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Department Stores - Europe - April 2018

“There is enormous variation between countries in the development of department stores. At one extreme there is Spain, where the only department stores is the country’s leading non-food retailer. At the other extreme there are countries like Austria, where the sector scarcely exists. Italy has a couple of high profile businesses, but the sector is tiny in the retail context. Spain aside, the best developed sector is in the UK, where the leading department stores are among the country’s major retailers. In Germany and France the sector is struggling, but especially in Germany, there are some early signs that may point to a recovery. The UK and Spanish leaders demonstrate clearly that there is long-term potential for department stores and that they can be reinvented to be major players in the internet era.”
– Richard Perks, Director of Retail Research

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Table of contents

  1. Europe – Overview

      • Department store definition
        • Market size
          • Financial definitions
            • Abbreviations
              • VAT around Europe
                • Figure 1: VAT rates around Europe, 2013-18
            • Executive Summary – Europe – The Market

                • Department store retailers’ sales and leading players
                  • GTV or not GTV
                    • Department store market size
                      • Figure 2: Europe: estimated department store sector sales and leading players’ sales, 2013/14-2017/18
                      • Figure 3: Europe: leading department stores, outlets, 2013/14-2017/18
                      • Figure 4: Europe: leading department stores, sales per outlet, 2013/14-2017/18
                    • Mixed goods retailers’ sales
                      • Figure 5: Europe: mixed goods retailers, sales, excl. VAT, 2013-17
                      • Figure 6: Europe: mixed goods retailers, forecast sales, excl. VAT, 2018-22
                    • Department stores in context
                      • Figure 7: Big five European countries: estimated department store sector sales (ex VAT), 2013-17
                    • Market shares
                      • Figure 8: Europe: leading department stores’ market shares, 2013-17
                      • Figure 9: Europe: leading department stores’ shares of all department store sales, 2017
                    • Online
                        • Figure 10: Europe: leading countries’ online department store sales as share of all department store sales, 2017
                      • What we think
                      • Executive Summary – Europe – The Consumer

                          • The research
                            • Where they shop
                                • Figure 11: Europe: proportion of internet users who have shopped from a department store, in-store or online, by country, February/March 2018
                              • Online vs in-store
                                  • Figure 12: Europe: department store shoppers, in-store and online, February/March 2018
                                  • Figure 13: Europe: proportion of internet users who have shopped from a department store, who have shopped online, February/March 2018
                                • Most used store
                                  • Figure 14: Europe: most used department store by country and proportion of shoppers, February/March 2018
                                • Attitudes to department stores
                                    • Figure 15: Europe: attitudes to department stores, February/March 2018
                                • Executive Summary – Europe – Launch Activity and Innovation

                                  • Neiman Marcus engaging shoppers with interactive in-store experiences
                                    • Harvey Nichols gives Hong Kong customers access to UK exclusive products
                                      • Sears plans to open more smaller innovative store concepts
                                        • El Corte Inglés launches Trueview for Shopping on Youtube
                                          • Pop-up marketplaces
                                            • Hudson's Bay launches its new retail concept for the first time outside of Canada
                                              • Department store specifically for kids
                                                • El Corte Inglés strengthens its commitment to sustainability
                                                • France

                                                  • Overview
                                                    • What you need to know
                                                      • Areas covered in this report
                                                        • Executive summary
                                                          • The market
                                                            • Consumer spending
                                                              • Sector size and forecast
                                                                • Figure 16: France: department stores, estimated sector sales (excl VAT), 2013-17
                                                              • Companies and brands
                                                                • Key metrics
                                                                  • Market shares
                                                                    • Figure 17: France: leading department store retailers’ shares of mixed goods retailers’ sales, 2017
                                                                  • Online
                                                                    • The consumer
                                                                      • Where they shop
                                                                          • Figure 18: France: department stores shopped at in the last 12 months, March 2018
                                                                        • Attitudes to department stores
                                                                          • Figure 19: France: attitudes to department stores, March 2018
                                                                        • What we think
                                                                          • Issues and insights
                                                                            • Solutions for provincial stores
                                                                              • The facts
                                                                                • The implications
                                                                                  • The implications of Galeries Lafayette’s acquisition of La Redoute
                                                                                    • The facts
                                                                                      • The implications
                                                                                        • The market – What you need to know
                                                                                          • Economy picking up after prolonged period of subdued growth
                                                                                            • Department store spending areas show low growth in recent years
                                                                                              • Department stores’ share of beauty and clothing less than in Germany and the UK
                                                                                                • 2016 a bad year for department stores, but growth returned in 2017
                                                                                                  • Consumer spending
                                                                                                    • Signs of growth in the French economy
                                                                                                      • Weak spending growth in key department store categories
                                                                                                          • Figure 20: France: consumer spending on key department store product categories (incl. VAT), 2013-17
                                                                                                        • Department stores’ share of clothing and beauty markets
                                                                                                          • Clothing
                                                                                                            • Beauty
                                                                                                              • Sector size and forecast
                                                                                                                • Total retail sales recovering, further growth forecast in 2017
                                                                                                                  • Department store sector size
                                                                                                                    • Figure 21: France: department stores, estimated sector sales (excl VAT), 2013-17
                                                                                                                  • Mixed goods retailers sector
                                                                                                                    • Figure 22: France: mixed goods retailers, sales (excl. VAT), 2013-17
                                                                                                                    • Figure 23: France: mixed goods retailers, forecast sales (excl. VAT), 2018-22
                                                                                                                  • Companies and brands – What you need to know
                                                                                                                    • The big two locked in rivalry
                                                                                                                      • Sunday trading compensates for downturn in tourism
                                                                                                                        • Luxury food
                                                                                                                          • Combined market share is down
                                                                                                                            • Online increasingly important
                                                                                                                              • Leading players
                                                                                                                                • Intense rivalry between Galeries Lafayette and Printemps
                                                                                                                                  • Heavy impact of downturn in tourism
                                                                                                                                    • Lagging online
                                                                                                                                      • Sunday trading a major boost – time is money
                                                                                                                                        • Luxury food
                                                                                                                                          • Figure 24: France: leading department store retailers, sales, 2013-17
                                                                                                                                          • Figure 25: France: leading department store retailers, outlets, 2013-17
                                                                                                                                          • Figure 26: France: leading department store retailers, sales per outlet, 2013-17
                                                                                                                                        • Market shares
                                                                                                                                          • Figure 27: France: leading department store retailers’ shares of mixed goods retailers’ sales, 2013-17
                                                                                                                                        • Online
                                                                                                                                          • Online activity
                                                                                                                                            • France between Germany/UK and Spain/Italy
                                                                                                                                              • Broadband penetration lower
                                                                                                                                                • Technology ownership is lower
                                                                                                                                                  • Figure 28: France: ways in which the internet was accessed in the last three months, by age, Q3 2017
                                                                                                                                                • Shopping online
                                                                                                                                                  • Luxury shopping online
                                                                                                                                                    • Leading online players
                                                                                                                                                      • The consumer – What you need to know
                                                                                                                                                        • Only a quarter shop at department stores
                                                                                                                                                          • Galeries Lafayette leads
                                                                                                                                                            • Core customers are younger and wealthier
                                                                                                                                                              • Online shopping
                                                                                                                                                                • Stores are inspirational and enjoyable places to visit
                                                                                                                                                                  • But perceptions of price are high
                                                                                                                                                                    • Where they shop
                                                                                                                                                                      • Only a quarter shop at department stores
                                                                                                                                                                        • Figure 29: France: department stores shopped at in the last 12 months, March 2018
                                                                                                                                                                      • But 40% of residents in the Paris region shop there
                                                                                                                                                                        • Figure 30: France: usage of department stores in the last 12 months by region, March 2018
                                                                                                                                                                      • The younger and wealthier are the core customers
                                                                                                                                                                        • Figure 31: France: usage of department stores in the last 12 months, by age and affluence, March 2018
                                                                                                                                                                        • Figure 32: France: usage of department stores in the last 12 months, by age and gender, March 2018
                                                                                                                                                                        • Figure 33: France: usage of department stores in the last 12 months, by generation group, March 2018
                                                                                                                                                                        • Figure 34: France: department stores shopped at in the last 12 months, by age and income, March 2018
                                                                                                                                                                      • Online shopping at department stores
                                                                                                                                                                          • Figure 35: France: online shopping at department stores in the last 12 months, by age and gender, March 2018
                                                                                                                                                                        • Attitudes to department stores
                                                                                                                                                                          • Stores are inspirational
                                                                                                                                                                            • But perceptions of price are high
                                                                                                                                                                              • In-store services appeal
                                                                                                                                                                                • Figure 36: France: attitudes to department stores, March 2018
                                                                                                                                                                              • Parisian residents focus less on price and more on experience
                                                                                                                                                                                • Figure 37: France: attitudes to department stores, Ile-de-France vs total, March 2018
                                                                                                                                                                              • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                • Abbreviations
                                                                                                                                                                                  • Data sources
                                                                                                                                                                                  • Germany

                                                                                                                                                                                    • Overview
                                                                                                                                                                                      • What you need to know
                                                                                                                                                                                        • Areas covered in this report
                                                                                                                                                                                          • Executive summary
                                                                                                                                                                                            • The market
                                                                                                                                                                                              • Consumer spending
                                                                                                                                                                                                • Sector value and forecast
                                                                                                                                                                                                  • Figure 38: Germany: mixed goods retailers’ sales as % all retail sales, 2012-22
                                                                                                                                                                                                  • Figure 39: Germany: department stores’ broad product mix, 2017
                                                                                                                                                                                                • Companies and brands
                                                                                                                                                                                                  • Leading players
                                                                                                                                                                                                    • Market shares
                                                                                                                                                                                                      • Figure 40: Germany: leading department stores’ shares of all mixed goods retailers’ sales, 2017
                                                                                                                                                                                                    • Online
                                                                                                                                                                                                      • The consumer
                                                                                                                                                                                                        • Where they shop
                                                                                                                                                                                                          • Figure 41: Germany: online and in-store shoppers at leading department stores, March 2018
                                                                                                                                                                                                          • Figure 42: Germany: online and in-store shoppers at all department stores, March 2018
                                                                                                                                                                                                        • Attitudes to department stores
                                                                                                                                                                                                          • Figure 43: Germany: attitudes to department stores, March 2018
                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                          • Issues and insights
                                                                                                                                                                                                            • So many changes of ownership – can they mark a turning point for the sector?
                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                  • How can the department stores regain market share?
                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                        • The market – What you need to know
                                                                                                                                                                                                                          • Spending on fashion has been weak
                                                                                                                                                                                                                            • Clothing and beauty dominate sales
                                                                                                                                                                                                                              • Sales of €6.4 billion in 2017
                                                                                                                                                                                                                                • Long-term performance has been weak
                                                                                                                                                                                                                                  • Consumer spending
                                                                                                                                                                                                                                    • Fashion store vs full range
                                                                                                                                                                                                                                      • Beauty – a core traffic generator
                                                                                                                                                                                                                                        • Homewares
                                                                                                                                                                                                                                          • Figure 44: Germany: consumer spending on key department store product categories (including VAT), 2013-17
                                                                                                                                                                                                                                        • Share of retail sales
                                                                                                                                                                                                                                          • Department stores’ share of clothing and beauty markets
                                                                                                                                                                                                                                            • Clothing
                                                                                                                                                                                                                                              • Beauty
                                                                                                                                                                                                                                                • Sector size and forecast
                                                                                                                                                                                                                                                  • Department store sector size
                                                                                                                                                                                                                                                    • Figure 45: Germany: department stores, estimated sector sales (excl VAT), 2013-17
                                                                                                                                                                                                                                                  • Mixed goods retailers sector
                                                                                                                                                                                                                                                    • Figure 46: Germany: mixed goods retailers, sales (excl. VAT), 2013-17
                                                                                                                                                                                                                                                    • Figure 47: Germany: mixed goods retailers, forecast sales (excl. VAT), 2018-22
                                                                                                                                                                                                                                                  • Companies and brands – What you need to know
                                                                                                                                                                                                                                                    • Changes in ownership
                                                                                                                                                                                                                                                      • Karstadt and Signa
                                                                                                                                                                                                                                                        • KaDeWe independent
                                                                                                                                                                                                                                                          • Kaufhof and Hudsons Bay
                                                                                                                                                                                                                                                            • Kaufhof and Karstadt dominate the sector
                                                                                                                                                                                                                                                              • Department stores underperforming online
                                                                                                                                                                                                                                                                • Leading players
                                                                                                                                                                                                                                                                  • Active corporate history
                                                                                                                                                                                                                                                                      • Figure 48: Germany: leading department store retailers, sales, 2012/13-2017/18
                                                                                                                                                                                                                                                                      • Figure 49: Germany: leading department store retailers, outlets, 2012/13-2017/18
                                                                                                                                                                                                                                                                      • Figure 50: Germany: leading department store retailers, sales per outlet, 2012/13-2017/18
                                                                                                                                                                                                                                                                    • Market shares
                                                                                                                                                                                                                                                                      • Figure 51: Germany: leading department store retailers’ shares of all mixed goods retailers’ sales, 2013-17
                                                                                                                                                                                                                                                                      • Figure 52: Germany: leading department store retailers’ shares of all mixed goods retailers’ sales, 2017
                                                                                                                                                                                                                                                                    • Online
                                                                                                                                                                                                                                                                      • Online activity
                                                                                                                                                                                                                                                                        • Internet access widespread
                                                                                                                                                                                                                                                                          • Technology ownership
                                                                                                                                                                                                                                                                            • Shopping online
                                                                                                                                                                                                                                                                              • Leading online players
                                                                                                                                                                                                                                                                                • The consumer – What you need to know
                                                                                                                                                                                                                                                                                  • A minority interest
                                                                                                                                                                                                                                                                                    • Kaufhof the most popular
                                                                                                                                                                                                                                                                                      • Online used in conjunction with stores
                                                                                                                                                                                                                                                                                        • Range and service
                                                                                                                                                                                                                                                                                          • Trust and prices
                                                                                                                                                                                                                                                                                            • Where they shop
                                                                                                                                                                                                                                                                                              • Figure 53: Germany: online and in-store shoppers at leading department stores, March 2018
                                                                                                                                                                                                                                                                                              • Figure 54: Germany: online and in-store shoppers at all department stores, March 2018
                                                                                                                                                                                                                                                                                            • Who buys where
                                                                                                                                                                                                                                                                                              • Figure 55: Germany: department stores shopped at in the last 12 months, by age and income, March 2018
                                                                                                                                                                                                                                                                                              • Figure 56: Germany: online and in-store department store shoppers, by age and income, March 2018
                                                                                                                                                                                                                                                                                            • Attitudes to department stores
                                                                                                                                                                                                                                                                                                • Figure 57: Germany: attitudes to department stores, March 2018
                                                                                                                                                                                                                                                                                              • Attitudes by department stores used
                                                                                                                                                                                                                                                                                                  • Figure 58: Germany: attitudes to department stores by shoppers at Kaufhof and Karstadt, March 2018
                                                                                                                                                                                                                                                                                                • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                  • Abbreviations
                                                                                                                                                                                                                                                                                                    • Data sources
                                                                                                                                                                                                                                                                                                    • Italy

                                                                                                                                                                                                                                                                                                      • Overview
                                                                                                                                                                                                                                                                                                        • What you need to know
                                                                                                                                                                                                                                                                                                          • Areas covered in this report
                                                                                                                                                                                                                                                                                                            • Executive Summary
                                                                                                                                                                                                                                                                                                              • The market
                                                                                                                                                                                                                                                                                                                • Consumer spending
                                                                                                                                                                                                                                                                                                                  • Figure 59: Italy: estimated distribution of consumer spending on clothing and footwear, 2016
                                                                                                                                                                                                                                                                                                                  • Figure 60: Italy: estimated distribution of consumer spending on beauty and personal care products, 2017
                                                                                                                                                                                                                                                                                                                • Sector size and forecast
                                                                                                                                                                                                                                                                                                                  • Companies and brands
                                                                                                                                                                                                                                                                                                                    • Key metrics
                                                                                                                                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                                                                                                                                        • Figure 61: Italy: leading department store retailers’ shares of department store sales, 2017
                                                                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                                                                        • The consumer
                                                                                                                                                                                                                                                                                                                          • Where they shop
                                                                                                                                                                                                                                                                                                                            • Figure 62: Italy: department stores shopped at in the last 12 months, March 2018
                                                                                                                                                                                                                                                                                                                          • Attitudes to department stores
                                                                                                                                                                                                                                                                                                                            • Figure 63: Italy: attitudes to department stores, March 2018
                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                            • Issues and insights
                                                                                                                                                                                                                                                                                                                              • Broadening their appeal
                                                                                                                                                                                                                                                                                                                                • The facts
                                                                                                                                                                                                                                                                                                                                  • The implications
                                                                                                                                                                                                                                                                                                                                    • How important is online for the sector?
                                                                                                                                                                                                                                                                                                                                      • The facts
                                                                                                                                                                                                                                                                                                                                        • The implications
                                                                                                                                                                                                                                                                                                                                          • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                            • Consumer spending rises 2.7% in 2017
                                                                                                                                                                                                                                                                                                                                              • Department stores lose share of category spend
                                                                                                                                                                                                                                                                                                                                                • Department stores see weak growth of 0.5%
                                                                                                                                                                                                                                                                                                                                                  • Mixed goods retailers account for 3.4% of sales
                                                                                                                                                                                                                                                                                                                                                    • Consumer spending
                                                                                                                                                                                                                                                                                                                                                        • Figure 64: Italy: consumer spending on key department store product categories, (incl. VAT), at current prices, 2012-17
                                                                                                                                                                                                                                                                                                                                                      • Department stores’ share of clothing & beauty markets
                                                                                                                                                                                                                                                                                                                                                        • Clothing
                                                                                                                                                                                                                                                                                                                                                          • Figure 65: Italy: estimated distribution of consumer spending on clothing and footwear, 2016
                                                                                                                                                                                                                                                                                                                                                        • Beauty
                                                                                                                                                                                                                                                                                                                                                            • Figure 66: Italy: estimated distribution of consumer spending on beauty and personal care products, 2017
                                                                                                                                                                                                                                                                                                                                                          • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                            • Department store sector size
                                                                                                                                                                                                                                                                                                                                                              • Figure 67: Italy: department stores, estimated sector sales (excl VAT), 2013-17
                                                                                                                                                                                                                                                                                                                                                            • Mixed goods retailers sector
                                                                                                                                                                                                                                                                                                                                                              • Figure 68: Italy: mixed goods retailers, sales (excl. VAT), 2013-17
                                                                                                                                                                                                                                                                                                                                                              • Figure 69: Italy: Mixed goods retailers, forecast sales (excl. VAT), 2018-22
                                                                                                                                                                                                                                                                                                                                                            • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                                                                              • La Rinascente sees strong sales
                                                                                                                                                                                                                                                                                                                                                                • Coin struggles
                                                                                                                                                                                                                                                                                                                                                                  • La Rinascente grows market share
                                                                                                                                                                                                                                                                                                                                                                    • Main players have not developed e-commerce
                                                                                                                                                                                                                                                                                                                                                                      • Leading players
                                                                                                                                                                                                                                                                                                                                                                        • Figure 70: Italy: leading department store retailers, estimated net revenues, 2013-17
                                                                                                                                                                                                                                                                                                                                                                        • Figure 71: Italy: leading department store retailers, outlets, 2013-17
                                                                                                                                                                                                                                                                                                                                                                        • Figure 72: Italy: leading department store retailers, annual sales per outlet, 2013-17
                                                                                                                                                                                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                                                                                                                                                                                        • Figure 73: Italy: leading department store retailers’ estimated shares of department store sales, 2013-17
                                                                                                                                                                                                                                                                                                                                                                        • Figure 74: Italy: leading department store retailers’ estimated shares of mixed goods retailers’ sales, 2013-17
                                                                                                                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                                                                                                                        • Online activity
                                                                                                                                                                                                                                                                                                                                                                          • Figure 75: Europe: personal ownership of digital devices, Q3 2017
                                                                                                                                                                                                                                                                                                                                                                        • Shopping online
                                                                                                                                                                                                                                                                                                                                                                          • Leading online players
                                                                                                                                                                                                                                                                                                                                                                            • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                              • Coin draws more younger customers
                                                                                                                                                                                                                                                                                                                                                                                • Rinascente appeals most to men
                                                                                                                                                                                                                                                                                                                                                                                  • Department stores good for discovering new products
                                                                                                                                                                                                                                                                                                                                                                                    • 45-54s keen on extra services
                                                                                                                                                                                                                                                                                                                                                                                      • Young people less likely to value department store experience
                                                                                                                                                                                                                                                                                                                                                                                        • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 76: Italy: department stores shopped at in the last 12 months, March 2018
                                                                                                                                                                                                                                                                                                                                                                                        • Coin draws more younger customers
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 77: Italy: demographic breakdown of consumers that have shopped at a Rinascente or Coin department store in the last 12 months, by age, March 2018
                                                                                                                                                                                                                                                                                                                                                                                        • Rinascente appeals most to men
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 78: Italy: those that have shopped at a Rinascente or Coin department store in the last 12 months, by gender and age, March 2018
                                                                                                                                                                                                                                                                                                                                                                                        • Both Coin and Rinascente biased to affluent
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 79: Italy: those that have shopped at a Rinascente or Coin department store in the last 12 months, by annual income, March 2018
                                                                                                                                                                                                                                                                                                                                                                                        • Online shoppers
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 80: Italy: online shoppers at Coincasa in the last 12 months, by generation groups, March 2018
                                                                                                                                                                                                                                                                                                                                                                                        • Attitudes to department stores
                                                                                                                                                                                                                                                                                                                                                                                          • Department stores good for discovering new products
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 81: Italy: attitudes to department stores, March 2018
                                                                                                                                                                                                                                                                                                                                                                                          • 45-54s keen on extra services
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 82: Italy: agreement with statement ‘additional in-store services make visiting a department store more worthwhile’, by age, March 2018
                                                                                                                                                                                                                                                                                                                                                                                          • Young people less likely to value department store experience
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 83: Italy: agreement with statement ‘department stores offer a better shopping experience than other retailers’, by gender and age, March 2018
                                                                                                                                                                                                                                                                                                                                                                                          • Attitudes by department stores used
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 84: Italy: agreement with attitudes to department stores, by shoppers at Coin and Rinascente, March 2018
                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                            • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                              • Data sources
                                                                                                                                                                                                                                                                                                                                                                                              • Spain

                                                                                                                                                                                                                                                                                                                                                                                                • Overview
                                                                                                                                                                                                                                                                                                                                                                                                  • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                    • Areas covered in this report
                                                                                                                                                                                                                                                                                                                                                                                                      • Executive Summary
                                                                                                                                                                                                                                                                                                                                                                                                        • The market
                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                            • Department stores’ share of clothing & beauty markets
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 85: Spain: estimated distribution of consumer spending on clothing and footwear, 2016
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 86: Spain: estimated channels of distribution of spending on beauty and personal care products, 2016
                                                                                                                                                                                                                                                                                                                                                                                                            • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                              • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                • Key metrics
                                                                                                                                                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 87: Spain: El Corte Inglés’s share of mixed goods retailers’ sales, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                                                                                                                                    • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                      • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 88: Spain: department stores shopped at in the last 12 months, in-store and online, March 2018
                                                                                                                                                                                                                                                                                                                                                                                                                      • Attitudes to department stores
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 89: Spain: attitudes to department stores, March 2018
                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                        • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                          • El Corte Inglés looks to broaden its appeal
                                                                                                                                                                                                                                                                                                                                                                                                                            • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                              • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                • El Corte Inglés focuses more on online
                                                                                                                                                                                                                                                                                                                                                                                                                                  • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                    • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                      • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Department stores’ share of clothing & beauty markets
                                                                                                                                                                                                                                                                                                                                                                                                                                            • ECI is the only department store in Spain
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 90: Spain: spending on key department store product categories (incl. VAT), at current prices, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Department stores’ share of clothing & beauty markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 91: Spain: estimated distribution of consumer spending on clothing and footwear, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Beauty
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 92: Spain: estimated distribution of consumer spending on beauty and personal care products, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Department store sector size
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mixed goods retailers sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 93: Spain: mixed goods retailers, sales (excl. VAT), 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 94: Spain: mixed goods retailers, forecast sales (excl. VAT), 2017-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • A sector with only one retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • ECI loses share of market
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online growing fast
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • A sector with only one retailer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 95: Spain: leading department store retailers, net revenues, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 96: Spain: leading department store retailers, outlets, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 97: Spain: Leading department store retailers, sales per outlet, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 98: Spain: El Corte Inglés’s share of mixed goods retailers’ sales, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 99: Spain: personal ownership of digital devices, Q3 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 100: Spain: online and in-store shoppers at department stores, March 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Leading online players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • El Corte Inglés remains popular
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Low level of trust from Baby Boomers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • 82% drawn to new products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 101: Spain: department stores shopped at in the last 12 months, March 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • In-store shoppers biased towards 55+
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 102: Spain: demographic profile of El Corte Inglés in-store shoppers, March 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • ECI most popular amongst better-off Spaniards
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 103: Spain: demographic profile of El Corte Inglés online shoppers, March 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Attitudes to department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 82% drawn to new products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 104: Spain: attitudes to department stores, March 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • El Corte Inglés scores low trust among Baby Boomers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 105: Spain: agreement with statement ‘department stores are more trustworthy than other retailers’, crossed by generation groups, March 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online shoppers view department store shopping experience in better light
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 106: Spain: attitudes to department stores, crossed by in-store shoppers and online shoppers, March 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • UK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Areas covered in this Report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Executive summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The UK department store sector forecast grow 10% by 2022
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 107: Best and worst case forecast for department store sector, 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Continued growth in consumer spending, despite decline in real incomes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Premium department stores buoying growth in the sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Mid-market retailers losing market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 108: Leading department stores’ estimated market shares, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Innovation remains focused on stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand research reveals a lack of trust in premium department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 109: Attitudes towards and usage of selected brands, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Geographical reach influences where people shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 110: Department store usage in-store and online in the last 12 months, by channel, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Fashion drives volumes within the department store sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 111: What consumers bought from department stores in the last 12 months, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online increasingly part of the shopping journey
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 112: Online shopping behaviour, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Products and in-store displays are more important than leisure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 113: Important factors when shopping in-store, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Department stores need to rebuild trust in pricing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 114: Attitudes towards department stores, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Issues & insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The pricing challenge continues as discounts erode price integrity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The importance of creating a compelling multichannel experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Exclusive and own-label ranges increasingly essential to growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Growth remains flat in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Core department store categories continue to grow
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Pressure mounting on UK consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Increased inbound tourism boosts sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Department store sector up 1.5% in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 115: Estimated UK department store sector sales, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Market forecast to reach £17.8 billion by 2022
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 116: Best and worst case forecast for department store sector, 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 117: Forecast for department store sector, at current and constant prices, 2012-22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Continued growth in core department store categories
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 118: Consumer spending on key department store categories, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • An ageing UK population
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 119: Trends in the age structure of the UK population, 2016-26
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 120: Breakdown of trends in the age structure of the UK population, 2016-26
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Growth in inflation puts consumers under pressure…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 121: Real wage growth – Average weekly earnings vs inflation, January 2014-December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • …but on the whole consumers remain confident about their finances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 122: Consumer confidence: current financial situation vs sentiment for the coming year, January 2013-February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fashion and the home continue to be popular discretionary categories
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 123: Trends in what extra money is spent on, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Value of Sterling falls following Brexit vote
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 124: Selected international currency exchange rates, annual averages, 2003-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 125: Sterling exchange rate versus selected currencies, annual averages, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Inbound tourism boosted by weak Sterling
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 126: Total overseas residents’ visits to the UK, 2009-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Uplift in inbound tourism spend boosts sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 127: Total spend by overseas residents in the UK, 2008-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Private renting increases
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 128: UK household tenure status, 2012-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • High-end department stores outperform
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Debenhams and House of Fraser losing market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Online now accounts for a quarter of the sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Innovation continues to centre around in-store experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Greater trust placed with mid-market retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Leading retailers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Note on department store sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Mid-market department stores struggle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 129: Leading department stores’ net revenues, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New stores emphasise the importance of experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 130: Leading department stores’ outlet numbers, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Like-for-like growth strongest at the higher end of the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 131: Leading department stores’ estimated sales per outlet, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Ongoing investment dents profits for leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 132: Leading department stores’ operating profits, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 133: Leading department stores’ operating margins, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • John Lewis set to become the market leader
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 134: Leading department stores’ estimated market shares, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 135: Leading department stores’ estimated market shares, 2012-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • John Lewis also dominates online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 136: Selected leading department stores’ estimated online revenues, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 137: Estimated online share of selected leading department stores’ total revenues, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online increasing its share of the sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 138: Total estimated online department store revenues, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Digital developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Debenhams experiments with click, try and buy…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • …and also upgrades its mobile site
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Launch activity and innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • John Lewis invites customers for an in-store sleepover
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 139: The Residence at John Lewis, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Developments in experiential retailing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 140: Debenhams’ Stevenage Store, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 141: John Lewis Westfield London Store, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Music matters at Selfridges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • House of Fraser launches localised pop-up scheme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Debenhams and Selfridges experiment with in-store gyms
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 142: The Boxing Gym at Selfridges, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Selfridges invests in bespoke beauty pioneers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 143: Selfridges’ Bespoke Beauty Department, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • John Lewis collaborates with PATTERNITY on exclusive collection
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 144: PATTERNITY + John Lewis Collaboration, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Debenhams revives its brand mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 145: Debenhams’ Scandi Brands, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Ongoing focus on menswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • John Lewis’ Home Solutions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • House of Fraser opens new sustainable store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 146: House of Fraser Rushden Lakes Store, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Advertising and marketing activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Advertising spend up 10% in 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 147: Recorded above-the-line, online display and direct mail total advertising expenditure by selected leading UK department stores, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 148: Recorded above-the-line, online display and direct mail total advertising expenditure by selected leading UK department stores, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Digital the most favoured media type
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 149: Recorded above-the-line, online display and direct mail total advertising expenditure by selected leading UK department stores, by media type, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key campaigns
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The battle of the Christmas campaign
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 150: John Lewis’ Moz The Monster Christmas Campaign, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 151: Debenhams’ You Shall Christmas Campaign, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • M&S shifts its advertising strategy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Greater focus on specific product categories
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Lingerie campaigns look to promote body positivity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 152: Debenhams’ SS18 DD+ Lingerie Campaign, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Nielsen Ad Intel coverage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Space allocation summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Space allocation overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 153: Department stores: summary of estimated in-store space allocation, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Detailed space allocation estimates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • House of Fraser multimillion-pound refurbishment programme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Debenhams focused on making its stores more of a destination for social shopping to increase frequency of visits
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Selfridges’ flagship Oxford Street store revamp almost complete
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Fenwick’s new 80,000 sq ft next-generation department store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • John Lewis’ experience-led Oxford store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • M&S repurposing its stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 154: Department stores: detailed space allocation estimates, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 155: Leading department stores’ estimated sales mix, 2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sales density
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 156: Leading department stores, Estimated sales density by broad product category, 2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brand research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 157: Attitudes towards and usage of selected brands, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 158: Key metrics for selected brands, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand attitudes: Debenhams offers value
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 159: Attitudes, by brand, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand personality: Harrods seen as exclusive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 160: Brand personality – Macro image, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • M&S viewed as reliable
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 161: Brand personality – Micro image, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • John Lewis has a broad appeal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 162: User profile of John Lewis, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Marks & Spencer shows bias towards older women
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 163: User profile of Marks & Spencer, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Debenhams’ value proposition helps it to stand out
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 164: User profile of Debenhams, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Harvey Nichols popular with affluent
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 165: User profile of Harvey Nichols, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Fenwick attracts affluent Millennials
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 166: User profile of Fenwick, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Harrods garners more positive perception among young
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 167: User profile of Harrods, January 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • M&S benefits from wide geographical coverage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Most department store shoppers buy clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • A third now compare prices whilst in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • In-store product displays are important
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Discounting continues to erode price integrity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Almost half shop with M&S
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 168: Department store usage in-store and online in the last 12 months, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Debenhams and John Lewis also popular online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 169: Department store usage in-store and online in the last 12 months, by channel, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Men more likely to shop with luxury department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 170: Department store usage in-store and online in the last 12 months, by gender, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • House of Fraser attracts younger shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 171: Department store usage in-store and online in the last 12 months, by age and income, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Almost half are loyal to one or two department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 172: Repertoire analysis of department store usage in-store and online in the last 12 months, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What they buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Clothing most purchased category
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 173: What consumers bought from department stores in the last 12 months, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Women more likely to shop most categories
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 174: What consumers bought from department stores in the last 12 months, by gender, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Stationery important to young department store shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 175: What consumers bought from department stores in the last 12 months, by age, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • House of Fraser and Debenhams popular for BPC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 176: What consumers bought from department stores in the last 12 months, by where they shopped, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Most shop for multiple different types of product
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 177: Repertoire analysis of what consumers bought from department stores in the last 12 months, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online shopping behaviour
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • A third research online before shopping with a department store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 178: Online shopping behaviour, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Omni-channel experience important to 25-34s
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 179: Online shopping behaviour, by age, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Important factors when shopping in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Product displays should be a priority
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 180: Important factors when shopping in-store, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Men more likely to want product demonstrations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 181: Important factors when shopping in-store, by gender, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Testing areas important to young shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 182: Important factors when shopping in-store, by age, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • BPC buyers most attracted by exclusive products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 183: Important factors when shopping in-store, by what they bought, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Attitudes towards department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumers see department stores as a discovery tool
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 184: Attitudes towards department stores, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Men have stronger opinions of department stores’ product mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 185: Attitudes towards department stores, by gender, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Young shoppers are price-sensitive…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 186: Attitudes towards department stores, by age, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • …but also show more loyalty to department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 187: Attitudes towards department stores, by age, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Target groups
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 188: Attitudes towards department stores, target groups, February 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Key characteristics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Experience Seekers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Apathetic Shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Price Sensitive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Content Consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer research methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Appendix – Market size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Coin

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • A new shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Redesign of stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Focus on younger customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Need to focus online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 189: Coin: group estimated sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 190: Coin: Italy outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Debenhams

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Digital sales growth momentum fuelled by mobile site enhancements
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Making its stores more of a destination for social shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consolidating position as a preferred destination for beauty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • A more compelling fashion proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Using digital to reach territories that would not support a store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 191: Debenhams: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 192: Debenhams: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • El Corte Inglés

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • ECI/Hipercor merger
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Growing competition from specialists and pureplays
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Digital transformation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Focus on younger customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Drive for sustainability
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Capitalising on tourism spend in 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 193: El Corte Inglés (Department stores): group financial performance, 2012/13-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 194: El Corte Inglés (Department stores): outlet data, 2012/13-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Fenwick

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Expected to launch a full online proposition in 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Experiential stores to drive footfall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 195: Fenwick Ltd: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 196: Fenwick Ltd: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Galeries Lafayette

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • A new strategy, a new structure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online/omnichannel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New stores and new store formats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Regional stores becoming franchises
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • International expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 197: Galeries Lafayette department stores: sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • International
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 198: Galeries Lafayette (France): outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Harrods

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • £200 million revamp to increase appeal to shoppers from China and South East Asia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Enhanced in-store experiences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Boosting brand awareness in China
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Expanded payment options to accommodate global customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 199: Harrods Ltd: group financial performance, 2011/12-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 200: Harrods Ltd: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Harvey Nichols UK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Menswear becomes more intimate and intuitive in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • A more inspirational digital shopping experience boosts online conversion rate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • New cardless loyalty scheme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 201: Harvey Nichols UK: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 202: Harvey Nichols UK: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • HBC Europe

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Uneasy mix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strategy for Europe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 203: HBC Europe: group financial performance, 2011/12-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 204: HBC Europe: outlet data, 2011/12-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • House of Fraser

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Refinance package, rent reductions and credit cover pulled
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • E-commerce sales down, despite website relaunch
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Flagging womenswear offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Pop-up concessions that match the local demographics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Lifestyle-led in-store experiences to drive footfall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 205: House of Fraser: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 206: House of Fraser: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • John Lewis

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • More than just a shopping experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Personal shoppers for men
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Reducing the pain points in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Record Black Friday sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • New home maintenance service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Extended fulfilment options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Enhanced m-commerce proposition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 207: John Lewis Plc (department store): group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 208: John Lewis Plc (department store): outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Karstadt Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store portfolio slimmed down
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Portfolio rationalised
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Cutting back on promotions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Low prices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • KaDeWe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 209: Karstadt Group: group financial performance, 2011/12-2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 210: Karstadt Group: outlet data, 2011/12-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 211: Karstadt: product mix, 2015/16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • La Rinascente

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Adapting stores to their location
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Focus on the experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Lacking an online option
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 212: Rinascente (Department Stores): group sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 213: Rinascente (Department Stores): outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Le Bon Marché

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The new food hall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 214: LVMH Selective Retail: financial performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 215: Le Bon Marché: sales performance, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 216: Le Bon Marché: outlet data, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Marks & Spencer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Closing ‘full-line’ stores and pushing online clothing sales with new personal shopping service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Utilising data from Sparks to gain customer insight and boost customer engagement
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Boosting financial services offering to offset struggling clothing sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Capitalising on the success of its food offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New 495,000 sq ft Clothing & Home distribution centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 217: Marks & Spencer: Group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 218: Marks & Spencer: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Printemps

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Menswear department augurs well for growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sunday trading
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Lagging behind online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Printemps du Goût – the battle of fine foods
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 219: Printemps Department stores: group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 220: Printemps Department stores: outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Selfridges Retail

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Compelling in-store experiences driving footfall
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Becoming a key Christmas shopping destination
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Embracing the mantra of ‘buying better’
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 221: Selfridges Retail Ltd: group financial performance, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 222: Selfridges Retail Ltd: outlet data, 2012/13-2016/17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Retail offering

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Department Stores - Europe - April 2018

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        US $3,909.12 (Excl.Tax)