Italy: Mixed goods retailers’ sales (excl. VAT), 2010-15
                                                                                                                                                                                                                                                                                                            • Figure 60: Italy: Mixed goods retailers’ sales forecasts (excl. VAT), 2015-20
                                                                                                                                                                                                                                                                                                          • Leading players – What you need to know
                                                                                                                                                                                                                                                                                                            • La Rinascente continues to outperform
                                                                                                                                                                                                                                                                                                              • Coin sales stagnate
                                                                                                                                                                                                                                                                                                                • Department stores lag in e-commerce development
                                                                                                                                                                                                                                                                                                                  • Leading players
                                                                                                                                                                                                                                                                                                                    • La Rinascente extends its lead over Coin
                                                                                                                                                                                                                                                                                                                      • Figure 61: Italy: Leading department stores’ estimated net revenues, 2011-15
                                                                                                                                                                                                                                                                                                                      • Figure 62: Italy: Leading department store retailers’ store numbers, 2011-15
                                                                                                                                                                                                                                                                                                                      • Figure 63: Italy: Leading department store retailers’ annual sales per outlet, 2011-15
                                                                                                                                                                                                                                                                                                                    • Market shares
                                                                                                                                                                                                                                                                                                                      • La Rinascente continues to grow its market share
                                                                                                                                                                                                                                                                                                                        • Figure 64: Italy: Leading department store retailers’ shares of Department stores’ sales, 2012-15
                                                                                                                                                                                                                                                                                                                        • Figure 65: Italy: Leading department store retailers’ shares of Mixed goods retailers’ sales, 2012-15
                                                                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                                                                        • Online activity
                                                                                                                                                                                                                                                                                                                          • Leading online players
                                                                                                                                                                                                                                                                                                                            • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                              • Higher store count makes Coin the most popular
                                                                                                                                                                                                                                                                                                                                • Italian department stores excel on staff attitude and product availability
                                                                                                                                                                                                                                                                                                                                  • La Rinascente leads on customer satisfaction
                                                                                                                                                                                                                                                                                                                                    • Where they shop
                                                                                                                                                                                                                                                                                                                                      • Coin the most popular department store
                                                                                                                                                                                                                                                                                                                                        • Figure 66: Italy: The consumer: Department stores visited, either in-store or online in the last six months, March 2016
                                                                                                                                                                                                                                                                                                                                      • La Rinascente appeals to a younger customer
                                                                                                                                                                                                                                                                                                                                        • Figure 67: Italy: Age breakdown of consumers that have visited La Rinascente or Coin store in the past six months, March 2016
                                                                                                                                                                                                                                                                                                                                      • Satisfaction levels
                                                                                                                                                                                                                                                                                                                                        • Staff attitude and size availability provoke highest satisfaction
                                                                                                                                                                                                                                                                                                                                          • Value for money generates the strongest level of dissatisfaction
                                                                                                                                                                                                                                                                                                                                            • Lack of commitment to online
                                                                                                                                                                                                                                                                                                                                              • Figure 68: Italy: Department store visited most often, satisfaction with various criteria, March 2016
                                                                                                                                                                                                                                                                                                                                            • Appealing to the young
                                                                                                                                                                                                                                                                                                                                                • Figure 69: Italy: Satisfaction with department stores, by age and affluence, March 2016
                                                                                                                                                                                                                                                                                                                                              • La Rinascente generates higher levels of satisfaction
                                                                                                                                                                                                                                                                                                                                                • Figure 70: Italy: Satisfaction levels with department store most regularly used in the last six months, percentage point deviation from the average, March 2016
                                                                                                                                                                                                                                                                                                                                              • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                • Abbreviations
                                                                                                                                                                                                                                                                                                                                                  • Data sources
                                                                                                                                                                                                                                                                                                                                                  • Spain

                                                                                                                                                                                                                                                                                                                                                    • Overview
                                                                                                                                                                                                                                                                                                                                                      • What you need to know
                                                                                                                                                                                                                                                                                                                                                        • Areas covered in this report
                                                                                                                                                                                                                                                                                                                                                          • Executive summary
                                                                                                                                                                                                                                                                                                                                                            • The market
                                                                                                                                                                                                                                                                                                                                                              • Spending
                                                                                                                                                                                                                                                                                                                                                                • Department stores’ share of clothing and beauty markets
                                                                                                                                                                                                                                                                                                                                                                  • Figure 71: Spain: Estimated retail distribution of spending on clothing, 2014
                                                                                                                                                                                                                                                                                                                                                                  • Figure 72: Spain: Estimated retail distribution of spending on beauty and personal care products, inc VAT, 2014
                                                                                                                                                                                                                                                                                                                                                                • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                  • Leading players
                                                                                                                                                                                                                                                                                                                                                                    • Key metrics
                                                                                                                                                                                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                                                                                                                                                                                        • Figure 73: Spain: El Corte Inglés’s share of mixed goods retailers’ sales, 2012 and 2015
                                                                                                                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                                                                                                                        • The consumer
                                                                                                                                                                                                                                                                                                                                                                          • Where they shop
                                                                                                                                                                                                                                                                                                                                                                            • Satisfaction levels
                                                                                                                                                                                                                                                                                                                                                                              • Figure 74: Spain: Satisfaction levels with department store most regularly used in the last six months, March 2016
                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                              • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                • El Corte Inglés on the road to recovery
                                                                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                                                                      • Attracting a younger market
                                                                                                                                                                                                                                                                                                                                                                                        • The facts
                                                                                                                                                                                                                                                                                                                                                                                          • The implications
                                                                                                                                                                                                                                                                                                                                                                                            • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                              • Spending turns a corner with smaller ticket categories leading the way
                                                                                                                                                                                                                                                                                                                                                                                                • ECI is second largest fashion group in Spain
                                                                                                                                                                                                                                                                                                                                                                                                  • A sector with just one retailer
                                                                                                                                                                                                                                                                                                                                                                                                    • Spending
                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 75: Spain: Spending on key department store product markets, (incl. VAT), at current prices, 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                    • Department stores’ share of clothing & beauty markets
                                                                                                                                                                                                                                                                                                                                                                                                      • Clothing
                                                                                                                                                                                                                                                                                                                                                                                                        • Beauty
                                                                                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                            • Department store sector size
                                                                                                                                                                                                                                                                                                                                                                                                              • Mixed goods retailers sector
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 76: Spain: Mixed goods retailers’ sales (excl. VAT), 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 77: Spain: Mixed goods retailers’ sales forecasts (excl. VAT), 2015-20
                                                                                                                                                                                                                                                                                                                                                                                                              • Leading players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                • A sector with only one retailer
                                                                                                                                                                                                                                                                                                                                                                                                                  • Improvement in performance expected to continue
                                                                                                                                                                                                                                                                                                                                                                                                                    • Good potential online for department store product categories
                                                                                                                                                                                                                                                                                                                                                                                                                      • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                        • ECI back on an even keel
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 78: Spain: Leading department stores retailers’ net revenues, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 79: Spain: Leading department store retailers’ store numbers, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 80: Spain: Leading department store retailers’ annual sales per outlet, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                        • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                          • Gaining share of the mixed goods category
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 81: Spain: El Corte Inglés’s share of mixed goods retailers’ sales, 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                                                                            • Online activity
                                                                                                                                                                                                                                                                                                                                                                                                                              • Leading online players
                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 82: Spain: The consumer: Type of store bought from in the last six months, February 2015
                                                                                                                                                                                                                                                                                                                                                                                                                              • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                • El Corte Inglés stands alone
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Satisfaction with elements of department store service
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Satisfaction with elements of service by demographics
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                        • The one and only El Corte Inglés
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 83: Spain: The consumer: Department stores visited, either in-store or online in the last six months, March 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                        • ECI customer profile
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 84: Spain: The consumer: Profile of respondents that had visited El Corte Inglés in the last six months, March 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Satisfaction levels
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Customers satisfied with offer in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Some dissatisfaction with pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 85: Spain: Department store used most often, satisfaction with various criteria, March 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Satisfaction levels by retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 86: Spain: Satisfaction levels with El Corte Inglés, March 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Satisfaction levels by demographics
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 87: Spain: Customer profile, satisfaction with elements of department store retailing, March 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK

                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Areas covered in this Report
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Growth slows in 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 88: Best and worst case forecast for department stores sales, 2010-20
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumer background unhelpful
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Companies, brands and innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • John Lewis leading the sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • M&S bringing up the rear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 89: Top department stores’ market shares, 2014 and 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • John Lewis vs M&S
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The future of all department stores rests on integrating their online and in-store operations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 90: Online share of leading department stores sales, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Space allocation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 91: Department stores: Summary space allocation, March 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 92: Leading department stores: Estimated share of sales by broad product category, 2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 93: Attitudes towards and usage of selected brands, November and December 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • M&S drops in popularity among women
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 94: Department stores purchased from in the last six months, whether in-store or online, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • John Lewis gets high scores for delivery and returns
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 95: Department stores purchased from in the last six months, in-store or online, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Customers happy with quality, but scope for improvement in availability of sizes and fashionable clothing ranges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 96: Satisfaction with last purchase from a department store, by different factors, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • M&S no longer seen as value for money
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 97: Overall satisfaction with last department store shopped at, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What would encourage shoppers to spend more?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 98: What would encourage consumers to shop more at a department store, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Is it worth paying extra for anything?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 99: Willingness to pay extra for specific delivery options when shopping online at department stores, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Interest in innovations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 100: Interest in innovations when shopping at department stores, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • How have department stores performed over the last year?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What are the main growth opportunities for department stores?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • How are department stores competing in a multichannel world?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Department store sales £15.4 billion, with modest growth expected.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Most product sectors performing well
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Ageing population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer confidence holding up well
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Tourism boost
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Definitions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Growth slows in 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 101: Department stores: Sector sales, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 102: Best and worst case forecast for department stores sales, 2010-20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Forecast – The data and methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 103: Department store sales in current and constant prices, 2010-20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 104: Consumer spending on key department store categories, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Aging population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 105: Trends in the age structure of the UK population, 2010-20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Consumers remain cautious, but high earners prosper
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Leisure activities prioritised over retail spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Visitors to the UK on the rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 106: Overseas residents’ visits to the UK, by area of residence, 2014 and 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key players – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Creating exciting places to shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Fortnum & Mason the top performer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • M&S bringing up the rear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • John Lewis vs M&S
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The future of all department stores rests on integrating their online and in-store operations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Space allocation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Launch activity and innovations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • John Lewis invests £35 million in new Birmingham store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 107: John Lewis’ new store in Grand Central, Birmingham
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New ‘department-less’ concept
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Selfridges launches Body Studio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 108: Selfridges’ new Body Studio department, April 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Harrods dedicates October to menswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Harvey Nichols’ beauty launches
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Department stores expand dining experiences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • New boutique department store for Sheffield
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Advertising and marketing activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Leading department stores cut back on advertising spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Leading department stores’ advertising spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 109: Recorded above-the-line, online display and direct mail total advertising expenditure by the leading department stores, 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Television is now the favoured media type
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 110: Recorded above-the-line, online display and direct mail total advertising expenditure by the leading department stores, by media type, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Campaign highlights in 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • A note on adspend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leading specialist retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • High-end department stores suffer slowdown
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 111: Annual segment growth: Mid-market versus high-end, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 112: Major retailers’ annual sales growth (some estimated) versus average segment growth, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Leading retailers by sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 113: Leading department stores: Net revenues, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consolidated sales versus gross transactional values
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Store numbers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 114: Leading department stores: Outlet numbers, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sales per store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 115: Leading department stores: Annual sales per outlet, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Total sales area
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 116: Leading department stores: Total sales area, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sales densities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 117: Leading department stores: Annual sales per sq m, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Operating profits and margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 118: Leading department stores: Operating profits, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 119: Leading department stores: Operating margins, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • John Lewis leading the sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • M&S bringing up the rear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 120: Top department stores’ market shares, 2014 and 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • John Lewis vs M&S
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • House of Fraser strong recovery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 121: Leading department stores’ market shares, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Leading retailers’ online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 122: Leading department stores, estimated online sales, 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 123: Online share of leading department stores sales, 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 124: Department store sales, 2012-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Click-and-collect
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Space allocation summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 125: Department stores: Summary space allocation, March 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Detailed space allocation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • House of Fraser refurbished beauty halls
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Debenhams introduces more third-party clothing concessions and eateries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Selfridges welcomes The Conran Shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • John Lewis’ in-store home hub
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Food occupies a quarter of M&S in-store space
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 126: Department stores: Detailed space allocation, March 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 127: Estimated space allocation of broad department stores product categories, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 128: Leading department stores: Estimated sales by broad product category, 2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 129: Leading department stores: Estimated share of sales by broad product category, 2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 130: Leading department stores: Estimated sales density by broad product category, 2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 131: Attitudes towards and usage of selected brands, November and December 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 132: Key metrics for selected brands, November and December 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand attitudes: Marks & Spencer is highly trusted
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 133: Attitudes, by brand, November and December 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand personality: Harrods boasts the most exclusive image
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 134: Brand personality – Macro image, November and December 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand personality: Selfridges seen as cutting-edge, yet expensive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 135: Brand personality – Micro image, November and December 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • John Lewis is highly regarded by consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 136: User profile of John Lewis, November 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Harrods the most differentiated department store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 137: User profile of Harrods, December 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Selfridges is a fun brand, but could do with customer service improvements
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 138: User profile of Selfridges, December 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Marks & Spencer enjoys a position of strength
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 139: User profile of Marks & Spencer, November 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • House of Fraser’s online service is an area of strength
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 140: User profile of House of Fraser, December 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Debenhams associated with accessibility, but store experience is lacking
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 141: User profile of Debenhams, November 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • M&S drops in popularity among women
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • John Lewis gets high scores for delivery and returns
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • M&S no longer seen as value for money
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Own-brands are main draw
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Creating a leisure and retail destination
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Most demand for same-day delivery charges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Millennials most drawn to innovations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • M&S drops in popularity among women
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 142: Department stores purchased from in the last six months, whether in-store or online, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 143: Department stores purchased from in the last six months, whether in-store or online, February 2015 and 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • John Lewis remains most popular online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 144: Department stores purchased from in the last six months, in-store or online, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Debenhams draws more young women
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Where consumers browse
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 145: Department stores where consumers have browsed in the last six months, either in-store or online, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Satisfaction with department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Customers happy with quality, but scope for improvement in availability of sizes and fashionable clothing ranges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 146: Satisfaction with last purchase from a department store, by different factors, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key driver analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 147: Key drivers of overall satisfaction with department store last shopped at, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 148: Overall satisfaction with department store last shopped at – Key driver output, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • How the department stores compare
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 149: Overall satisfaction with last department store shopped at, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • How they perform on pricing and quality
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 150: Satisfaction with value for money, by department store last shopped at, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 151: Satisfaction with product quality, by department store last shopped at, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 152: Satisfaction with promotions/offers, by department store last shopped at, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • How retailers score on fashionability and new product launches
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 153: Satisfaction with fashionable clothing range, by department store last shopped at, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 154: Satisfaction with new product launches, by department store last shopped at, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 155: Satisfaction with new product launches, by department store last shopped at, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Delivery, returns and click-and-collect
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 156: Satisfaction with delivery services, by department store last shopped at, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 157: Satisfaction with returns process, by department store last shopped at, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 158: Satisfaction with click-and-collect, by department store last shopped at, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What would encourage more shopping at department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Own-brands are main draw
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 159: What would encourage consumers to shop more at a department store, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Creating a leisure and retail destination
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Willingness to pay extra for delivery options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Most demand for same-day delivery charges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 160: Willingness to pay extra for specific delivery options when shopping online at department stores, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Unwillingness to pay for click-and-collect
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Interest in innovations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Millennials most drawn to innovations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 161: Interest in innovations when shopping at department stores, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • A third of under-25s drawn to visual search apps
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sector benchmarks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Mixed goods retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Statutory revenues versus GTV
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Financial definitions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sales per store, sales per sq m
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key driver analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Interpretation of results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 162: Overall satisfaction with last department store shopped at – Key driver output, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 163: Satisfaction with department store shopped at last, February 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Coin

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Expanding the Coin Excelsior format
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Trouble for Excelsior Verona
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Expanding its appeal to the young
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Making progress with multichannel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 164: Coin: Group estimated sales performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 165: Coin: Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Debenhams

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Bolstered multichannel capabilities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • First price right price strategy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Reduction in stock levels across weather-sensitive categories, particularly clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Renting out under-used shop space
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Enhanced customer service programme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Injecting fresh talent into its Designers at Debenhams and other own brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Partners’ local market expertise driving international expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 166: Debenhams: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 167: Debenhams: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • 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 168: El Corte Inglés (Department Stores): Group financial performance, 2010/11-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 169: El Corte Inglés (Department Stores): Outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Fenwick

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Shutters e-commerce site
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Store investment attracting new brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • More store events
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Early house beauty service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 170: Fenwick Ltd: Group financial performance, 2010/11-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 171: Fenwick Ltd: Outlet data, 2010/11-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Galeria Kaufhof (Hudson’s Bay Company)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New hope under HBC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Keeping existing management in place
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • HBC ownership will give it more negotiating power and investment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Focus on beauty, shoes and handbags
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Major investment to include revamps of ten key store locations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online expansion and development needs to accelerate further
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Introducing the Saks OFF 5th outlet format
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Competition from fellow department store Karstadt remains weak
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 172: Galeria Kaufhof: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 173: Galeria Kaufhof: Outlet data, 2009/10-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Galeries Lafayette

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Investing for the future
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Revamping Haussmann store after 15 years
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Shuts stores but French regional profitability remains a problem
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • France still offers opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online still small and targets remain modest
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Revamping own label could have dual benefits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Overseas store plans ambitious but upside limited by franchise model
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 174: Galeries Lafayette (Group): Group sales performance, 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 175: Galeries Lafayette: Outlet data, 2010-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Harrods

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Influential MD stepping down
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New Chinese visitor visa law boost
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Reaching out to affluent consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New Mini Superbrands concept
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 176: Harrods Ltd: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 177: Harrods Ltd: Outlet data, 2010/11-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Harvey Nichols UK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Expanding online delivery coverage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • A differentiated and compelling store proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Loyalty card app
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 178: Harvey Nichols UK: Group financial performance, 2010/11-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 179: Harvey Nichols UK: Outlet data, 2010/11-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • House of Fraser Plc

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Refurbished stores driving bricks-and-mortar like-for-like sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Multichannel investment boosts online sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Bricks-and-mortar overseas expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Profitable own brand offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 180: House of Fraser Plc: Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 181: House of Fraser Plc: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • John Lewis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Transforming the in-store experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK store expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Risk-averse approach to overseas opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • E-commerce international expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Digital shopping experience driving sales through mobile devices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Fashion credentials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 182: John Lewis Plc (department store): Group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 183: John Lewis Plc (department store): UK outlet data, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Karstadt (Signa Retail)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • “Kaufstadt” tie up finally off the agenda
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Fashion focus on core customer of 45-plus woman
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Shakes up other merchandise areas with new partnerships
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online strategy appears to be languishing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • KaDeWe Group has major investment planned
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 184: Karstadt (Signa retail): Group financial performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 185: Karstadt (Signa Retail): Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • La Rinascente

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Adding an annex
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Lacking an online option
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Appealing to international visitors
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 186: Rinascente (Department Stores): Group sales performance, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 187: Rinascente (Department Stores): Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Le Bon Marché

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Stylish department makeovers helping drive revenue growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • La Grande Epicerie de Paris to launch own-label range of gourmet food
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Exclusive brands and experiences strengthen destination status
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A must-see cultural tourist icon
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • 24 Sèvres helping to attract a younger clientele
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 188: LVMH Selective Retail, financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 189: Le Bon Marché: Estimated sales performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 190: Le Bon Marché: Outlet data, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Marks & Spencer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New chief executive to breathe new life into M&S’ fashion range
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • New beauty ambassador and revamped beauty halls
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • New loyalty scheme launched
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Working on improving the store experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Expanding click-and-collect options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 191: Marks & Spencer: Group financial performance, 2010/11-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 192: Marks & Spencer: Outlet data, 2010/11-2014/15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 193: Marks & Spencer: Store portfolio, September 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Printemps

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Stay-away high-spending tourists and stay-at-home French shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 150th anniversary campaign reinforces Printemps brand image
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The largest menswear store in the world expected to be a big draw
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • M-commerce an opportunity to engage and connect with a younger audience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sunday opening hours negotiation deadlock robs Printemps of additional revenue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 194: Printemps: Estimated group financial performance, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 195: Printemps: Outlet data, 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Selfridges Retail

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 37,000 sq ft Body Studio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Personalised shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Shopping can and should be about more than just price or convenience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Enhanced multichannel capabilities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 196: Selfridges Retail Ltd: Group financial performance, 2010/11-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 197: Selfridges Retail Ltd: Outlet data, 2010/11-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • John Lewis Plc (department store)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Marks & Spencer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Department Stores - Europe - April 2016

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        £2,895.00 (Excl.Tax)