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Description

Description

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

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

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

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

Key themes

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

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

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

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

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

What's included

What's included

Table of contents

Table of contents

  1. Issues in the Market

      • Key themes
        • Abbreviations
        • Future Opportunities

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                About the report

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Consumer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  What They Want. Why They Want It.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Competitors

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Who’s Winning. How To Stay Ahead.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Market

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Size, Segments, Shares And Forecasts: How It All Adds Up.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Innovations

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  New Ideas. New Products. New Potential.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Opportunities

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Where The White Space Is. How To Make It Yours.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Trends

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  What’s Shaping Demand – Today And Tomorrow.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Trusted by companies. Big and small.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • bell
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • boots
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • google
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • walgreens
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Harvard
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • new-york-time