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Sports Goods Retailing - UK - May 2012

“Stores will be repositioned to act as places where people can go to be fitted for, try on and try out products prior to ordering them online.”

– Michael Oliver, Senior Leisure & Media Analyst

Some questions answered in this report include:

  • Where is short-term growth in demand for sports goods going to come from?
  • Can the major chain operators sustain a nationwide retail presence in the future and do they need to?
  • What does the future hold for independent sports goods retailers?
  • What can retailers do to stimulate sports participation?

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Table of contents

  1. Introduction

      • Definition
        • Abbreviations
        • Executive Summary

            • Market size
              • Figure 1: Sales of sports goods retailers, 2006-16
            • Market factors
              • Companies, brands and innovation
                • Figure 2: Leading sports goods retailers, by outlet numbers, May 2012
              • The consumer
                • Figure 3: Sports bought clothing, footwear or equipment for in past 12 months, February 2012
                • Figure 4: Stores bought sports clothing, footwear or equipment from in past 12 months, February 2012
                • Figure 5: Attitudes towards sports goods, February 2012
                • Figure 6: Attitudes towards sports clothing and footwear, February 2012
              • What we think
              • Issues in the Market

                  • Where is short-term growth in demand for sports goods going to come from?
                    • Can the major chain operators sustain a nationwide retail presence in the future and do they need to?
                      • What does the future hold for independent sports goods retailers?
                        • What can retailers do to stimulate sports participation?
                        • Future Opportunities

                          • Trend: Rebirth of Cities
                            • Trend: Moral Brands
                            • Internal Market Environment

                              • Key points
                                • Participation rates drop off as sport slips down the list of priorities
                                  • Figure 7: Trends in agreement with selected lifestyle statements, 2007-11
                                • Aerobics/keep fit overhauls swimming as most popular participation sport
                                  • Figure 8: Trends in sports/activities played or taken part in regularly, 2007-11
                                • Sports club membership holds up well
                                  • Figure 9: Trends in sports club membership, 2007-11
                                • Olympics boost overplayed?
                                  • Figure 10: Agreement with the lifestyle statement ‘The London 2012 Olympics will have a positive effect on ordinary people’s lives’, by gender, 2010-11
                                • Sport England lays out strategy for next five years
                                • Broader Market Environment

                                  • Key points
                                    • Income squeeze continues but some relief in prospect
                                      • Figure 11: GDP, PDI, consumer expenditure and savings, at constant 2011 prices, 2006-16
                                    • UK economy yo-yos from quarter to quarter
                                      • Figure 12: Trends in quarterly UK GDP, Q1 2006-Q4 2012
                                    • Consumer confidence continues to slide
                                      • Figure 13: Trends in consumer confidence, January 2008-April 2012
                                    • Age trends favour individual sports
                                      • Figure 14: Trends in the age structure of the UK population, by gender, 2006-16
                                    • Upwardly mobile population benefits sports goods sector
                                      • Figure 15: Forecast adult population trends, by socio-economic group, 2006-16
                                    • Clothing and footwear prices on an upward trend
                                      • Figure 16: Price inflation trends for clothing and footwear*, January 2006-January 2012**
                                  • Competitive Context

                                    • Key points
                                      • Sport feels the pinch
                                        • Figure 17: Consumer expenditure on selected leisure goods and activities, 2006-11
                                    • Who’s Innovating?

                                      • Key points
                                        • Ellesse pop-ups again
                                          • GC2 ball-flight monitor
                                            • Nike 1948 Sporting Retail store
                                              • Ethical sports goods retailing
                                                • Magic boots
                                                  • Smarty shoes
                                                    • SportsTraider meets a need
                                                    • Market Size and Forecast

                                                      • Key points
                                                        • Sports goods retailers’ sales tread water
                                                          • Figure 18: Specialist sports goods retailers market size and forecast, 2006-16
                                                        • Forecast
                                                          • Figure 19: Forecast sales of specialist sports goods retailers, 2006-16
                                                      • Segment Performance

                                                        • Key points
                                                          • Footwear steps up its game on the back of a smart revolution
                                                            • Figure 20: Sports goods retailers’ turnover, by segment, 2006-11
                                                        • Market Share

                                                          • Key points
                                                            • Sports Direct races ahead of rivals in terms of stores…
                                                              • Figure 21: Sports goods retail outlets, by company, 2012
                                                            • … and sales
                                                              • Figure 22: Sports goods retailers’ market shares, 2010-11
                                                          • Space Allocation Analysis

                                                              • Figure 23: Detailed space allocation analysis for leading sports goods retailers, May 2012
                                                              • Figure 24: Space allocation by target customer, May 2012
                                                              • Figure 25: Space allocation by function, May 2012
                                                              • Figure 26: Estimated space allocation, May 2012
                                                            • Sales estimates
                                                                • Figure 27: Leading sports retailers, average sales density*, 2011/12
                                                                • Figure 28: Estimated sales breakdown, 2011/12
                                                            • Companies and Products

                                                              • Key points
                                                                • Company profiles
                                                                  • Dave Whelan Sports Limited
                                                                    • Figure 29: Key financial data for Dave Whelan Sports limited, 2010-11
                                                                  • Decathlon
                                                                      • Figure 30: Key financial data of Decathlon UK limited, 2009-10
                                                                    • Intersport International Corporation
                                                                      • JD Sports Fashion plc
                                                                          • Figure 31: UK outlets of JD Sports Fashion plc, 2010-11
                                                                          • Figure 32: Key financials of JD Sports Fashion plc, 2011-12
                                                                          • Figure 33: Key financial data of Blacks Leisure Group plc, 2010-11
                                                                          • Figure 34: JD Sports, summary estimated space allocation, May 2012
                                                                          • Figure 35: JD Sports, estimated space allocation, May 2012
                                                                          • Figure 36: JD Sports, Sales and sales density estimates, 2010/11
                                                                        • JJB Sports plc
                                                                            • Figure 37: Key financial data for JJB Sports plc, 2011-12
                                                                            • Figure 38: JJB Sports, Summary estimated space allocation, May 2012
                                                                            • Figure 39: JJB Sports, estimated space allocation, May 2012
                                                                            • Figure 40: JJB Sports, Sales and sales density estimates, 2010/11
                                                                          • Sports Traders Alliance Group Ltd
                                                                            • Sports Direct International plc
                                                                                • Figure 41: Key financial data for Sports Direct International plc, 2010-11
                                                                                • Figure 42: Sports Direct, Summary estimated space allocation, May 2012
                                                                                • Figure 43: Sports Direct, estimated space allocation, May 2012
                                                                                • Figure 44: Sports Direct, Sales and sales density estimates, 2010/11
                                                                            • Brand Research

                                                                              • Brand map
                                                                                  • Figure 45: Attitudes towards and usage of brands in the sportswear sector, April 2012
                                                                                • Correspondence analysis
                                                                                  • Brand attitudes
                                                                                    • Figure 46: Attitudes by sportswear brand, April 2012
                                                                                  • Brand personality
                                                                                    • Figure 47: Sportswear brand personality – macro image, April 2012
                                                                                    • Figure 48: Sportswear brand personality – micro image, April 2012
                                                                                  • Brand experience
                                                                                    • Figure 49: Sportswear brand usage, April 2012
                                                                                    • Figure 50: Satisfaction with various sportswear brands, April 2012
                                                                                    • Figure 51: Consideration of sportswear brands, April 2012
                                                                                    • Figure 52: Consumer perceptions of current sportswear brand performance, April 2012
                                                                                    • Figure 53: Sportswear brand recommendation – Net Promoter Score, April 2012
                                                                                  • Brand index
                                                                                    • Figure 54: Sportswear brand index, April 2012
                                                                                    • Figure 55: Sportswear brand index vs. recommendation, April 2012
                                                                                  • Target group analysis
                                                                                    • Figure 56: Target groups, April 2012
                                                                                    • Figure 57: Sportswear brand usage, by target groups, April 2012
                                                                                  • Conformists
                                                                                    • Simply the Best
                                                                                      • Shelf Stalkers
                                                                                        • Habitual Shoppers
                                                                                          • Individualists
                                                                                          • Brand Communication and Promotion

                                                                                            • Key points
                                                                                              • Adspend levels recover from blight of 2008-09 recession
                                                                                                • Figure 58: Sports goods advertising spend, 2008-11
                                                                                                • Figure 59: Leading* sports goods retailers’ advertising spend, by media type, 2008-11
                                                                                                • Figure 60: Leading* sports goods retailers’ advertising spend, by retailer, 2011
                                                                                              • Online success holds key to future market position
                                                                                                • Figure 61: Trends in unique visits to websites of leading sports goods retailers, April 2009-March 2012
                                                                                            • Sports Bought For

                                                                                              • Key points
                                                                                                • Seven in ten have bought in past year
                                                                                                  • Figure 62: Sports bought sports goods for in past 12 months, February 2012
                                                                                              • Stores Bought From

                                                                                                • Key points
                                                                                                  • Specialists retain dominant share of purchases
                                                                                                    • Figure 63: Stores bought sports goods from in past 12 months, February 2012
                                                                                                  • Sports Direct derives position from strength in football, running and gymwear
                                                                                                    • Figure 64: Stores bought from in past 12 months, by most popular sports bought sports goods for (any type) in past 12 months, February 2012
                                                                                                    • Figure 65: Stores bought from in past 12 months, by next most popular sports bought sports goods for (any type) in past 12 months, February 2012
                                                                                                    • Figure 66: Stores bought from in past 12 months, by other sports bought sports goods for (any type) in past 12 months, February 2012
                                                                                                    • Figure 67: Stores bought from in past 12 months, by least popular sports bought sports goods for (any type) in past 12 months, February 2012
                                                                                                  • Repertoire analysis
                                                                                                    • Figure 68: Repertoire of stores bought sports goods from in past 12 months, February 2012
                                                                                                    • Figure 69: Stores bought sports goods from in past 12 months, by repertoire of stores bought sports good from in past 12 months February 2012
                                                                                                  • Brand crossover
                                                                                                    • Figure 70: Stores bought from in past 12 months, by most popular stores bought from in past 12 months, February 2012
                                                                                                • Attitudes Towards Sports Goods

                                                                                                  • Key points
                                                                                                    • Try before you buy retains strong pull but internet is increasing draw
                                                                                                      • Figure 71: Attitudes towards sports goods, February 2012
                                                                                                    • Good sportswomen credit their tools
                                                                                                      • The importance of online
                                                                                                        • Retailer recommendations count…
                                                                                                          • … as do peer reviews
                                                                                                            • Try before you buy most important to buyers of running, gym and fitness goods
                                                                                                              • Figure 72: Attitudes towards sports goods, by most popular sports bought sports goods (any type) for in past 12 months, February 2012
                                                                                                              • Figure 73: Attitudes towards sports goods, by next most popular sports bought sports goods (any type) for in past 12 months, February 2012
                                                                                                              • Figure 74: Attitudes towards sports goods, by other sports bought sports goods (any type) for in past 12 months, February 2012
                                                                                                              • Figure 75: Attitudes towards sports goods, by least popular sports bought sports goods (any type) for in past 12 months, February 2012
                                                                                                          • Attitudes Towards Sports Clothing and Footwear

                                                                                                            • Key points
                                                                                                              • Brands tread a fine line between being reasonably priced and too expensive
                                                                                                                • Figure 76: Attitudes towards sports clothing and footwear, February 2012
                                                                                                              • Fashion and finance
                                                                                                                • Brand appeal endures
                                                                                                                  • The price isn’t right
                                                                                                                    • Figure 77: Attitudes towards sports clothing and footwear, by most popular sports bought sports goods (any type) for in past 12 months, February 2012
                                                                                                                    • Figure 78: Attitudes towards sports clothing and footwear, by next most popular sports bought sports goods (any type) for in past 12 months, February 2012
                                                                                                                    • Figure 79: Attitudes towards sports clothing and footwear, by other sports bought sports goods (any type) for in past 12 months, February 2012
                                                                                                                    • Figure 80: Attitudes towards sports clothing and footwear, by least popular sports bought sports goods (any type) for in past 12 months, February 2012
                                                                                                                • Sports Goods Retailing Target Groups

                                                                                                                  • Key points
                                                                                                                    • Figure 81: Sports goods retailing target groups, February 2012
                                                                                                                  • Aficionados
                                                                                                                    • Pragmatists
                                                                                                                      • Dismissives
                                                                                                                        • Indifferents
                                                                                                                          • Aficionados and Dismissives top sports goods purchasers
                                                                                                                            • Figure 82: Sports bought clothing, footwear or equipment for in past 12 months, by target groups, February 2012
                                                                                                                            • Figure 83: Sports bought clothing for in past 12 months, by target groups, February 2012
                                                                                                                            • Figure 84: Sports bought footwear for in past 12 months, by target groups, February 2012
                                                                                                                            • Figure 85: Sports bought equipment for in past 12 months, by target groups, February 2012
                                                                                                                          • Sports Direct scores among Aficionados
                                                                                                                            • Figure 86: Stores bought from in past 12 months, by target groups, February 2012
                                                                                                                          • Aficionados most positive towards sports goods
                                                                                                                            • Figure 87: Attitudes towards sports goods, by target groups, February 2012
                                                                                                                        • Appendix – Market Size and Forecast

                                                                                                                            • Figure 88: Specialist sports goods retailers market size and forecast best and worst case scenarios, 2011-16
                                                                                                                        • Appendix – Brand Research

                                                                                                                            • Figure 89: Brand usage, April 2012
                                                                                                                            • Figure 90: Brand commitment, April 2012
                                                                                                                            • Figure 91: Brand momentum, April 2012
                                                                                                                            • Figure 92: Brand diversity, April 2012
                                                                                                                            • Figure 93: Brand satisfaction, April 2012
                                                                                                                            • Figure 94: Brand recommendation, April 2012
                                                                                                                            • Figure 95: Brand attitude, April 2012
                                                                                                                            • Figure 96: Brand image – macro image, April 2012
                                                                                                                            • Figure 97: Brand image – micro image, April 2012
                                                                                                                            • Figure 98: Profile of target groups by demographic, April 2012
                                                                                                                            • Figure 99: Psychographic segmentation by target group, April 2012
                                                                                                                            • Figure 100: Brand usage, by target group, April 2012
                                                                                                                          • Brand index
                                                                                                                            • Figure 101: Brand index, April 2012
                                                                                                                        • Appendix – Brand Communication and Promotion

                                                                                                                            • Figure 102: Trends in unique visits to websites of leading sports goods retailers, April 2009-March 2012
                                                                                                                        • Appendix – Sports Bought For

                                                                                                                            • Figure 103: Clothing, footwear or equipment bought for any sports in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 104: Clothing, footwear or equipment bought for football in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 105: Clothing, footwear or equipment bought for swimming in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 106: Clothing, footwear or equipment bought for rugby in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 107: Clothing, footwear or equipment bought for cycling in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 108: Clothing, footwear or equipment bought for cricket in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 109: Clothing, footwear or equipment bought for tennis in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 110: Clothing, footwear or equipment bought for golf in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 111: Clothing, footwear or equipment bought for aerobics/fitness classes in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 112: Clothing, footwear or equipment bought for going to the gym (excl aerobics/fitness classes) in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 113: Clothing, footwear or equipment bought for running/jogging in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 114: Clothing, footwear or equipment bought for hiking/rambling in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 115: Clothing, footwear or equipment bought for badminton in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 116: Clothing, footwear or equipment bought for skiing/snowboarding in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 117: Clothing, footwear or equipment bought for martial arts in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 118: Clothing, footwear or equipment bought for watersports in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 119: Clothing, footwear or equipment bought for basketball in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 120: Clothing, footwear or equipment bought for squash in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 121: Clothing, footwear or equipment bought for extreme sports in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 122: Clothing, footwear or equipment bought for climbing in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 123: Clothing, footwear or equipment bought for other sports in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 124: Sports bought clothing, footwear or equipment for in past 12 months, by most popular sports bought clothing, footwear or equipment for in past 12 months, February 2012
                                                                                                                            • Figure 125: Sports bought clothing, footwear or equipment for in past 12 months, by next most popular sports bought clothing, footwear or equipment for in past 12 months, February 2012
                                                                                                                            • Figure 126: Sports bought clothing, footwear or equipment for in past 12 months, by other sports bought clothing, footwear or equipment for in past 12 months, February 2012
                                                                                                                            • Figure 127: Sports bought clothing, footwear or equipment for in past 12 months, by least popular sports bought clothing, footwear or equipment for in past 12 months, February 2012
                                                                                                                        • Appendix – Stores Bought From

                                                                                                                            • Figure 128: Most popular stores bought from in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 129: Next most popular stores bought from in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 130: Other stores bought from in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 131: Least popular stores bought from in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 132: Stores bought from in past 12 months, by sports bought footwear for in past 12 months, February 2012
                                                                                                                            • Figure 133: Stores bought from in past 12 months, by most popular sports bought clothing for in past 12 months, February 2012
                                                                                                                            • Figure 134: Stores bought from in past 12 months, by next most popular sports bought clothing for in past 12 months, February 2012
                                                                                                                            • Figure 135: Stores bought from in past 12 months, by sports bought equipment for in past 12 months, February 2012
                                                                                                                            • Figure 136: Repertoire of stores bought from in past 12 months, by demographics, February 2012
                                                                                                                            • Figure 137: Stores bought from in past 12 months, by most popular stores bought from in past 12 months, February 2012
                                                                                                                            • Figure 138: Stores bought from in past 12 months, by next most popular stores bought from in past 12 months, February 2012
                                                                                                                            • Figure 139: Stores bought from in past 12 months, by other stores bought from in past 12 months, February 2012
                                                                                                                            • Figure 140: Stores bought from in past 12 months, by least popular stores bought from in past 12 months, February 2012
                                                                                                                        • Appendix – Attitudes Towards Sports Goods

                                                                                                                            • Figure 141: Most popular attitudes towards sports goods, by demographics, February 2012
                                                                                                                            • Figure 142: Next most popular attitudes towards sports goods, by demographics, February 2012
                                                                                                                            • Figure 143: Other attitudes towards sports goods, by demographics, February 2012
                                                                                                                            • Figure 144: Attitudes towards sports goods, by sports bought footwear for in past 12 months, February 2012
                                                                                                                            • Figure 145: Attitudes towards sports goods, by most popular sports bought clothing for in past 12 months, February 2012
                                                                                                                            • Figure 146: Attitudes towards sports goods, by next most popular sports bought clothing for in past 12 months, February 2012
                                                                                                                            • Figure 147: Attitudes towards sports goods, by sports bought equipment for in past 12 months, February 2012
                                                                                                                            • Figure 148: Attitudes towards sports goods, by most popular stores bought from in past 12 months, February 2012
                                                                                                                            • Figure 149: Attitudes towards sports goods, by next most popular stores bought from in past 12 months, February 2012
                                                                                                                            • Figure 150: Attitudes towards sports goods, by other stores bought from in past 12 months, February 2012
                                                                                                                            • Figure 151: Attitudes towards sports goods, by least popular stores bought from in past 12 months, February 2012
                                                                                                                            • Figure 152: Attitudes towards sports goods, by most popular attitudes towards sports goods, February 2012
                                                                                                                            • Figure 153: Attitudes towards sports goods, by next most popular attitudes towards sports goods, February 2012
                                                                                                                            • Figure 154: Attitudes towards sports goods, by other attitudes towards sports goods, February 2012
                                                                                                                        • Appendix – Attitudes Towards Sports Clothing and Footwear

                                                                                                                            • Figure 155: Most popular attitudes towards sports clothing and footwear, by demographics, February 2012
                                                                                                                            • Figure 156: Next most popular attitudes towards sports clothing and footwear, by demographics, February 2012
                                                                                                                            • Figure 157: Other attitudes towards sports clothing and footwear, by demographics, February 2012
                                                                                                                            • Figure 158: Attitudes towards sports clothing and footwear, by sports bought footwear for in past 12 months, February 2012
                                                                                                                            • Figure 159: Attitudes towards sports clothing and footwear, by most popular sports bought clothing for in past 12 months, February 2012
                                                                                                                            • Figure 160: Attitudes towards sports clothing and footwear, by next most popular sports bought clothing for in past 12 months, February 2012
                                                                                                                            • Figure 161: Attitudes towards sports clothing and footwear, by sports bought equipment for in past 12 months, February 2012
                                                                                                                            • Figure 162: Attitudes towards sports clothing and footwear, by most popular stores bought from in past 12 months, February 2012
                                                                                                                            • Figure 163: Attitudes towards sports clothing and footwear, by next most popular stores bought from in past 12 months, February 2012
                                                                                                                            • Figure 164: Attitudes towards sports clothing and footwear, by other stores bought from in past 12 months, February 2012
                                                                                                                            • Figure 165: Attitudes towards sports clothing and footwear, by least popular stores bought from in past 12 months, February 2012
                                                                                                                            • Figure 166: Attitudes towards sports clothing and footwear, by most popular attitudes towards sports goods, February 2012
                                                                                                                            • Figure 167: Attitudes towards sports clothing and footwear, by next most popular attitudes towards sports goods, February 2012
                                                                                                                            • Figure 168: Attitudes towards sports clothing and footwear, by other attitudes towards sports goods, February 2012
                                                                                                                            • Figure 169: Attitudes towards sports clothing and footwear, by most popular attitudes towards sports clothing and footwear, February 2012
                                                                                                                            • Figure 170: Attitudes towards sports clothing and footwear, by next most popular attitudes towards sports clothing and footwear, February 2012
                                                                                                                            • Figure 171: Attitudes towards sports clothing and footwear, by other attitudes towards sports clothing and footwear, February 2012
                                                                                                                        • Appendix – Sports Goods Retailing Target Groups

                                                                                                                            • Figure 172: Sports goods retailing target groups, by demographics, February 2012
                                                                                                                            • Figure 173: Attitudes towards sports clothing and footwear, by sports goods retailing target groups, February 2012

                                                                                                                        Companies Covered

                                                                                                                        • Amazon.co.uk
                                                                                                                        • ASICS America Corporation
                                                                                                                        • Berghaus Ltd
                                                                                                                        • Best Buy Co.
                                                                                                                        • Blacks Outdoor Retail Ltd
                                                                                                                        • Chausport
                                                                                                                        • Converse, Inc
                                                                                                                        • Dave Whelan Sports Ltd
                                                                                                                        • Decathlon Ltd
                                                                                                                        • Dick's Sporting Goods, Inc.
                                                                                                                        • Dunlop Slazenger Group Ltd
                                                                                                                        • Ellesse Ltd
                                                                                                                        • Esprit Europe
                                                                                                                        • Facebook, Inc.
                                                                                                                        • Field & Trek Plc
                                                                                                                        • Fila USA, Inc
                                                                                                                        • Gilesports Plc
                                                                                                                        • Hargreaves (Sports) Ltd
                                                                                                                        • Head NV
                                                                                                                        • Helly Hansen
                                                                                                                        • Hi-Tec Sports UK Ltd
                                                                                                                        • Intersport
                                                                                                                        • JD Sports - Sports
                                                                                                                        • JD Sports Fashion plc
                                                                                                                        • JJB Sports Plc
                                                                                                                        • K Swiss Inc.
                                                                                                                        • Karrimor International Ltd
                                                                                                                        • Kiddicare
                                                                                                                        • Kukri Sports Ltd
                                                                                                                        • Lillywhites Ltd
                                                                                                                        • London Stock Exchange plc
                                                                                                                        • Lonsdale
                                                                                                                        • Merry Hill Shopping Centre
                                                                                                                        • Millets Farm Garden Centre Ltd
                                                                                                                        • Moss Bros Group Plc
                                                                                                                        • Nike
                                                                                                                        • Oxylane (Décathlon)
                                                                                                                        • PayPal Inc.
                                                                                                                        • Pentland Group PLC
                                                                                                                        • PUMA AG Rudolf Dassler Sport
                                                                                                                        • Reebok International Ltd
                                                                                                                        • Speedo International Ltd
                                                                                                                        • Sports Direct Plc
                                                                                                                        • Sports Traders Alliance Group Ltd
                                                                                                                        • The Carphone Warehouse Ltd
                                                                                                                        • The North Face Inc.
                                                                                                                        • Trafford Centre
                                                                                                                        • Umbro International Limited
                                                                                                                        • Under Armour, Inc.
                                                                                                                        • USC
                                                                                                                        • Walt Disney Company, The
                                                                                                                        • Wickes Building Supplies Ltd
                                                                                                                        • Wigan Athletic Football Club
                                                                                                                        • Yours Clothing

                                                                                                                        Sports Goods Retailing - UK - May 2012

                                                                                                                        £1,995.00 (Excl.Tax)