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Retail Review - UK - March 2009

Unprecedented numbers of large retail companies have been affected by administration since the last such report in 2008. And a continuing stream of bad economic and employment news means that the bottom of the financial downturn has yet to be reached.

More company failures are anticipated in 2009, but deteriorating market conditions provide opportunities for new entrants. The key factors being availability of good sites, falling occupancy costs, weak competition and a weak Sterling that is making the UK attractive to foreign investors.

There is certainly life out there in retail to counter the view that bricks and mortar retailing may never recover from this recession. In the same week as Woolworths went into administration and MFI called in administrators for the second time, Swedish homewares and hardware retailer Clas Ohlson opened its first store in the UK.

Nor is Clas Ohlson the only Scandinavian invader to enter the UK market in 2008; Danish furniture retailer JYSK has ambitious plans to create a serious challenge to IKEA. And it is not just the Scandinavians that are enthusiastic about the UK retail market, as 2008 saw a number of first-time launches into the UK by European and US retailers, many opening in London’s long-awaited Westfield mega-mall.

Key themes

  • What effects have recent company performances had on trading prospects in the continuing recession?

  • How are competitor weakness and company failures creating opportunities to exploit trading advantages, both within and between retail categories?

  • How is consumers’ assessment of their spending priorities affecting retail business?

  • What impact is innovation having, and what is its influence on competitive prospects?

  • What opportunities are there for businesses with momentum to develop formats and channels, especially online?

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Table of contents

  1. Issues in the Market

      • Key themes
        • Abbreviations
        • Future Opportunities

          • Trading Up, Trading Down, Trading Over
            • Retail Comes Alive
            • Market in Brief

              • Retail in the front line of recession
                • Survivors to benefit
                  • More failures likely in 2009
                    • Consumers dumping debt and spending less on their homes in the recession
                      • Younger people continuing to spend
                        • Working families under pressure
                          • Older affluent consumers well placed to ride out the recession
                            • Retail trends in 2009
                              • It’s not all about discounting
                                • It’s not all about market share
                                  • Diversify to generate new business
                                    • Better integration of online and store
                                      • Reduce, reconfigure, share; reappraisal of space use
                                        • Invest in service
                                          • Research more
                                            • Ideas and interest from abroad
                                            • Market in Context

                                              • Household finances showing signs of pressure
                                                • 2008 figures yet to show impact of recession
                                                  • Figure 1: Retail sales, annual change by value and volume, not seasonally adjusted, 2006-07 and 2007-08
                                                • Worst Christmas in living memory
                                                  • Figure 2: December retail sales, annual change by value and volume, not seasonally adjusted, 2006-07 and 2007-08
                                                • VAT rate cut had minimal impact
                                                  • Withdrawal of credit insurance sent several retailers into administration
                                                    • Worst is yet to come
                                                      • Rising unemployment to depress retail demand in 2009
                                                        • Retail unemployment rising
                                                          • Figure 3: Retail companies announcing redundancies, 2008/09
                                                        • Business rate increases about to hit
                                                          • Devaluation of Sterling to trigger upward price pressure
                                                            • Opportunities in the downturn
                                                              • Administrations create sales opportunities for survivors
                                                                • Figure 4: Major companies entering administration, by annual sales, 2008-09
                                                              • Abusing pre-pack administrations?
                                                                • Retail companies announcing recruitment
                                                                  • Falling rents ease cost pressures
                                                                    • More landlords accepting monthly rent payments
                                                                      • Oscars of 2007/08 point to likely winners in 2008/09
                                                                        • Fastest growing companies
                                                                            • Figure 5: Top ten retailers, by sales growth, 2006/07-2007/08
                                                                          • Lost sales in 2007/08
                                                                            • Figure 6: Bottom ten retailers, by sales decrease, 2006/07-2007/08
                                                                          • Biggest businesses gaining share
                                                                            • Figure 7: Top ten UK retail groups by sales, 2006/07-2007/08
                                                                          • Biggest growth in operating profits
                                                                            • Figure 8: Top ten retailers, by operating profits, 2006/07-2007/08
                                                                          • Highest net operating margin
                                                                            • Figure 9: Top ten retailers, by net margin, 2006/07-2007/08
                                                                          • Making acquisitions pay
                                                                            • Food outlet numbers driven by convenience
                                                                              • Figure 10: Most outlets opened, 2006/07-2007/08
                                                                          • Food and Drink Retailing

                                                                            • Delivering better value in an increasingly hostile market
                                                                              • Sector structure, trends and issues
                                                                                • Key indicators
                                                                                  • High food inflation in 2008 masks slowing volume
                                                                                    • Further consolidation as major companies tighten their grip
                                                                                      • Competition Commission enquiry calls for action on competition and supplier relationships
                                                                                        • Retailers squeezing suppliers ever harder
                                                                                          • Discounters see the recession as an opportunity
                                                                                            • Major grocers retailers fighting back on price and product
                                                                                              • Greater emphasis on ideas will shift focus from purely price-led thinking
                                                                                                • Asda, Morrisons and Ocado expect non-food to provide growth…
                                                                                                  • …but Tesco sees huge potential in financial services
                                                                                                    • Who’s innovating?
                                                                                                      • Speciality retailer looking to innovate
                                                                                                        • Waitrose getting closer to foodies
                                                                                                          • Give us our daily deal
                                                                                                            • Deals and developments
                                                                                                              • Another fascia to go
                                                                                                                • Oddbins back in British ownership
                                                                                                                  • Holland & Barrett capitalises on Baugur’s problems
                                                                                                                    • Greggs gives up on Bakers Oven
                                                                                                                      • Private equity group rescues Whittard of Chelsea
                                                                                                                        • Majestic Wine builds on fine wines
                                                                                                                          • Emerging multiples and ‘ones to watch’
                                                                                                                            • Spar multiple pushing on
                                                                                                                              • Park & Shop extending its reach
                                                                                                                                • Rhythm & Booze prospers in recession
                                                                                                                                  • Abel & Cole fighting on price
                                                                                                                                    • Wither organics specialists?
                                                                                                                                      • South East expansion for Bill’s Produce Store
                                                                                                                                        • Ethicalsuperstore.com focuses on values
                                                                                                                                          • M&S Simply Food and BP expansion continues
                                                                                                                                            • Headline sales growth strong
                                                                                                                                              • 2007/08 out turn generally good but food inflation high
                                                                                                                                                • Relatively few negative trends
                                                                                                                                                  • Figure 11: Food and drink retailers sales growth, top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                • Good Christmas for food retailers
                                                                                                                                                    • Figure 12: Food and drink retailers headline sales, at interim stage and Christmas trading, 2008/09
                                                                                                                                                  • 2008/09 profits weaker at Waitrose
                                                                                                                                                    • Profits growth as margins maintained
                                                                                                                                                      • Inflation helping to lift profits?
                                                                                                                                                        • Recovery phase companies deliver strong profits growth
                                                                                                                                                          • Figure 13: Food and drink retailers oprating profit growth, top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                        • Health food retailer has healthiest margins
                                                                                                                                                          • Figure 14: Food an drink retailers net operating margin: top five gainers and trailing 2006/07-2007/08
                                                                                                                                                        • Future opportunities
                                                                                                                                                          • Recession a big test for organics, ethics and greener retailing
                                                                                                                                                            • More in-store technology
                                                                                                                                                              • Online sales growing
                                                                                                                                                                • Retailers and investors have to get used to trading down
                                                                                                                                                                • Clothing and Footwear Retailing

                                                                                                                                                                  • Recession exposing under performing companies
                                                                                                                                                                    • Sector structure, trends and issues
                                                                                                                                                                      • Key indicators:
                                                                                                                                                                        • Redistribution of sales
                                                                                                                                                                          • Consumer attitudes
                                                                                                                                                                            • Supermarkets got grand designs on clothing sales
                                                                                                                                                                              • Trading up, trading down
                                                                                                                                                                                • Diversify to drive up sales densities
                                                                                                                                                                                  • Maintaining relevance through segmentation
                                                                                                                                                                                    • Driving additional sales through online
                                                                                                                                                                                      • Catalogue retailers also converting more shoppers to online
                                                                                                                                                                                        • Concessions versus stores
                                                                                                                                                                                          • Footwear specialists flat-footed
                                                                                                                                                                                            • Raising customer service standards to increase sales
                                                                                                                                                                                              • Size segmentation versus inclusiveness
                                                                                                                                                                                                • Rising costs a major issue
                                                                                                                                                                                                  • Production standards under scrutiny
                                                                                                                                                                                                    • Who’s innovating?
                                                                                                                                                                                                      • Dressing up discounting – it’s not all about price
                                                                                                                                                                                                        • Segmentation strategies maintain vitality
                                                                                                                                                                                                          • New concept – Best foot forward
                                                                                                                                                                                                            • Deals and developments
                                                                                                                                                                                                              • Numerous company failures as liquidity dries up
                                                                                                                                                                                                                • Figure 15: Clothing and footwear retailers entering administration, 2008/09
                                                                                                                                                                                                              • Mosaic Fashions emerges from administration as Aurora Fashions
                                                                                                                                                                                                                • Dune Footwear takes on The Shoe Studio
                                                                                                                                                                                                                  • But no taker for Principles stores
                                                                                                                                                                                                                    • Major companies looking to trim headcounts
                                                                                                                                                                                                                      • And then there were two…
                                                                                                                                                                                                                        • Freemans Grattan about to make major changes
                                                                                                                                                                                                                          • Bhs to be subsumed into Arcadia Group
                                                                                                                                                                                                                            • Key acquisitions:
                                                                                                                                                                                                                              • Emerging multiples and ‘ones to watch’
                                                                                                                                                                                                                                • Gearing up for further growth
                                                                                                                                                                                                                                  • Just in from abroad
                                                                                                                                                                                                                                    • Westfield London provides UK debut for international retailers
                                                                                                                                                                                                                                      • Looking to launch in 2009/10
                                                                                                                                                                                                                                        • ASOS leading online
                                                                                                                                                                                                                                          • Also taking off online
                                                                                                                                                                                                                                            • Private sales sites attracting attention…
                                                                                                                                                                                                                                              • …but one early exponent moving on
                                                                                                                                                                                                                                                • Ethical options
                                                                                                                                                                                                                                                  • Sales trends
                                                                                                                                                                                                                                                    • Volatility in trends
                                                                                                                                                                                                                                                      • Online specialists and niche businesses shone
                                                                                                                                                                                                                                                        • Major businesses expanding
                                                                                                                                                                                                                                                          • Half of those losing sales did so by more than 5%
                                                                                                                                                                                                                                                            • Figure 16: Clothing and footwear retailers sales growth, top five gainers and losers, 2006/07-2007/08
                                                                                                                                                                                                                                                          • Primark continues to outperform the category
                                                                                                                                                                                                                                                            • Young fashion companies yet to be hit by the downturn
                                                                                                                                                                                                                                                              • Figure 17: Clothing and footwear retailers headline sales, at interim stage and Christmas trading, 2008/09
                                                                                                                                                                                                                                                            • Profit and margin trends
                                                                                                                                                                                                                                                              • Strong profits growth for over 30 companies
                                                                                                                                                                                                                                                                • Strong sales growth not matched by profits growth as costs rise too fast
                                                                                                                                                                                                                                                                  • Nearly half of companies had lower profits in 2007/08
                                                                                                                                                                                                                                                                    • Figure 18: Clothing and footwear retailers operating profit growth, top five gainers and losers 2006/07-2007/08
                                                                                                                                                                                                                                                                  • Double-digit earners have room for manoeuvre
                                                                                                                                                                                                                                                                    • Low margin businesses a cause for concern
                                                                                                                                                                                                                                                                      • Figure 19: Clothing and footwear retailers, net operating margin, top five gainers and losers, 2006/07-2007/08
                                                                                                                                                                                                                                                                    • Insights and opportunities
                                                                                                                                                                                                                                                                      • Online integration
                                                                                                                                                                                                                                                                        • More use of in-store technology
                                                                                                                                                                                                                                                                        • Department Stores and Mixed Goods Retailing

                                                                                                                                                                                                                                                                          • Under pressure from all sides
                                                                                                                                                                                                                                                                            • Sector structure, trends and issues
                                                                                                                                                                                                                                                                              • Key indicators
                                                                                                                                                                                                                                                                                • Volume up but value down
                                                                                                                                                                                                                                                                                  • What was Woolworths good at?
                                                                                                                                                                                                                                                                                    • Grocers increasing competitive pressure
                                                                                                                                                                                                                                                                                      • Bargain stores driving through the recession
                                                                                                                                                                                                                                                                                        • Not everyone wants to trade down
                                                                                                                                                                                                                                                                                          • Shopping centre development pipeline drying up
                                                                                                                                                                                                                                                                                            • TV shopping benefiting from digital expansion
                                                                                                                                                                                                                                                                                              • Home shopping face PPI checks
                                                                                                                                                                                                                                                                                                • Who’s innovating?
                                                                                                                                                                                                                                                                                                  • Argos wants feedback
                                                                                                                                                                                                                                                                                                    • Bargain shops see a future online as well as in-store
                                                                                                                                                                                                                                                                                                      • Investing to cut shrinkage
                                                                                                                                                                                                                                                                                                        • Deals and developments
                                                                                                                                                                                                                                                                                                          • Woolworths the biggest retail casualty of the recession
                                                                                                                                                                                                                                                                                                            • Figure 20: Department stores and mixed goods retailers entering administration, 2008/09
                                                                                                                                                                                                                                                                                                          • Woolworths’ demise not unexpected
                                                                                                                                                                                                                                                                                                            • Woolworths brand acquired by Shop Direct Group
                                                                                                                                                                                                                                                                                                              • Woolworths lives on in name and through small scale revivals
                                                                                                                                                                                                                                                                                                                • Collapse of Wrapit shows online not immune
                                                                                                                                                                                                                                                                                                                  • Beales and Allders form strategic alliance
                                                                                                                                                                                                                                                                                                                    • Tchibo gives up on concessions and may exit the UK completely
                                                                                                                                                                                                                                                                                                                      • Job losses in response to slower sales
                                                                                                                                                                                                                                                                                                                        • Job creation in response to new opportunities
                                                                                                                                                                                                                                                                                                                          • Emerging multiples and ones to watch
                                                                                                                                                                                                                                                                                                                            • Buy, sell and loan stores flourishing
                                                                                                                                                                                                                                                                                                                              • TK Maxx launches HomeSense into UK
                                                                                                                                                                                                                                                                                                                                • Casino to enter UK as pure-play online discounter
                                                                                                                                                                                                                                                                                                                                  • New ideas in online
                                                                                                                                                                                                                                                                                                                                    • Shops driving growth at Jo Jo Maman Bebe
                                                                                                                                                                                                                                                                                                                                      • National Geographic
                                                                                                                                                                                                                                                                                                                                        • Sales trends
                                                                                                                                                                                                                                                                                                                                          • Category under pressure but strong brands doing well
                                                                                                                                                                                                                                                                                                                                            • Marks & Spencer the significant company
                                                                                                                                                                                                                                                                                                                                              • Discounters showing well
                                                                                                                                                                                                                                                                                                                                                • Top five gainers and trailing
                                                                                                                                                                                                                                                                                                                                                  • Figure 21: Mixed goods retailers sales growth, 2006-08
                                                                                                                                                                                                                                                                                                                                                • Interims show beginnings of the slowdown
                                                                                                                                                                                                                                                                                                                                                  • Christmas trading very mixed
                                                                                                                                                                                                                                                                                                                                                    • Figure 22: Department stores and mixed goods retailers headline sales at interim stage and Christmas trading, 2008/09
                                                                                                                                                                                                                                                                                                                                                  • Debenhams damp 2008/09
                                                                                                                                                                                                                                                                                                                                                    • 2008/09 trading weak for John Lewis and Argos
                                                                                                                                                                                                                                                                                                                                                      • Profit and margin trends
                                                                                                                                                                                                                                                                                                                                                        • Wide variation in performance trends
                                                                                                                                                                                                                                                                                                                                                          • Top five gainers and trailing
                                                                                                                                                                                                                                                                                                                                                            • Figure 23: Mixed goods retailers operating profit growth, 2006-08
                                                                                                                                                                                                                                                                                                                                                          • Department stores continue to make the highest margins
                                                                                                                                                                                                                                                                                                                                                              • Figure 24: Mixed goods retailers net operating margin, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                            • Heading for a fall?
                                                                                                                                                                                                                                                                                                                                                              • Insights and opportunities
                                                                                                                                                                                                                                                                                                                                                                • Sales and margin mix analysis critical to general merchandisers
                                                                                                                                                                                                                                                                                                                                                                  • Promoting quality, design and ideas
                                                                                                                                                                                                                                                                                                                                                                    • Investing in service to improve satisfaction
                                                                                                                                                                                                                                                                                                                                                                      • Integration of online to increase
                                                                                                                                                                                                                                                                                                                                                                      • DIY and Hardware Goods Retailing

                                                                                                                                                                                                                                                                                                                                                                        • Living with a stagnant housing market
                                                                                                                                                                                                                                                                                                                                                                          • Sector structure, trends and issues
                                                                                                                                                                                                                                                                                                                                                                            • Key indicators
                                                                                                                                                                                                                                                                                                                                                                              • Weak volume sales but prices holding up
                                                                                                                                                                                                                                                                                                                                                                                • Non movers not intending to improve
                                                                                                                                                                                                                                                                                                                                                                                  • DIY to swing back into fashion
                                                                                                                                                                                                                                                                                                                                                                                    • DIY not necessarily more attractive than DIFM (Do It For Me)
                                                                                                                                                                                                                                                                                                                                                                                      • Who’s innovating?
                                                                                                                                                                                                                                                                                                                                                                                        • B&Q goes premium
                                                                                                                                                                                                                                                                                                                                                                                          • Leveraging brand trust into services
                                                                                                                                                                                                                                                                                                                                                                                            • Budget brand does it for Focus
                                                                                                                                                                                                                                                                                                                                                                                              • Deals and developments
                                                                                                                                                                                                                                                                                                                                                                                                • B&Q abandons Trade Depot
                                                                                                                                                                                                                                                                                                                                                                                                  • Travis Perkins retail division expanding its tiling operation
                                                                                                                                                                                                                                                                                                                                                                                                    • Into and out of hot water
                                                                                                                                                                                                                                                                                                                                                                                                      • Strategic Retail Group places subsidiaries in administration
                                                                                                                                                                                                                                                                                                                                                                                                        • Job losses among retailers
                                                                                                                                                                                                                                                                                                                                                                                                          • Emerging multiples and ‘ones to watch’
                                                                                                                                                                                                                                                                                                                                                                                                            • Ohlson opens
                                                                                                                                                                                                                                                                                                                                                                                                              • Full Steam ahead
                                                                                                                                                                                                                                                                                                                                                                                                                • Sales trends
                                                                                                                                                                                                                                                                                                                                                                                                                  • 2007/08 topline growth generally good
                                                                                                                                                                                                                                                                                                                                                                                                                    • Smaller companies gaining through expansion
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 25: DIY retailers sales growth, top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                    • Second half of 2008 a disaster for DIY
                                                                                                                                                                                                                                                                                                                                                                                                                      • Wickes’ preliminary full year results equally bad
                                                                                                                                                                                                                                                                                                                                                                                                                        • Kingfisher UK also down
                                                                                                                                                                                                                                                                                                                                                                                                                          • Homebase sales very weak
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 26: DIY and hardware goods retailers, headline sales at interim stage and Christmas trading, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                          • Profit and margin trends
                                                                                                                                                                                                                                                                                                                                                                                                                            • Profits growth rarely exceeded sales growth in 2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 27: DIY retailers operating profit growth, top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                            • Significant pressure on margins already evident in 2007/08 figures
                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 28: DIY retailers net operating margin, top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                            • Insights and opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                              • Major chains need to overcome their reticence about online trading
                                                                                                                                                                                                                                                                                                                                                                                                                                • Taking online back from the know it alls
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Re-igniting the DIY spark
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Furniture and Furnishings Retailing

                                                                                                                                                                                                                                                                                                                                                                                                                                    • Living with weak demand
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sector structure, trends and issues
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Key indicators
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sales value down, volume sales even worse
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Furniture felt the effects of the downturn first and hardest
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Learning to live with lower sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Slash adspend because it doesn’t work
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Downsize and diversify to improve sales densities
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online gaining ground
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Who’s innovating?
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • British manufacturers take lead on advertising product not price
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Carpet colleagues follow
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • New ideas
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Clearance websites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Clearance stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Aggregator e-stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Store-based retailers looking for a share of online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Deals and developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Plenty of bad news
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 29: Table furniture and furnishings retailers entering administration, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • MFI’s failure provides branding lesson
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Majority of MFI store leases surrendered to landlords
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The Range snaps up MFI stock
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Land of Leather also sags into administration
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • World of Sofas emerges from Land of Leather
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Other companies taking remedial action to prop up bottom line
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Smaller is beautiful for Sofa Workshop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Goodbye Rosebys hello Ponden Mill
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Carpetright downsizing and diversifying to drive up sales densities in the downturn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retiring early
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Emerging multiples and ones to watch
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Some smaller companies bucking the trend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • JYSK looking to become market leader
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sales trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • IKEA dominant among the specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strong brands and companies did well in 2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 30: Sales growth, top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sales fell sharply in second half of 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 31: Furniture and furnishings retailers headline sales at interim stage and Christmas trading, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Laura Ashley preliminary results sees profits dip
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Dunelm like-for-like and operating profits slide
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Profit and margin trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Majority achieved good profits growth in 2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Slower sales crippled operating profit performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 32: Operating profits growth, top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • High margin earners under pressure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Low margin earners under threat of failure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 33: Net operating margin, top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Insights and opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Making space work harder
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Design to inspire
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Making more use of technology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Investing in service to ensure satisfaction
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Technology and Electrical Goods Retailing

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The front line of the shops vs online conflict
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sector structure, trends and issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key indicators
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strong volume sales but prices tumbling
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Demand for durables steady
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Multichannel stores fighting back
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • De-space race
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Adding value through service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Technological convergence making retailers look very similar
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Who’s innovating?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Podcasting product information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Breaking rigid replacement cycles
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Multi-brand approach to online by store-based electrical goods retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Deals and developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Collapse of Empire Direct gives hope to store based technology retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Emerging multiples and ‘ones to watch’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Best Buy moving into the UK – but when?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • So what’s different about Best Buy?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • FNAC from France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Scope for a national lighting specialist?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Rent-to-buy specialist Brighthouse bucking the trend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Sales trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online leads the way
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • New stores driving growth through niche specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Signs of major problems at DSGi and Jessops
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Two biggest general electrical goods retailers reported a moderately successful year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 34: Technology retailers sales growth, top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Mainstream electrical companies suffering in first half of 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 35: Headline sales, at interim stage and Christmas trading, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Jessops losses mount in 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Profit and margin trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online sellers profit performance stronger in 2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Maplin’s expansion delivering strong profits growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Smaller companies struggling to contain costs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Jessops’ losses widen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 36: Operating profits growth, top five gainers and trailing 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online operators make only slender margins
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Weaker margins among store-based companies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 37: Net operating margin, top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Insights and opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Competing against online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Digital help in the digital age
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Range segmentation and diversification
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Health and Beauty Retailing

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Developing healthcare services and niche formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sector structure, trends and issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key indicators
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strong growth in value and volume
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Spend on health is essential rather than discretionary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Pharmacy profits under scrutiny
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Further development of pharmacy services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumers looking for better value on beauty products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Increased competition from supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Fragrance specialists competing with department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Who’s innovating?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online opportunities in health…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • …and in beauty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • A rash of advice
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Deals and developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Biggest companies in the category cutting back
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Passion for Perfume fails
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Optical merger
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Emerging multiples and ‘ones to watch’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Neal’s Yard Remedies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Rituals expanding
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Amazon looking to health
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Sales trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Enlarged Co-op Pharmacy business now the third largest in the UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New openings driving sales growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Savers scaled down by AS Watson
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 38: Sales growth, top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Modest growth at Christmas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 39: Headline sales, at interim stage and Christmas trading, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Profit and margin trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Pharmacy chains all performed well in 2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Specialist beauty and fragrance chains had mixed fortunes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 40: Operating profit growth, top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Category generally profitable
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Co-op Pharmacy investing for operational benefits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 41: Net operating margin, top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Insights and opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Extension of pharmacy services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Pharmacies to do more to cater for aging population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Small is beautiful
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Books, Stationers and Greetings Cards Retailing

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Discounting undermining specialist booksellers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sector structure, trends and issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key indicators
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Volume down, value down
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Store-based booksellers under threat
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Failure of discount greetings cards formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Stationers less exposed to competition from non-specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Who’s innovating?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Waterstone’s loyalty scheme expanding
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Borders offers shares to motivate managers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Deals and developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The Works bought out of administration but Celebration Group broken up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 42: Booksellers, stationers and greetings cards retailers entering administration, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • WH Smith secures exclusive rights to airport stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Emerging multiples and ‘ones to watch’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The Book Depository – fast growing online specialist
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • FNAC flying in from France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sales trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Stationers outperforming the rest
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 43: Top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Little in the way of Christmas cheer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 44: Headline sales at interim stage and Christmas trading, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • 2008/09 year end results
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Profit and margin trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strong gains in 2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 45: Operating profit growth, top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Margin gains hard to come by
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 46: Net operating margin, top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Insights and opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online a long term threat, but people like visiting bookshops
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • New book technology offers new selling opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ecards: A last minute solution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Other Non-food Specialist Categories

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Most leading specialists performing well
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sector structure, trends and issues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key indicators
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strong value and volume growth in 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Jewellery purchases under pressure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Garden centres need innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Music and entertainment: digital delivery cuts out retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sports and outdoor leisure benefiting from more active lifestyles
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Toys and games gone electronic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Other specialists
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Who’s innovating?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Halfords riding out the recession on its bike
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Turning a profit on recycling
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Going green
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Deals and developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Zavvi dragged under by failure of EUK, part of Woolworths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • New opportunities in online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • HMV capitalises on zavvi break up and acquires Gamerbase
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • JJB struggling for survival
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Rivals bailing out JJB through share purchase
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Tesco’s acquisition of Dobbies complete
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Job losses as companies look to cut costs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Diamonds and Pearls goes under
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Services business fails
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Emerging multiples and ‘ones to watch’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The Entertainer gearing up for multi-channel expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Games Workshop consolidating its UK store network
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Hamleys of London
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Smyths Toys continuing to expand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Hawkins Bazaar doubles in size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Belgian toy brand expanding into the UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Build-A-Bear sees further growth potential
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Play.com expanding into clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • MandM Direct stretching out in the recession
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • JD Sports Fashion aims to gain from online discounting
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Bite heading south
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sweaty Betty flexing its muscles
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Go Outdoors getting going
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Nevisport to climb back
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Golf Town to hit UK fairways in 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Jack Wolfskin to develop standalone chain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Just for Pets leading the way
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Jewellery Channel poised for profit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New to UK brand fronted by familiar face
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Azendi expects to sparkle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Folli Follie set to grow
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Italian jewellers arrive in London
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Theo Fennell looking to grow
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sales trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strong year for growth in 2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Games and entertainment leading the way
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Evans Cycles developing its niche
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Dobbies doing well before full impact of Tesco acquisition takes effect
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Niche businesses doing well
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Jewellers feeling the pinch
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sports Direct rues England’s football failure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 47: Sales growth, top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sports goods retailers suffering most
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 48: Headline sales, at interim stage and Christmas trading, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Profit and margin trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Profit trends generally positive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Game’s profits surge on strong sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Rising costs eat into profits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 49: Operating profit growth, top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Costs have to be cut
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Jewellers doing well to maintain their bottom line
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 50: Operating margin, top five gainers and trailing, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Insights and opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Jewellers under pressure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Exploiting gifting potential in music and entertainment retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Computer and video games retailing largely supply driven
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Emphasis on active participation to help sports and leisure retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Toys retailing needs to be more fun
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Think bike
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Opportunities in niche categories
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Garden centres contributing to greener lifestyles
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer Outlook

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Increased impact of recession
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 51: Change in people’s concerns, February 2008-January 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Young are most worried about job prospects
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Affluent middle agers to kick start recovery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Older people less worried but likely to over react
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Expenditure priorities for 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Fewer holidays as debt dumping takes precedence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Financial prudence to reduce spend available to retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Spend on major renovations, minor repairs and garden projects to decline in 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Demand for clothing, durables, furnishings and cars holding up well
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Out of home spend holding up well
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • It’s all bad news so let’s celebrate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 52: Expenditure priorities, 2007-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 53: The ten most important spending priorities for 2009, January 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 54: The next 16 most important spending priorities for 2009, January 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Debt dumpers and new prudents directing spend away from retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Cars, clothes and going out – younger adults want to spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Who can still afford to repair and spend on the garden?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Furniture and furnishings
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Few families going out…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • …or taking holidays
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Special occasions not being stinted on
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Charities and retailers to work together
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Market in Context

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 55: Companies reporting operating losses, in both 2006/07 and 2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Food and Drink Retailers

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 56: Food and drink retailers sales growth, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 57: Operating profits growth, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 58: Operating margins, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Clothing and Footwear Retailers

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 59: Clothing and footwear retailers, sales growth, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 60: Clothing and footwear retailers, operating profits growth, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 61: Clothing and footwear retailers, operating margins, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Mixed Goods Retailers

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 62: Mixed goods retailers, sales growth, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 63: Mixed good retailers, operating profits growth, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 64: Mixed goods retailers, operating margins, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – DIY Retailers

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 65: DIY retailers sales growth, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 66: DIY retailers, operating profits growth, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 67: DIY retailers, operating margins, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Furniture and Furnishings Retailers

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 68: Sales growth, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 69: Operating profits growth, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 70: Operating margins, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Technology Retailers

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 71: Technology retailers, sales growth, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 72: Technology retailers, operating profits growth, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 73: Technology retailers, operating margins, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Health and Beauty Retailers

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 74: Health and beauty retailers, sales growth, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 75: Health and beauty retailers, operating profits growth, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 76: Health and beauty retailers, operating margins, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Booksellers and Stationers

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 77: Booksellers and stationers, sales growth, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 78: Booksellers and stationers, operating profits growth, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 79: Booksellers and stationers, operating margins, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Non-food Retailers

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 80: Non-food specialists, sales growth, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 81: Non-food specialists, operating profits growth, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 82: Non-food specialists, operating margins, 2006/07-2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Appendix – Consumer Outlook

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Further demographic breakdowns are available from Mintel upon request
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 83: How concerns of the British population have shifted, over the past year 12 months, Feb 2008-Feb 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 84: Personal concerns, January 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 85: Personal concerns, January 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 86: Spending priorities, by gender, age, socio-economic group, lifestage, special groups, region, ACORN group, technology users, daily newspaper, commercial TV viewing and supermarket used, January 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 87: Spending priorities, by gender, age, socio-economic group, lifestage, special groups, region, ACORN group, technology users, daily newspaper, commercial TV viewing and supermarket used, January 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 88: Spending priorities, by gender, age, socio-economic group, lifestage, special groups, region, ACORN group, technology users, daily newspaper, commercial TV viewing and supermarket used, January 2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • A Jones & Sons Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • A. S. Watson (Europe)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Abercrombie & Fitch Co
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Adams Childrenswear Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Adili.com Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Aldi Stores Ltd (UK & Ireland)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Alexon Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Allders Croydon Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Alliance Boots UK Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Allied Floors Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Amazon.co.uk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • American Golf Discount Centre Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ann Summers Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Apple Retail UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Arcadia Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Argos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Asda Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • ASOS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Aurora Fashions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Aurum
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Austin Reed Group Ltd (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Avon Cosmetics Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Banana Republic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Barclays Bank plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Barker and Stonehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Barratts Trading Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bathstore.com Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Baugur
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Beale Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Beaverbrooks the Jewellers Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bennetts (Retail) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bensons Bed Centres Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bestseller
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bhs Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Birthdays Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Blacks Outdoor Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Blackwell UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Blakemore Retail Ltd (Spar)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Blockbuster Entertainment Ltd (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • BMB Clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bodycare Health & Beauty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Borders (UK) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brantano (Group)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bravissimo Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Bridgepoint Capital
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • British Airport Authority
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • British Bookshops and Stationers Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • British Retail Consortium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • British Sky Broadcasting Group plc (BSkyB)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Burberry Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • C Brewer & Sons Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • C&J Clark Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Calzedonia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Carpetright UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Cartier SA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Cash Converters Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Casino
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Charles Tyrwhitt
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Chartered Institute of Personnel and Development [CIPD]
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Clas Ohlson
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Clinton Cards Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Co-operative Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Comet Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Como Holdings (UK) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Competition Commission
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Cortefiel (fascia)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Cotton Traders Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Cox & Robinson (Chemists) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Crate & Barrel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Currys
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • D&A Eyewear Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • D2 Trading Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Damartex
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Darty Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Daxon UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Department of Health
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • DFS Furniture Holdings Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Diesel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Direct Wines Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dixons Retail Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dobbies Garden Centres plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dolcis Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dreams Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dune Footwear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Dunelm (Soft Furnishings) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Early Learning Centre Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • EH Booth & Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Elvi Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Empire Direct PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Empire Stores Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Envy Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Envy UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ethel Austin Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Evans Cycles UK Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Exponent Private Equity LLP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • F Hinds
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fairtrade Foundation (The)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Faith Footwear Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Farmfoods Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fat Face Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Feather And Black Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fenwick Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Findel plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Floors 2 go
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Flying Brands Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fnac
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Footlocker Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Forever 21 Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fortnum & Mason Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fraser Hart Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Freemans Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Freeview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • French Connection (Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Furniture Village Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Game Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Gap Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Gerry Weber
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Giorgio Armani S.p.A.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Grabal Alok UK Ltd (Store 21 / QS)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Grattan Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Greggs Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Grupo Inditex
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Guess
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • GUS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Habitat
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Halfords Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Harrods Group Total
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Harvey Nichols UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Harveys Furnishing Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Helly Hansen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Heron Foods Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • HI Weldrick Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Hillarys Blinds Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • HMV Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Hobbs Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • HobbyCraft Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Holland & Barrett Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Home Retail Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Homebase Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Hotel Chocolat Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • House of Fraser Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Hughes & Hughes Bookshop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Hughes Electrical Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Iceland Foods Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ideal Shopping Direct Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • IKEA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Internacionale Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • J. Sainsbury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Jacobs & Turner
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Jacques Vert Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Jaeger Company's Shops Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Jane Norman Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • JD Sports Fashion plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • JH Leeke & Son Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Jigsaw
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • JJB Sports Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • John Lewis Partnership
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • JP Boden & Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Julian Graves Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Jysk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Karen Millen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kingfisher Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kingfisher UK & Ireland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Klick Photopoint Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kurt Geiger Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • L'Oréal SA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • La Redoute (pre 20xx)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • La Senza Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lakeland Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Land of Leather Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Laura Ashley Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lay & Wheeler Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Leveys Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Levi Strauss (UK) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lidl (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Links London Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • LK Bennett Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lloyd Shoe Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lloyds Retail Chemists Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Lush Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • M and M Direct Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mackays Stores Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Magnet Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Majestic Wine Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mamas & Papas Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Maplin Electronics Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Marks & Spencer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Marlboro Classics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Matalan Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • McColl's Retail Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • MFI Furniture Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Micro Anvika Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Millets Farm Garden Centre Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Miss Sixty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Moben
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Monsoon Accessorize Ltd - UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Morleys Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Moss Bros Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mothercare Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Multiyork Furniture Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Myla
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • N Brown Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • National Lottery Commission
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • National Schoolwear Centres Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Netto Foodstores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Nevisport Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • New Look Group Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Next Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Nine West UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Nintendo UK Entertainment Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Northworld Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Notcutts Nurseries Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Oakley, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Oasis Fashions Ltd - UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ocado
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Oddbins Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Office Holdings Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Office of Fair Trading
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Oldrid & Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Original Shoe Company Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Otto Group (Multichannel Retail)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • OXFAM
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Paperchase Products Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Paul Smith Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Pavers Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Paydens Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • PC World (DSG UK Computing)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Peacocks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Phase Eight Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Phoenix Equity Partners
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Poundland Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Poundstretcher
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Poundstretcher Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Poundworld Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • PriceLess
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Primark Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • ProCook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Pull & Bear Slovakia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • QD Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • QS Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Qube Footwear Limited
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • QVC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Rakuten
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Redcats Brands UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Reid Furniture Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Reiss Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Richer Sounds Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • River Island Clothing Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Robert Dyas Holdings
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Robinson Webster (Holdings) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Rosebys Operations Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Roys (Wroxham) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Russell & Bromley Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ryman Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Rymans
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Safeway Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Savers Health and Beauty Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Scholl Consumer Products Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Schuh Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • SCOPE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Scotts of Stow Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Screwfix UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • ScS Upholstery Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Select (Retail) Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Selfridges Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sephora
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sharps
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Shelly's Shoes Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Shoe Zone Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Shoefayre Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Shop Direct Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Signet Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Slater (Menswear) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Snow & Rock Sports Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sole Trader (Twinmar Ltd)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Somerfield
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sony (UK) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Space NK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Spar UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sports Direct UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sportswift Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Staples UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Stationery Box Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Stead & Simpson Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Steamer Trading Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Steinhoff UK Furniture
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sterling Furniture Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Sun Capital Partners, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Superdrug Stores Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tchibo
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Ted Baker
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tesco Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Texstyle World Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Bear Factory
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Body Shop - Retail Sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Book People
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Carphone Warehouse Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Carphone Warehouse Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Disney Store Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Edinburgh Woollen Mill Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Entertainer (Amersham) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Fragrance Shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Garden & Leisure Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Hollister Co.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The HomeForm Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Hut Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Jessops Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Officers Club Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Original Factory Shop Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Perfume Shop Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Pier Retail Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Range / CDS (Superstores International) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Shoe Studio Group Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Sofa Workshop Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The TJX Companies
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The White Company Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Works Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Thorntons Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tie Rack
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tile Magic plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Timberland UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • TJ Hughes Plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • TJ Morris Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • TM Lewin & Sons Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Topps Tiles (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Topshop old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Toys R Us
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Trago Mills Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Travis Perkins PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Travis Perkins Retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Uniqlo UK Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • United Carpets Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • USC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Vans, Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Vie at Home
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Virgin Group Ltd.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Viyella
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • W Boyes & Co Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Wade Furniture
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Waitrose
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Warehouse Express Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Warren James (Jewellers) Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Waterford Wedgwood Retail Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Waterstones Booksellers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • West Coast Capital
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • WH Smith PLC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Whistles Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • White Stuff Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Whittard of Chelsea
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Whole Foods Market (UK)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Whole Foods Market Inc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Wilkinson Hardware Stores Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Woolworths Group plc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • WR Evans Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Wyevale Garden Centres
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • YouTube, Inc.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Zavvi

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Retail Review - UK - March 2009

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                US $2,106.04 (Excl.Tax)