2020
0
Europe Department Stores Market Report 2020
2020-08-27T15:47:51+01:00
OX988622
3195
123141
[{"name":"Retail","url":"https:\/\/store.mintel.com\/industries\/retail"}]
Report
en_GB
“The department store markets across Europe are quite different in nature. Germany has been in decline, while France has been sustaining a growth trend. In Spain El Corte Inglés represents…

Europe Department Stores Market Report 2020

£ 3,195 (Excl.Tax)

Report Summary

Everything you need to make the right decisions

Providing the most comprehensive and up-to-date information and analysis of the Department Stores: Inc Impact of COVID-19 – Europe market, and the behaviours, preferences and habits of the consumer.

Mintel has the answers you’re looking for

What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?

Covered in this report

The department store markets across Europe are quite different in nature. Germany has been in decline and its leading player, Galeria Karstadt Kaufhof, which represents three quarters of the market, looks fragile in the face of COVID-19. Department stores in France were sustaining a growth trend but are suffering the impacts of the pandemic as well. In Spain El Corte Inglés represents the entire market and is currently facing the difficulties of the ongoing COVID-19 pandemic, whilst in Italy a significant spike in online demand is only intensifying pressures from Amazon and other better-equipped online rivals.

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Expert analysis from a specialist in the field

Written by Armando Falcao, a leading analyst in the Retail sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

The department store markets across Europe are quite different in nature. Germany has been in decline, while France has been sustaining a growth trend. In Spain El Corte Inglés represents the entire market. But all are currently under threat from the ongoing COVID-19 pandemic. With growing competition from online players and customers wanting to be dazzled by the store environment and to experience a day out when visiting a store, those that can combine elements of experiential retail in both the online and the offline spheres are more likely to succeed once physical retail outlets start to reopen Armando Falcao
Retail Analyst

Table of Contents

  1. Overview

    • What you need to know
      • Key issues covered in this Report
        • Report scope
          • Department store definition
            • Market size
              • Financial definitions
                • Abbreviations
                  • VAT around Europe
                    • Figure 1: VAT rates around Europe, 2013-20
                • Executive Summary – Europe – The Market

                    • Department store sector sales and leading players
                      • GTV as a sales measure for leading players
                        • Department store market size
                          • Figure 2: Europe: Estimated department store sector sales and leading players’ sales, 2015-19
                          • Figure 3: Europe: Leading department stores, outlets, 2015-19
                          • Figure 4: Europe: Leading department stores, sales per outlet, 2015-19
                        • Mixed goods retailers’ sales
                          • Figure 5: Europe: Mixed goods retailers, sales (excluding VAT), 2015-19
                          • Figure 6: Europe big 5: Mixed goods retailers, forecast sales (excluding VAT), 2020-24
                        • Department stores in context
                          • Figure 7: Big five European countries: estimated department store sector sales (excluding VAT), 2015-19
                        • Market shares
                          • Figure 8: Europe: Leading department stores, market shares, 2015-19
                          • Figure 9: Europe: Leading department stores’ shares of estimated department store sales, 2019
                        • Online
                            • Figure 10: Europe: Leading countries, estimated online department store sales as share of all department store sales, 2019
                          • What we think
                            • France
                              • Germany
                                • Italy
                                  • Spain
                                    • UK
                                    • Executive Summary – Europe – The Consumer

                                        • The consumer research
                                          • Who shops at department stores
                                              • Figure 11: Europe: Proportion of internet users who have shopped from a department store, in-store or online, by country, March 2018 and January 2020
                                            • Men are the main shoppers, except in the UK
                                                • Figure 12: Europe: Proportion of internet users who have shopped from a department store, in-store or online, by gender, January 2020
                                              • Younger versus older consumers
                                                • Figure 13: Europe: Proportion of internet users who have shopped from a department store, in-store or online, by age group, January 2020
                                              • Where they shop
                                                  • Figure 14: Europe: Proportion of internet users who have shopped from a department store, in-store or online, by country, January 2020
                                                • Online versus in-store
                                                    • Figure 15: Europe: Proportion of internet users who have shopped from a department store, who have shopped online, January 2020
                                                  • Most popular department store
                                                      • Figure 16: Europe: Most used department store by country and proportion of shoppers, January 2020
                                                    • Attitudes to shopping at department stores
                                                        • Figure 17: Europe: Attitudes to department stores, by country, January 2020
                                                    • Executive Summary – Europe – Launch Activity and Innovation

                                                      • Pop-ups an opportunity to enhance the department store shopping experience
                                                        • El Corte Inglès meeting consumer expectation for more personalised online experience
                                                          • Galeries Lafayette’s new digitally-rich Champs-Elysées store
                                                            • LVMH planning to open the world’s most luxurious department store
                                                              • Airport department store
                                                                • Second-hand department stores
                                                                • The Impact of COVID-19 on Department Stores

                                                                  • Short, medium and long-term impact on the sector
                                                                    • Figure 18: Short, Medium and long term impact of COVID-19 on Department Stores, May 2020
                                                                  • Opportunities and threats
                                                                    • Repercussions of COVID-19 could be permanent in some countries
                                                                      • Social distancing measures will change the experience and retailers must react
                                                                        • Figure 19: OpenTable retail slot booking system, San Francisco, May 2020
                                                                      • Disruption to tourism will hit department stores
                                                                        • Strong online business is key to survival
                                                                          • Adapting services to the ‘new-norm’
                                                                            • Community, co-operation and ethical considerations come to the fore
                                                                              • Impact on the department store sector
                                                                                • Loss of tourism and local shoppers will hit department stores hard
                                                                                  • Forecast
                                                                                      • Figure 20: Europe: Department stores market size and forecast, 2015-24
                                                                                      • Figure 21: Europe: Detailed Department stores market size and forecast, by country, 2014-24
                                                                                    • The impact of COVID-19 on consumer behaviour across Europe
                                                                                      • Figure 22: Europe: Those extremely worried about the risk of being exposed to COVID-19, March and April 2020*
                                                                                      • Figure 23: Europe: Those extremely worried about how the outbreak will affect their lifestyle, March and April 2020*
                                                                                      • Figure 24: Europe: Changes made to lives as a result of the COVID-19, April 2020*
                                                                                    • People expect to spend less on key categories sold by department stores
                                                                                      • Figure 25: Europe: Net balance of expected spending* on categories sold by department stores, April 2020**
                                                                                    • How the crisis will affect key consumer segments
                                                                                      • Concern about infection and changes to lifestyle both increase with age
                                                                                        • Figure 26: Europe: Those extremely worried about the risk of being exposed to COVID-19, by age, April 2020*
                                                                                      • Across Europe spending patterns will be subdued in the short term
                                                                                        • Figure 27: Europe: Net balance of expected spending* on beauty and toiletries, by age, April 2020**
                                                                                        • Figure 28: Europe: Net balance of expected spending* on clothing and accessories, by age, April 2020**
                                                                                      • Men are more likely to spend more on clothing, women on beauty & personal care
                                                                                        • Figure 29: Europe: Net balance of expected spending* on beauty and toiletries, by gender, April 2020**
                                                                                        • Figure 30: Europe: Net balance of expected spending* on clothing and accessories, by gender, April 2020**
                                                                                      • Increase in online shopping varies across countries
                                                                                          • Figure 31: Europe: Proportion of shoppers who increased their online shopping, April 2020*
                                                                                        • The shift to online entails more than just having an online shop
                                                                                          • COVID-19: Market context
                                                                                            • United Kingdom
                                                                                              • France
                                                                                                • Germany
                                                                                                  • Italy
                                                                                                    • Spain
                                                                                                    • France

                                                                                                      • Overview
                                                                                                        • What you need to know
                                                                                                          • Key issues covered in this Report
                                                                                                            • Areas covered in this Report
                                                                                                              • Executive summary
                                                                                                                • The market
                                                                                                                  • Consumer spending
                                                                                                                    • Sector size and forecast
                                                                                                                      • Figure 32: France: department stores, estimated sector sales (excl VAT), 2015-19
                                                                                                                    • Companies and brands
                                                                                                                      • Key metrics
                                                                                                                        • Market shares
                                                                                                                          • Figure 33: France: leading department store retailers’ shares of mixed goods retailers’ sales, 2019
                                                                                                                        • Online
                                                                                                                          • The consumer
                                                                                                                            • Where they shop
                                                                                                                              • Figure 34: France: department stores shopped at in the last 12 months, January 2020
                                                                                                                              • Figure 35: France: usage of department stores in the last 12 months, by age and gender, January 2020
                                                                                                                            • Online shopping
                                                                                                                              • Figure 36: France: online shopping at department stores in the last 12 months, by age and gender, January 2020
                                                                                                                            • What they buy
                                                                                                                              • Figure 37: France: products bought in department stores in the last 12 months, January 2020
                                                                                                                            • Attitudes to shopping at department stores
                                                                                                                              • Figure 38: France: attitudes to shopping at department stores, January 2020
                                                                                                                            • What we think
                                                                                                                              • Issues and insights  
                                                                                                                                • COVID-19 set to have major impact on French department store sales
                                                                                                                                  • Department stores must reduce reliance on Paris and foreign tourists
                                                                                                                                    • The facts
                                                                                                                                      • The implications
                                                                                                                                        • Rental and secondhand a potential new revenue stream
                                                                                                                                          • The facts
                                                                                                                                            • The implications
                                                                                                                                              • The market – What you need to know
                                                                                                                                                • 2020 set to be a moderately good year for the French economy
                                                                                                                                                  • Key department store spending areas are low growth
                                                                                                                                                    • Department store sector has returned to growth after stalling in 2016
                                                                                                                                                      • Threats to the sector
                                                                                                                                                        • Consumer spending
                                                                                                                                                          • Social unrest at the end of the year dampens 2019 economic growth
                                                                                                                                                            • Huge uncertainty for 2020
                                                                                                                                                              • Weak spending growth in key department store categories
                                                                                                                                                                  • Figure 39: France: consumer spending on key department store product categories (incl. VAT), 2015-19
                                                                                                                                                                • Sector size and forecast
                                                                                                                                                                  • Department store sector size
                                                                                                                                                                    • Figure 40: France: department stores, estimated sector sales (excluding VAT), 2015-19
                                                                                                                                                                  • Mixed goods retailers sector
                                                                                                                                                                    • Figure 41: France: mixed goods retailers, sales (excluding VAT), 2015-19
                                                                                                                                                                    • Figure 42: France: mixed goods retailers, forecast sales (excluding VAT), 2020-24
                                                                                                                                                                  • Threats to the French department store sector
                                                                                                                                                                    • The impact of the Coronavirus
                                                                                                                                                                      • Structural change in the luxury market
                                                                                                                                                                        • Growing competition from pureplay luxury retail platforms
                                                                                                                                                                          • Companies and brands – What you need to know
                                                                                                                                                                            • A duopoly focused on Paris
                                                                                                                                                                              • COVID-19 a real threat to the sector
                                                                                                                                                                                • Looking for growth internationally
                                                                                                                                                                                  • Combined market share is down
                                                                                                                                                                                    • Catching up online
                                                                                                                                                                                      • Leading players
                                                                                                                                                                                        • Dependence on Paris and tourists
                                                                                                                                                                                          • Flagships are more than just department stores
                                                                                                                                                                                            • International expansion
                                                                                                                                                                                              • Galeries Lafayette pulling ahead online
                                                                                                                                                                                                • Partnerships develop omnichannel offer
                                                                                                                                                                                                  • A new rival, La Samaritaine due to open in spring 2020
                                                                                                                                                                                                    • Figure 43: France: leading department store retailers, sales, 2015-19
                                                                                                                                                                                                    • Figure 44: France: leading department store retailers, outlets, 2015-19
                                                                                                                                                                                                    • Figure 45: France: leading department store retailers, sales per outlet, 2015-19
                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                    • Figure 46: France: Leading department store chain’s shares of mixed goods retailers’ sales, 2015-19
                                                                                                                                                                                                  • Online
                                                                                                                                                                                                    • Online activity
                                                                                                                                                                                                      • Figure 47: Europe: online buyers in last 12 months, by country, 2015-19
                                                                                                                                                                                                    • Luxury shopping online
                                                                                                                                                                                                      • Leading online players
                                                                                                                                                                                                        • The consumer – What you need to know
                                                                                                                                                                                                          • A minority interest
                                                                                                                                                                                                            • Galeries Lafayette leads
                                                                                                                                                                                                              • Core shoppers are younger, male and more affluent
                                                                                                                                                                                                                • Online shopping
                                                                                                                                                                                                                  • Core categories under pressure
                                                                                                                                                                                                                    • Leisure and experiences rank highly
                                                                                                                                                                                                                      • Where they shop
                                                                                                                                                                                                                        • Only a quarter shop at department stores
                                                                                                                                                                                                                            • Figure 48: France: department stores shopped at in the last 12 months, January 2020
                                                                                                                                                                                                                          • But over 40% of residents in the Paris region shop there
                                                                                                                                                                                                                            • Figure 49: France: usage of department stores in the last 12 months by region, January 2020
                                                                                                                                                                                                                          • The younger and wealthier are the core customers
                                                                                                                                                                                                                            • Figure 50: France: usage of department stores in the last 12 months, by age, gender and affluence, January 2020
                                                                                                                                                                                                                            • Figure 51: France: usage of department stores in the last 12 months, by age and gender, January 2020
                                                                                                                                                                                                                          • Online shoppers at department stores
                                                                                                                                                                                                                            • Figure 52: France: online shopping at department stores in the last 12 months, by age and gender, January 2020
                                                                                                                                                                                                                          • What they buy
                                                                                                                                                                                                                            • Figure 53: France: products bought in department stores in the last 12 months, January 2020
                                                                                                                                                                                                                          • What people buy is influenced by gender
                                                                                                                                                                                                                            • Figure 54: France: products bought in department stores in the last 12 months, January 2020
                                                                                                                                                                                                                          • Attitudes to shopping at department stores
                                                                                                                                                                                                                            • Exclusivity is a key driver
                                                                                                                                                                                                                              • A leisure destination
                                                                                                                                                                                                                                • But perceptions of high pricing
                                                                                                                                                                                                                                  • Figure 55: France: attitudes to department stores, January 2020
                                                                                                                                                                                                                                • Attitudes by department store used
                                                                                                                                                                                                                                  • Figure 56: France: attitudes to department stores, Galeries Lafayette and Printemps, January 2020
                                                                                                                                                                                                                                • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                  • Abbreviations
                                                                                                                                                                                                                                    • Data sources
                                                                                                                                                                                                                                    • Germany

                                                                                                                                                                                                                                      • Overview
                                                                                                                                                                                                                                        • What you need to know
                                                                                                                                                                                                                                          • Key issues covered in this Report
                                                                                                                                                                                                                                            • Areas covered in this Report
                                                                                                                                                                                                                                              • Executive summary
                                                                                                                                                                                                                                                • The market
                                                                                                                                                                                                                                                  • Consumer spending
                                                                                                                                                                                                                                                    • Sector value and forecast
                                                                                                                                                                                                                                                      • Figure 57: Germany: Estimated department stores sales (excluding VAT), 2013-19
                                                                                                                                                                                                                                                      • Figure 58: Germany: Mixed goods retailers’ sales as % of all retail sales, 2012-24
                                                                                                                                                                                                                                                      • Figure 59: Germany: Estimated department stores’ product mix, 2019
                                                                                                                                                                                                                                                    • Companies and brands
                                                                                                                                                                                                                                                      • Key metrics
                                                                                                                                                                                                                                                        • Market shares
                                                                                                                                                                                                                                                          • Figure 60: Germany: Leading department stores’ shares of all mixed goods retailers’ sales, 2019
                                                                                                                                                                                                                                                        • Online
                                                                                                                                                                                                                                                          • The consumer
                                                                                                                                                                                                                                                            • What they buy
                                                                                                                                                                                                                                                              • Figure 61: Germany: Products purchased in-store and online from a department store, January 2020
                                                                                                                                                                                                                                                            • Where they shop
                                                                                                                                                                                                                                                              • Figure 62: Germany: Online and in-store shoppers at leading department stores, January 2020
                                                                                                                                                                                                                                                              • Figure 63: Germany: Online and in-store shoppers at all department stores, January 2020
                                                                                                                                                                                                                                                            • Attitudes to shopping at department stores
                                                                                                                                                                                                                                                              • Figure 64: Germany: Attitudes to shopping at department stores, January 2020
                                                                                                                                                                                                                                                            • What we think
                                                                                                                                                                                                                                                              • Issues and insights
                                                                                                                                                                                                                                                                • COVID-19 set to have major impact on German department store sales
                                                                                                                                                                                                                                                                  • The in-store experience is vital for department stores
                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                                                        • Foodservice has universal appeal and is an important draw
                                                                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                                                                              • The market – What you need to know
                                                                                                                                                                                                                                                                                • Fashion drives sales but grows slowly
                                                                                                                                                                                                                                                                                  • Homewares continue to gain relevance
                                                                                                                                                                                                                                                                                    • Sales dropped to €6.33 billion in 2019
                                                                                                                                                                                                                                                                                      • COVID-19 brings drop in sales in 2020
                                                                                                                                                                                                                                                                                        • Consumer spending
                                                                                                                                                                                                                                                                                          • Fashion drives sales but grows slowly
                                                                                                                                                                                                                                                                                            • Homewares continues to make gains
                                                                                                                                                                                                                                                                                              • Beauty and personal care attract traffic
                                                                                                                                                                                                                                                                                                • Figure 65: Germany: Consumer spending on key department store product categories (including VAT), 2013-18
                                                                                                                                                                                                                                                                                              • Department stores’ share of clothing and beauty markets
                                                                                                                                                                                                                                                                                                • Clothing
                                                                                                                                                                                                                                                                                                  • Beauty
                                                                                                                                                                                                                                                                                                    • Sector size and forecast
                                                                                                                                                                                                                                                                                                      • Department store sector size
                                                                                                                                                                                                                                                                                                          • Figure 66: Germany: Department stores, estimated sector sales (excluding VAT), 2015-19
                                                                                                                                                                                                                                                                                                        • Mixed goods retailers sector
                                                                                                                                                                                                                                                                                                          • Figure 67: Germany: Mixed goods retailers, sales (excluding VAT), 2015-19
                                                                                                                                                                                                                                                                                                          • Figure 68: Germany: Mixed goods retailers, sales (excluding VAT), 2020-24
                                                                                                                                                                                                                                                                                                        • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                          • Leaders continue to drag market down
                                                                                                                                                                                                                                                                                                            • Plans to rescue Galeria Karstadt Kaufhof
                                                                                                                                                                                                                                                                                                              • KaDeWe launches new features and extends opening hours
                                                                                                                                                                                                                                                                                                                • Breuninger grows online
                                                                                                                                                                                                                                                                                                                  • Market concentration remains high
                                                                                                                                                                                                                                                                                                                    • Department stores continue to underperform online
                                                                                                                                                                                                                                                                                                                      • Leading players
                                                                                                                                                                                                                                                                                                                        • Plans to rescue Galeria Karstadt Kaufhof
                                                                                                                                                                                                                                                                                                                          • KaDeWe launches new features and extends its opening hours
                                                                                                                                                                                                                                                                                                                            • Breuninger grows online business
                                                                                                                                                                                                                                                                                                                              • Figure 69: Germany: Leading department store retailers, sales, 2015-19
                                                                                                                                                                                                                                                                                                                              • Figure 70: Germany: Leading department store retailers, outlets, 2015-19
                                                                                                                                                                                                                                                                                                                              • Figure 71: Germany: Leading department store retailers, sales per outlet, 2015-19
                                                                                                                                                                                                                                                                                                                            • Market shares
                                                                                                                                                                                                                                                                                                                              • Figure 72: Germany: Leading department store retailers’ shares of all mixed goods retailers’ sales, 2015-19
                                                                                                                                                                                                                                                                                                                              • Figure 73: Germany: Leading department store retailers’ shares of all mixed goods retailers’ sales, 2019
                                                                                                                                                                                                                                                                                                                            • Online
                                                                                                                                                                                                                                                                                                                              • Online activity
                                                                                                                                                                                                                                                                                                                                • Internet access widespread
                                                                                                                                                                                                                                                                                                                                  • Figure 74: Germany: Proportion of households with broadband access, 2008-19
                                                                                                                                                                                                                                                                                                                                • Shopping online
                                                                                                                                                                                                                                                                                                                                  • Figure 75: Germany: Online purchases in the last 12 months compared to other countries, 2008-19
                                                                                                                                                                                                                                                                                                                                  • Figure 76: Germany: Online purchases in the last 12 months in key categories, 2008-19
                                                                                                                                                                                                                                                                                                                                • Department store online sales
                                                                                                                                                                                                                                                                                                                                  • Figure 77: Germany: Online and in-store shoppers at leading department stores, January 2020
                                                                                                                                                                                                                                                                                                                                • Leading online players
                                                                                                                                                                                                                                                                                                                                  • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                    • Fashion remains the predominant category
                                                                                                                                                                                                                                                                                                                                      • Electrical goods more likely to be bought online
                                                                                                                                                                                                                                                                                                                                        • Galeria Karstadt Kaufhof is the most popular
                                                                                                                                                                                                                                                                                                                                          • Majority of department store shoppers are men
                                                                                                                                                                                                                                                                                                                                            • In-store experience is key
                                                                                                                                                                                                                                                                                                                                              • Food halls can encourage consumers to visit
                                                                                                                                                                                                                                                                                                                                                • Where they shop
                                                                                                                                                                                                                                                                                                                                                  • Figure 78: Germany: consumers who shopped at department stores in the last 12 months, March 2018 vs January 2020
                                                                                                                                                                                                                                                                                                                                                • Market leader attracts 37% of consumers in-store and 16% online
                                                                                                                                                                                                                                                                                                                                                  • Figure 79: Germany: department stores shopped at in the last 12 months, January 2020
                                                                                                                                                                                                                                                                                                                                                  • Figure 80: Germany: consumers that have shopped at leading department stores, by gender, January 2020
                                                                                                                                                                                                                                                                                                                                                  • Figure 81: Germany: consumers that have shopped at leading department stores, by age, January 2020
                                                                                                                                                                                                                                                                                                                                                  • Figure 82: Germany: consumers who shopped at leading department stores in-store and online, by age, January 2020
                                                                                                                                                                                                                                                                                                                                                • What they buy
                                                                                                                                                                                                                                                                                                                                                  • Fashion remains the predominant category
                                                                                                                                                                                                                                                                                                                                                    • Figure 83: Germany: items bought from department store in the past 12 months, January 2020
                                                                                                                                                                                                                                                                                                                                                    • Figure 84: Germany: Products purchased in-store and online from a department store, by channel, January 2020
                                                                                                                                                                                                                                                                                                                                                    • Figure 85: Germany: Products purchased from a department store, by retailer, January 2020
                                                                                                                                                                                                                                                                                                                                                    • Figure 86: Germany: Products purchased from a department store, by gender, January 2020
                                                                                                                                                                                                                                                                                                                                                    • Figure 87: Germany: Products purchased from a department store, by age, January 2020
                                                                                                                                                                                                                                                                                                                                                  • Attitudes to shopping at department stores
                                                                                                                                                                                                                                                                                                                                                    • In-store experience is key
                                                                                                                                                                                                                                                                                                                                                      • Food halls encourage shoppers to visit and stay longer
                                                                                                                                                                                                                                                                                                                                                        • Prices are high but exclusivity matters
                                                                                                                                                                                                                                                                                                                                                          • Figure 88: Germany: Attitudes to shopping at department stores, January 2020
                                                                                                                                                                                                                                                                                                                                                        • Attitudes by department store used
                                                                                                                                                                                                                                                                                                                                                            • Figure 89: Germany: Those agreeing with attitudes to shopping in department stores, by retailer, January 2020
                                                                                                                                                                                                                                                                                                                                                          • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                            • Abbreviations
                                                                                                                                                                                                                                                                                                                                                              • Data sources
                                                                                                                                                                                                                                                                                                                                                              • Italy

                                                                                                                                                                                                                                                                                                                                                                • Overview
                                                                                                                                                                                                                                                                                                                                                                  • What you need to know
                                                                                                                                                                                                                                                                                                                                                                    • Key issues covered in this Report
                                                                                                                                                                                                                                                                                                                                                                      • Areas covered in this Report
                                                                                                                                                                                                                                                                                                                                                                        • Executive summary
                                                                                                                                                                                                                                                                                                                                                                          • The market
                                                                                                                                                                                                                                                                                                                                                                            • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                              • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                • Figure 90: Italy: department stores, estimated sector sales (excluding VAT), 2015-19
                                                                                                                                                                                                                                                                                                                                                                              • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                • Key metrics
                                                                                                                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 91: Italy: leading department store retailers’ estimated shares of department store sales, 2019
                                                                                                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                                                                                                    • The consumer
                                                                                                                                                                                                                                                                                                                                                                                      • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 92: Italy: department stores shopped at in the last 12 months, January 2020
                                                                                                                                                                                                                                                                                                                                                                                      • What they buy
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 93: Italy: items bought from a department store in the last 12 months, January 2020
                                                                                                                                                                                                                                                                                                                                                                                      • Attitudes to department stores
                                                                                                                                                                                                                                                                                                                                                                                        • Figure 94: Italy: attitudes to shopping in department stores, January 2020
                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                        • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                          • COVID-19 set to have major impact on Italian department store sales
                                                                                                                                                                                                                                                                                                                                                                                            • How can department stores differentiate themselves more effectively?
                                                                                                                                                                                                                                                                                                                                                                                              • The facts
                                                                                                                                                                                                                                                                                                                                                                                                • The implications
                                                                                                                                                                                                                                                                                                                                                                                                  • Online offers customers a choice and helps to broaden coverage
                                                                                                                                                                                                                                                                                                                                                                                                    • The facts
                                                                                                                                                                                                                                                                                                                                                                                                      • The implications
                                                                                                                                                                                                                                                                                                                                                                                                        • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer spending grows faster than the overall economy
                                                                                                                                                                                                                                                                                                                                                                                                            • Department stores have a small share of the markets they compete in
                                                                                                                                                                                                                                                                                                                                                                                                              • Department store sales continue to grow
                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 95: Italy: consumer spending on key department store product categories, (including VAT), at current prices, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                • Department stores’ share of clothing and beauty markets
                                                                                                                                                                                                                                                                                                                                                                                                                  • Clothing
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 96: Italy: estimated distribution of consumer spending on clothing and footwear by channel, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                  • Beauty
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 97: Italy: estimated distribution of consumer spending on beauty and personal care products by channel, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                  • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                    • Department store sector size
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 98: Italy: department stores, estimated sector sales (excluding VAT), 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                    • Mixed goods retailers sector
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 99: Italy: mixed goods retailers, sales (excluding VAT), 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 100: Italy: Mixed goods retailers, forecast sales (excluding VAT), 2020-24
                                                                                                                                                                                                                                                                                                                                                                                                                    • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                      • Rinascente focuses on tourists and unique stores tailored to location
                                                                                                                                                                                                                                                                                                                                                                                                                        • Coin returns to Italian ownership
                                                                                                                                                                                                                                                                                                                                                                                                                          • COVID-19 will hit hard
                                                                                                                                                                                                                                                                                                                                                                                                                            • Rinascente leads the market
                                                                                                                                                                                                                                                                                                                                                                                                                              • Main players slow to adopt e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Rinascente
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Small store network attracts tourists
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Looking to move increasingly upmarket…
                                                                                                                                                                                                                                                                                                                                                                                                                                        • …and closing loss-making stores
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Using pop-ups to try out new brands…
                                                                                                                                                                                                                                                                                                                                                                                                                                            • …and digital technologies to improve service
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Transactional site coming this year
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Coin
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Returns to Italian ownership
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Evaluation of estate followed by revamps
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Other department store operators
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 101: Italy: leading department store retailers, estimated net revenues*, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 102: Italy: leading department store retailers, outlets, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 103: Italy: leading department store retailers, annual sales per outlet, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 104: Italy: leading department store retailers’ estimated shares of department store sales, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 105: Italy: leading department store retailers’ estimated shares of mixed goods retailers’ sales, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 106: Italy: online buyers in last 12 months, by country, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Leading online players
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Fewer than one in three have bought from a department store in the past year
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Fashion items are the most popular purchases
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Younger shoppers keener on experiential aspects
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Fewer than one in three visited a department store in the past year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 107: Italy: department stores shopped at in the last 12 months, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Rinascente attracts a slightly younger shopper
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 108: Italy: consumers that have shopped at a Rinascente or Coin department store in the last 12 months, by age and gender, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Department store shoppers most likely to be from higher earning households
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 109: Italy: consumers that have shopped at a Rinascente or Coin department store in the last 12 months, by net monthly household income, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What they buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Fashion items are the most popular purchases
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 110: Italy: items bought from department store in the past 12 months, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Buyers most likely to be older with some exceptions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 111: Italy: items bought from department store in the past 12 months, by age, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Clear gender demarcation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 112: Italy: items bought from department store in the past 12 months, by gender, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Attitudes to shopping in department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 113: Italy: attitudes to shopping in department stores, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Younger shoppers keener on experiential aspects
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 114: Italy: Agreement with attitudes to shopping in department stores, by age, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Women prefer to shop in-store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 115: Italy: Agreement with attitudes to shopping in department stores, by gender, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Spain

                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Key issues covered in this Report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Areas covered in this Report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Executive Summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Department stores’ share of clothing & beauty markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 116: Spain: estimated distribution of consumer spending on clothing and footwear by channel, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 117: Spain: Estimated distribution of consumer spending on beauty and personal care products by channel, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sector value and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 118: Spain: Estimated department stores sales* (excluding VAT), 2013-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 119: Spain: Mixed goods retailers, sales as % of all retail sales, 2012-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 120: Spain: El Corte Inglés, share of mixed goods retailers’ sales, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What they buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 121: Spain: Products purchased in-store and online from a department store, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 122: Spain: Online and in-store shoppers at leading department stores, March 2018 and January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Attitudes to shopping at department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 123: Spain: Attitudes to shopping at department stores, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Issues and insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • COVID-19 set to have major impact on Spanish department store sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Gourmet gastronomy and foodservice are the way forward
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Appealing to younger consumers through experiential retail
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The market – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Department stores’ share of the clothing and beauty markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • ECI is the only department store in Spain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Consumer spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Recovering economy but slowing growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fashion is the key category but is growing the slowest
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 124: Spain: Consumer spending on key department store product categories (including VAT), at current prices, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Department stores’ share of clothing and beauty markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Clothing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 125: Spain: estimated distribution of consumer spending on clothing and footwear by channel, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Beauty and personal care
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 126: Spain: Estimated distribution of spending on beauty and personal care products by channel, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sector size and forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Department store sector size
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mixed goods retailers sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 127: Spain: Mixed goods retailers, sales (excluding VAT), 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 128: Spain: Mixed goods retailers, forecast sales (excluding VAT), 2020-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Companies and brands – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • El Corte Inglés, the only Spanish department store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • ECI takes 80% of mixed goods sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online shopping continues rise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Leading players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • El Corte Inglés, the only Spanish department store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 129: Spain: Leading department store retailers, net revenues, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 130: Spain: Leading department store retailers, outlets, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 131: Germany: Leading department store retailers, sales per outlet, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Market shares
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 132: Spain: El Corte Inglés share of mixed goods retailers’ sales, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Online activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Internet access widespread
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 133: Spain: Proportion of households with broadband access, 2008-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Shopping online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 134: Spain: Online purchases in the last 12 months compared to other countries, 2008-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 135: Spain: Online purchases in the last 12 months in key categories, 2008-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Department stores online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 136: Spain: Online and in-store shoppers at leading department stores, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Leading online players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The consumer – What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Clothing most common department store purchase
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Certain categories are bought predominantly online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • El Corte Inglés continues to grow its online presence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • In-store experience is key to success
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Extra services, exclusivity and events can attract online shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where they shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • El Corte Inglés attracts 56% of consumers in-store and 39% online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 137: Spain: In-store and online shoppers at leading department stores, March 2018 and January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Younger Spaniards predominant among in-store buyers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 138: Spain: Demographic profile of El Corte Inglés, in-store shoppers, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ECI still appeals more to affluent shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 139: Spain: Demographic profile of El Corte Inglés, online shoppers, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What they buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Fashion remains the predominant category
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 140: Spain: Products purchased in-store and online from a department store, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 141: Spain: Products purchased in-store and online from a department store, by channel, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 142: Spain: Products purchased in-store and online from a department store, by age, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 143: Spain: Products purchased in-store and online from a department store, by gender, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Attitudes to shopping at department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Enjoyable experience in-store is key
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • ECI is considered expensive but extra services are strategic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 144: Spain: Attitudes to shopping at department stores, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Exclusivity and visiting as a day out appeals to younger consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 145: Spain: Those agreeing with selected attitudinal statements, by age, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online shoppers still view department store shopping in better light
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 146: Spain: Those agreeing with selected attitudinal statements, by channel used, January 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Appendix – Data sources, abbreviations and supporting information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Data sources
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • UK

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What you need to know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key issues covered in this report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Products covered in this Report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Executive Summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The department store sector continues to decline
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 147: UK department store sector size and forecast (Post-COVID-19 lockdown forecast), 2014-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Footfall across the high street has seen steep declines
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 148: Year-on-year footfall change, by location, January 2015-February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Impact of COVID-19 on department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 149: Short, Medium and long term impact of COVID-19 on Department Stores, April 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Companies and brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Major leading players struggle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • House of Fraser loses market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 150: Leading department stores, estimated market shares, 2017-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brand research shows that John Lewis is highly regarded
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 151: Attitudes towards and usage of selected brands, March 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The consumer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Department stores attract two thirds of shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 152: Department stores used in the last 12 months, 2018-20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Fashion is the most commonly bought category at department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 153: What consumers bought from department stores in the last 12 months, May 2019 and February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Gifting brings shoppers into department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 154: Reasons given for visiting a department store, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consumers prefer the ease of online shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 155: Department store shopper behaviours, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Shoppers are suffering from discount fatigue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 156: Consumer attitudes towards department stores, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Department stores are perceived by some as pricey and inconvenient
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 157: Top reasons given for not purchasing items at department stores, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The Impact of COVID-19 on Department Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Short, medium and long-term impact on the industry
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 158: Short, Medium and long term impact of COVID-19 on Department Stores, April 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Opportunities and Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • COVID-19 hastens department store closures
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Focus on community and personalisation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 159: John Lewis has been providing care packages to key workers in the UK to show support, April 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Digital innovations will grow in importance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 160: John Lewis – virtual home design service, April 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Impact on the department store sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • COVID-19 set to cause steep declines for department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 161: UK department store sector size and forecast (Post-COVID-19 lockdown forecast), 2014-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Shifting consumer behaviours
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • During lockdown there has been an almost total reliance on online shopping for non-foods…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 162: People who said they have increased the amount of shopping done online as a result of COVID-19, 28th February 2020-16th April 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • …but a lack of spending on discretionary items
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 163: Changes in shopping habits since the outbreak of COVID-19 between 23rd April – 30th April 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Almost half of shoppers expect to spend less on fashion items
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 164: Expected spending patterns due to COVID-19, 23rd-30th April 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key consumer segments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Lack of tourism due to COVID-19 will impact high-end department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 165: Country or region of origin of non-UK-resident purchasers of high-end products, 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • ABs are slightly less concerned about changes to their lifestyle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 166: Worries about how COVID-19 will impact lifestyles, by socioeconomic group, 23rd-30th April 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Women are more likely to have cut back on non-essential spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 167: Expected changes in shopping for fashion items since the outbreak of COVID-19, by gender, 23rd – 20th April 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • How a COVID-19 recession will reshape the department store sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Unemployment will impact discretionary spend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Marketing and sales activities will need to be pitched appropriately
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • A recession could see a dip in conspicuous consumption
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Increased discounting
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Dealing with excess stock
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • COVID-19: Market context
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Issues and Insights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • COVID-19 predicted to hugely disrupt the department store sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 168: Expected spending patterns due to COVID-19, 23rd-30th April 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Is online shopping the new ‘department store’?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The facts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The implications
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The Market – What You Need to Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Department stores continue to experience declines
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • COVID-19 set to have a big impact on the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key department store categories expected to grow
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Lack of tourism in 2020 to impact high-end department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer uncertainty over Brexit eases up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Footfall has been steadily declining
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Market Size and Forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • The decline is predicted to continue for department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 169: UK department store sector size and forecast (Pre-COVID-19 lockdown forecast), 2014-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 170: UK department store sector size and forecast, at constant and current prices (Pre-COVID-19 lockdown forecast), 2014-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Impact of COVID-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 171: UK department store sector size and forecast (Post-COVID-19 lockdown forecast), 2014-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 172: UK department store sector size and forecast, at constant and current prices (Post-COVID-19 lockdown forecast), 2014-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumer Spending
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Spending has grown in the key categories
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Fashion sales slow
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Opportunities in prestige beauty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 173: Consumer spending on the core department store categories, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Market Drivers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Inbound tourism rose in 2019…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 174: Number of inbound tourists and tourist expenditure in the UK, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • …but COVID-19 will hamper department store sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 175: Country or region of origin of non-UK-resident purchasers of high-end products, 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Consumer uncertainty over Brexit lessens
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 176: Consumer sentiment towards Brexit, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Footfall continues to decline…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 177: Year-on-year footfall change, by location, January 2015-February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • …as extreme weather conditions affect the high street
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online continues to grow
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 178: Internet sales as a proportion of total retail sales, 2009-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Companies and Brands – What You Need to Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Major leading players struggle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • House of Fraser loses market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • John Lewis has the most established online presence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Department stores get more experiential
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Advertising spend was down nearly 30% in 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Leading Players
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Note on department store sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Major players struggle with slowing sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • All change at John Lewis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Debenhams and House of Fraser continue to struggle post-administration
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 179: Leading department stores, net sales, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store closures continue…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 180: Leading department stores, outlet numbers, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • …leading some to see an increase in sales per outlet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 181: Leading department stores, estimated sales per outlet, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Profits at the major department stores are shrinking
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 182: Leading department stores, operating profits, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 183: Leading department stores, operating margins, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Market Share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • House of Fraser rapidly losing market share
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 184: Leading department stores, estimated market shares, 2017-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 185: Leading department stores, market shares, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Struggling department stores suffer with slowing online sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 186: Select leading department stores, estimated online revenues, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online share for top department stores grows
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 187: Estimated online share of select leading department stores’ total revenues, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 188: Estimated online department store market size, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Online becomes more important for department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Note on methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Launch Activity and Innovation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Department stores enter rental territory
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Selfridges hosts Hurr Collective pop-up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 189: Hurr’s pop-up in Selfridges, 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Liberty teams up with My Wardrobe HQ
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 190: My Wardrobe HQ space in Liberty, 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Luxury department stores offer second-hand options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Selfridges opens Vestiaire concession
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 191: Vestiaire’s permanent Selfridges concession, 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Harrods and NSPCC team up for the second time
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 192: Inside Harrods latest Re-Told charity shop, April 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Selfridges launches pre-loved childrenswear pop-up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Selfridges launches a range of pop-ups
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Depop pop-up opens in August 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 193: Depop pop-up shop, 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • L’Agence and Fenty pop-ups in October 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Selfridges teams up with Instagram
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 194: Selfridges Instagram pop-up, 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Highsnobiety launches The Co. Lab in partnership with Selfridges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Department stores bet on beauty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Harrods to open line of beauty stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Dazed opens beauty pop-up in Selfridges
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 195: Dazed Beauty Space pop-up, 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • John Lewis unveils beauty counter for men
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • UK department stores venture abroad
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Fortnum & Mason opens in Hong Kong
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 196: Fortnum & Mason’s Hong Kong store, 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Harrods to open in Shanghai
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Department stores revamp floors
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • John Lewis invests in menswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 197: Inside John Lewis’ Speak Easy area, 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Selfridges opens new accessories hall in Trafford Centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 198: Selfridges new accessory hall in Manchester’s Trafford Centre, 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Harrods continues its major revamp
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 199: Harrods’ new dining hall, 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 200: Harrods’ new beauty hall, 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Department stores get more experiential
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • John Lewis launches most experiential store yet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Selfridges opens permanent cinema
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 201: The cinema at Selfridges, Oxford Street, London
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • House of Fraser opens gaming arena
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 202: Belong’s Oxford Street arena in House of Fraser, 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Alternative reality experiences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • John Lewis uses virtual app for furniture
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 203: John Lewis’ AR furniture app in use, 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Harvey Nichols launches VR circus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • M&S to combine food hall and clothing store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Advertising and Marketing Activity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Advertising spend down nearly 30% in the last year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 204: Recorded above-the-line, online display and direct mail total advertising expenditure by selected leading UK department stores, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Marks & Spencer remains the sector’s biggest spender
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 205: Recorded above-the-line, online display and direct mail total advertising expenditure, by selected leading UK department stores, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • TV is the primary source of department store advertising
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 206: Recorded above-the-line, online display and direct mail total advertising expenditure by selected leading UK department stores, by media type, 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 207: Recorded above-the-line, online display and direct mail total advertising expenditure of selected leading UK department stores, by media type, 2019
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Key campaigns
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Christmas advertising is the highlight of the year
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • John Lewis shelves first spring campaign due to COVID-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • M&S revamps ‘This is Not Just’ food marketing campaign after 12-year absence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Debenhams’ £3 million male-focused campaign
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Harvey Nichols parts ways with creative agency
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Nielsen Ad Intel coverage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Space Allocation Summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Space allocation summary
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 208: Department stores: Summary of estimated in-store space allocation, March 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Detailed space allocation estimates
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • M&S revamping childrenswear department and introducing urban farming in stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • New toy emporium and permanent cinema at Selfridges’ flagship London store
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 209: The cinema at Selfridges, Oxford Street, London
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • John Lewis’ new experiential concept shop to attract footfall and increase dwell time
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Struggling Fenwick turns floor space into offices
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New-style House of Fraser being rolled out
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 210: Department stores: Detailed space allocation estimates, March 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brand Research
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand map
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 211: Attitudes towards and usage of selected brands, March 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Key brand metrics
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 212: Key metrics for selected brands, March 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand attitudes: John Lewis highly rated for customer service
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 213: Attitudes, by brand, March 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand personality: Debenhams seen as accessible
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 214: Brand personality – macro image, March 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • House of Fraser perceived as impersonal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 215: Brand personality – micro image, March 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brand analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • John Lewis is the favourite brand
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 216: User profile of John Lewis, March 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Debenhams has high levels of usage, but is not rated for its experience
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 217: User profile of Debenhams, March 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Fenwick lacks differentiation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 218: User profile of Fenwick, March 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Harvey Nichols worth paying more for
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 219: User profile of Harvey Nichols, March 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • House of Fraser perceived as boring
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 220: User profile of House of Fraser, March 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The Consumer – What You Need to Know
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Department stores attract two thirds of shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Fashion is the most commonly bought category at department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Gifting brings shoppers into department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Consumers are turning to online shopping
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Shoppers are suffering from discount fatigue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Where They Shop
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Department stores continue to attract two thirds of shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 221: Department stores used in the last 12 months, 2018-20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • In-store shopping more popular than online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 222: Department stores used in-store and online in the last 12 months, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Department stores appeal to those with higher socio-economic status
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 223: How consumers shopped with department stores in the last 12 months, by socio-economic status, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Most shop across just one or two different stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 224: Repertoire of department stores used in the last 12 months, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What They Buy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Eight in 10 made a fashion purchase
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 225: What consumers bought from department stores in the last 12 months, May 2019 and February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Older shoppers are more likely to buy clothing at department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 226: What consumers bought from department stores in the last 12 months, by age, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Two thirds bought more than one type of item
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 227: Repertoire of how many items consumers bought from department stores in the last 12 months, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Reasons for Visiting Department Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Three quarters visited a department store…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 228: Visits to department stores, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • …with young people most likely to visit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 229: Visits to department stores, by age, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Over two in five visited for gift ideas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 230: Reasons given for visiting a department store, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Men aged 25-44 visit to use leisure facilities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 231: Consumers who visited a department store to use the leisure facilities, by gender and age, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Behaviours of Department Store Shoppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Online shopping is hampering the progress of department stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 232: Department store shopper behaviours, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Men find it easier to shop online but could be swayed by exclusive items
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 233: Department store shopping behaviours, by gender, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Younger generations want experiences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 234: Behaviours towards shopping in a department store that has a selection of extra services, by generation, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Attitudes towards Department Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Consumers are suffering from discount fatigue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 235: Consumer attitudes towards department stores, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Shoppers across the board go to department stores to find unique items
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 236: People who agree that the main reason to visit a department store is to buy items that can’t be bought elsewhere, by gender and age, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Store closures put off consumers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Reasons for Not Using Department Stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Department stores viewed as pricey and inconvenient
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 237: Top reasons given for not purchasing items at department stores, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • People in small towns opt for more convenient options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 238: People who have not shopped at a department store as there are more convenient places for them to shop, by location, February 2020
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Appendix – Data Sources, Abbreviations and Supporting Information
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Value figures throughout this Report are at RSP and include VAT unless stated otherwise.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Crown copyright material is reproduced with the permission of the Controller of Her Majesty’s Stationery Office and the Queen’s Printer for Scotland.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Abbreviations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Consumer research methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Appendix – Market Size and Forecast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Forecast methodology
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Best- and worst-case forecast prior to the COVID-19 lockdown
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 239: UK department store sector size and forecast, best- and worst-case forecast (pre-COVID-19 lockdown), 2019-24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Debenhams

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • COVID-19 threatens the future of the business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Online lifeline?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • A need to focus on the UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Where now?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 240: Debenhams: Group financial performance, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 241: Debenhams: Outlet data, 2013/14-2017/18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • El Corte Inglés

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • New digital shopping solution and extended fulfilment options driving e-commerce
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Chasing Chinese customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sfera Joven store refurbishment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Focusing on younger, more modern brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Tapping into the cult of celebrity to push menswear
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • COVID-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 242: El Corte Inglés: Retail division financial performance, 2017/18-2019/20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 243: El Corte Inglés: Retail revenue by product, 2017/18-2019/20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 244: El Corte Inglés: Retail division outlet data, 2017/18-2019/20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Galeria Karstadt Kaufhof

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • The creation of Galeria Karstadt Kaufhof
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Plans to rescue the Galeria
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • New management appointed for the group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Quest for funding in wake of COVID-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Boosting Inno in Belgium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Acquisition of Sportscheck from Otto Group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Collaboration with Amazon
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Partnership with Aldi Süd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What next?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Declining sales continue to drag the market down
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 245: Galeria Karstadt Kaufhof: Group financial performance, 2015-2019/20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 246: Galeria Karstadt Kaufhof: Group outlet data, 2015-2019/20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 247: Galeria Karstadt Kaufhof: Estimated product mix, 2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Galeries Lafayette

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Diversification to build the business
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Looking forward – expansion continues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • But reliance on tourism makes the group vulnerable
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Smaller stores
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 248: Galeries Lafayette department stores (France): Sales performance, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • France
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • International
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 249: Galeries Lafayette Department stores (France): Outlet data, 2015-19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Bazarchic
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • La Redoute
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Louis Pion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • House of Fraser

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • COVID-19 threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • COVID-19 opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A strategy of elevation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Matching costs to revenues
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Further store closures inevitable
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 250: House of Fraser Plc: Group financial performance, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 251: House of Fraser Plc: Outlet data, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • John Lewis & Partners

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Merger of John Lewis & Partners and Waitrose & Partners head office functions brings challenges and opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Experiential concept shop showcases services and experiences across fashion, beauty, cookery, gadgets, gardening and home interiors
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Own-brand fashion investment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Capitalising on male interest in beauty products
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Expanding click-and-collect and home delivery options
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Try before you buy augmented reality experience making online purchasing easier
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Rewarding customers’ ethical behaviour
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Extending into the home improvements market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Temporarily closes its stores during Covid-19 crisis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 252: John Lewis & Partners Plc (department store): Group financial performance, 2015/16-2019/20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 253: John Lewis & Partners Plc (department store): Outlet data, 2015/16-2019/20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Marks & Spencer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • COVID-19 threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • COVID-19 opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Online ramping up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Store portfolio is being cut back
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A conscious shift towards food
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 254: Marks & Spencer: Group financial performance, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 255: Marks & Spencer: Outlet data, 2014/15-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Retail offering
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Printemps

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • What we think
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • A new era?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Targeting expansion and growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Lagging online
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Company background
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Company performance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 256: Printemps department stores: Estimated group sales performance, 2015/16-2019/20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 257: Printemps department stores: outlet data, 2015/16-2019/20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Retail offering

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