Table of Contents
EXECUTIVE SUMMARY
- Key findings
- Main conclusions
- Retailers forced to raise their game as expenditure declines
MARKET ANALYSIS
- Market definition and analysis
- First decline in womenswear expenditure in over 20 years
- Clothing market spending trends
- A shrinking clothing market
- Womenswear in context of clothing market
- More resilient than menswear
- Womenswear spending trends
- Inflation returns in 2009
- Retail distribution
- Clothing: grocers advance with mail order now in sights
- Womenswear: department stores hold off grocers
COMPANY DATA ANALYSIS
- Clothing market shares
- Grocers continue to grow share
- Womenswear market shares
- Matalan and Primark forge ahead in 2009
- Winners and losers
- Winners are value retailers except Debenhams in womenswear
- Key operating statistics
- Growth continues at a slower rate
- Sales vs space growth
- Specialists lose sales despite increasing space
- Womenswear sales densities
- Sales densities drop as space increases
- Space allocation
- Casualwear continues to dominate
- Advertising media expenditure
- Advertising spend cut in recession
OUTLOOK
- Drivers of loyalty
- Older women want quality, service - young ones demand convenience
- All women more price-conscious in recession
- Female demographic opportunities
- Ageing population profile
- 25-34s younger for longer - but time pressures increase
- 45-54s demand more from their clothing
- 65+ broader set of needs
- Shopping styles polarise towards each end of age spectrum
- Price inflation
- Returns after a decade of deflation
- Market entrants
- Fashion premium sector attracts interest
- Retailer casualties - opportunities
- Clothing and footwear most impacted by casualties
- Opportunities for womenswear retailers
- Online presence toughens
- Key drivers of online success
- Opportunities remain for newcomers
- Implications of online retailing
- International expansion drives growth
- Retailers look elsewhere as UK becomes increasingly saturated
- Outlook summary
- Womenswear strategy overview
ARCADIA GROUP
- Looks further afield for expansion
- Recent key events
- Sights set on world domination
- Propositions
- Arcadia distances brands from value retailers
- Space
- Expansion through Bhs and standalones
- Space allocation
- Sector performance - womenswear
- Space productivity declines
- Outlook
- Opportunities remain, but Arcadia must not spread itself too thinly
ASDA
- Improvements raise sales
- Recent key events
- New initiatives provide support for growth
- Proposition
- Value proposition begins to attract a broader demographic
- Financials
- Trading performance provides positive outlook
- Space
- Expansion slows, with focus on Asda Living
- Space allocation
- Sector performance - womenswear
- Improved sales performance provides encouragement for 2009
- Outlook
- Further developments will improve George' s value fashion credibility
DEBENHAMS
- Wide price architecture works well in recession
- Recent key events
- Proposition
- Broad brand portfolio attracts a wide customer base
- Financials
- Positive trading performance
- Space
- Expansion of space has driven sales growth
- Space allocation
- Sector performance - womenswear
- Womenswear continues to grow - albeit at a slower rate
M&S
- Market leader under fire
- Recent key events
- Devising a post-recession strategy
- Proposition
- Financials
- Trading performance disappoints
- Space
- Expansion of space key factor behind growth
- Space allocation
- Sector performance - womenswear
- Sharp decline in sales and space productivity after three years of growth
- Outlook
- M&S size still dominates but it needs speedy execution of growth strategy
MATALAN
- Renaissance for value retailer
- Recent key events
- Business improvements attract new customers
- Proposition
- Financials
- Like-for-like uplifts boost performance
- Space
- Expansion on agenda again
- Space allocation
- Sector performance - womenswear
- Gains share once more
- Constant need to drive footfall to stores
- Outlook
- Strategy delivers growth and boosted further by recession
NEW LOOK
- Strong value credentials maintain market resilience
- Recent key events
- Shapes up for global assault
- Proposition
- Widens price architecture with sub brands
- Financials
- Trading performance continues to impress
- Space
- Expands faster than sales
- New Look continues aggressive space expansion internationally
- Space allocation
- Sector performance - womenswear
- Womenswear sales continues to grow but at a slower rate
- Outlook
- Competition with value end intensifies
NEXT
- Steps in right direction
- Recent key events
- A focus on range development helps the brand turn a corner
- Proposition
- Expanding ranges broaden appeal
- Financials
- Sales growth continues its decline
- Space
- Growth in space slows, but larger sites are targeted
- Space allocation
- Sector performance - womenswear
- 2009 womenswear sales continue the declining pattern
- Outlook
- Improvements still necessary to turn Next around
PRIMARK
- Opportunities remain abundant
- Recent key events
- Proposition
- Value fast fashion maintains appeal in recession
- Financials
- Strong growth continues into 2009 - albeit at slower rate
- Space
- Primark continues with aggressive space expansion
- Space allocation
- Sector performance - womenswear
- Growth of womenswear sales slows but is still commendable
- Outlook
- Primark well prepared for future growth
TESCO
- Making progress in value clothing
- Recent key events
- Continuous initiatives to ride out of the recession on top
- Proposition
- Broad target market results in range lacking focus
- Financials
- Trading performance shows Tesco' s ability to defy recession
- Space
- Space continues to grow cautiously
- Space Allocation
- Sector performance - womenswear
- Disppointing sales for womenswear with growth at a new low
- Outlook
- Tesco must raise its game in clothing
TK MAXX
- Buoyant through economic downturn
- Recent key events
- Building on strong foundations
- Proposition
- Discounted brands appeal to price conscious customers in recession
- Financials
- Positive performance in a difficult climate
- Space
- As UK growth slows the Continent offers opportunities for expansion
- Space allocation
- Sector performance - womenswear
- Sharp decline in sales growth in the last two years
- Outlook
- Growth available from all angles
SMALLER RETAILERS
- Produce sales growth of up to 90.0%
- Fat Face
- Casual brand for stylish, active customers
- Jack Wills
- Lifestyle brand for young, affluent customers
- Reiss
- Design, quality and service create exclusive feeling
- White Stuff
- Feel of an independent store
GLOSSARY
- Financial Statistics - VAT
- Trading Profile
- Key Operating Ratios
- Physical Development
- Abbreviations
TABLES
- Table: Womenswear market definition 2009
- Table: Clothing consumer spending trends 1999-2009e
- Table: Clothing market spending trends 1999-2009e
- Table: Womenswear consumer spending trends 1999-2009e
- Table: Womenswear market inflation 2004-2009e
- Table: Retail distribution of clothing expenditure 2008 and 2009e
- Table: Retail distribution of womenswear expenditure 2008 and 2009e
- Table: Clothing market shares 2004-2009e
- Table: Womenswear market shares 2004-2009e
- Table: Clothing retailers key UK operating statistics 2008/09
- Table: Womenswear space allocation 2009
- Table: Leading clothing retailers advertising spends 2003-2008
- Table: Leading clothing retailers spends per media type 2008
- Table: Arcadia Group company overview 2009
- Table: Dorothy Perkins retail proposition 2009
- Table: Evans retail proposition 2009
- Table: Miss Selfridge retail proposition 2009
- Table: TopShop retail proposition 2009
- Table: Wallis retail proposition 2009
- Table: Arcadia Group key operating statistics summary 2004-2009e
- Table: Arcadia Group trading record 1999-2009e
- Table: Arcadia Group store portfolio 2003-2009e
- Table: Arcadia Group outlet numbers 2004-2009e
- Table: Dorothy Perkins womenswear space allocation 2009
- Table: Evans womenswear space allocation 2009
- Table: Miss Selfridge womenswear space allocation 2009
- Table: TopShop womenswear space allocation 2009
- Table: Wallis womenswear space allocation 2009
- Table: Asda company overview 2009
- Table: Asda retail proposition 2009
- Table: Asda UK key operating statistics summary 2003-2008e
- Table: Asda trading record 1999-2008e
- Table: Asda store portfolio 1999-2008e
- Table: Asda womenswear space allocation 2009
- Table: Debenhams company overview 2009
- Table: Debenhams retail proposition 2009
- Table: Debenhams UK key operating statistics summary 2004-2009e
- Table: Debenhams results 2009
- Table: Debenhams Group trading record 1999-2009e
- Table: Debenhams UK store portfolio 1999-2009e
- Table: Debenhams womenswear space allocation 2009
- Table: Marks & Spencer company overview 2009
- Table: Marks & Spencer retail proposition 2009
- Table: Marks & Spencer UK key operating statistics summary 2004-09
- Table: Marks & Spencer UK trading record 1998-2009
- Table: M&S store portfolio 1999-2009
- Table: Breakdown by store types in the M&S portfolio at March 2008 & 2009
- Table: Marks & Spencer womenswear space allocation 2009
- Table: Matalan company overview 2009
- Table: Matalan retail proposition 2009
- Table: Matalan UK key operating statistics summary 2004-2009
- Table: Matalan trading record 1999-2010e
- Table: Matalan store portfolio 1999-2010e
- Table: Matalan womenswear space allocation 2009
- Table: New Look company overview 2009
- Table: New Look retail proposition 2009
- Table: New Look UK key operating statistics summary 2004-2009
- Table: New Look trading record 1999-2009e
- Table: New Look UK store portfolio 1999-2009
- Table: New Look store portfolio 2008 and 2009
- Table: New Look womenswear space allocation 2009
- Table: Next company overview 2009
- Table: Next retail proposition 2009
- Table: Next key operating statistics summary 2004-2009
- Table: Next Brand trading record 1999-2009e
- Table: Next Brand turnover and profits 2004-2009
- Table: Next UK store portfolio 1999-2009
- Table: Next womenswear space allocation 2009
- Table: Primark company overview 2009
- Table: Primark retail proposition 2009
- Table: Primark UK key operating statistics summary 2004-2009e
- Table: Primark trading record 1999-2009e
- Table: Primark store portfolio 1999-2009e
- Table: Primark womenswear space allocation 2009
- Table: Tesco company overview 2009
- Table: Tesco retail proposition 2009
- Table: Tesco UK key operating statistics summary 2004-2009
- Table: Tesco UK trading record 1998-2009
- Table: Tesco store portfolio 1999-2009
- Table: Tesco Space Allocation 2009
- Table: TK Maxx company overview 2009
- Table: TK Maxx retail proposition 2009
- Table: TK Maxx UK key operating statistics summary 2004-2009e
- Table: TK Maxx UK trading record 1998-2009e
- Table: TK Maxx UK store portfolio 1999-2009
- Table: TK Maxx womenswear space allocation 2009
- Table: Womenswear smaller retailers key operating statistics 2008-09
- Table: Fat Face key facts 2009
- Table: Hobbs womenswear key facts 2009
- Table: Jack Wills key facts 2009
- Table: Reiss womenswear key facts 2009
- Table: Whistles womenswear key facts 2009
- Table: White Stuff key facts 2009
- Table: Customer base - recent expansion by smaller retailers 2008-09
FIGURES
- Figure: Consumer spend on womenswear and year-on-year growth 1999-2009e
- Figure: Womenswear spend per head 2004-2009e
- Figure: Womenswear Top 10 - clothing market share winners & losers 2009e
on 2008
- Figure: Womenswear Top 10 - womenswear winners and losers 2009e on 2008
- Figure: UK space growth vs sales growth 2008/09 on 2007/08
- Figure: Womenswear sales densities 2008/09
- Figure: Growth in advertising spend 2008 on 2003
- Figure: Price as a driver of loyalty 2009 vs 2005
- Figure: Quality as a driver of loyalty 2009 vs 2005
- Figure: Service as a driver of loyalty 2009 vs 2005
- Figure: Convenience as a driver of loyalty 2009 vs 2005
- Figure: Breakdown of female population by age 2008 and 2013
- Figure: Changes we expect in 25-34 females over 2009-2013
- Figure: Womenswear inflation 1994-2013
- Figure: Recent new entrants -positioning map 2009
- Figure: Womenswear retailer causalities - available expenditure 2009
- Figure: Online drivers 2009
- Figure: Online womenswear players - positioning map 2009
- Figure: Online womenswear market - estimated value by segment 2009
- Figure: International stores 2009
- Figure: International expansion challenges 2009
- Figure: Arcadia Group retail sales and growth, year to Aug 2004-2009e
- Figure: Arcadia Group l-f-l performance year end August 2004-2008e
- Figure: Arcadia Group operating profit year end August 2004-2008
- Figure: Arcadia Group womenswear sales year to August 2004e-2009e
- Figure: Arcadia Group womenswear sales per sq ft to Aug 2004-2009e
- Figure: Arcadia womenswear market shares 2004-2009e
- Figure: Asda sales and growth, year end December 2003-2008e
- Figure: Asda operating profit year end December 2003-2007e
- Figure: Asda estimated sales per sq ft for total UK and clothing, year end
December 2004-2008
- Figure: Asda clothing space allocation 2005-2009
- Figure: Asda womenswear sales, year to December 2003e-2008e
- Figure: Asda womenswear sales per sq ft, year to Dec 2003e-2008e
- Figure: Asda womenswear market share, December 2004e-2009e
- Figure: Debenhams UK retail sales and growth, year to Aug 2004-2009e
- Figure: Debenhams group operating profit year end August 2003-2008
- Figure: Debenhams online sales year end August 2005-2009e
- Figure: Debenhams clothing space allocation 2005-2009
- Figure: Debenhams womenswear sales year end August 2004-2009e
- Figure: Debenhams womenswear sales per sq ft to Aug 2004e-2009e
- Figure: Debenhams womenswear market shares 2004-2009e
- Figure: Marks & Spencer UK retail sales and growth, year end March
2003/04-2008/09
- Figure: M&S UK operating profit year end March 2003/04-2008/09
- Figure: Y-o-Y change % in M&S quarterly divisional sales in UK Q1
2008/09-Q1 2009/10
- Figure: M&S UK divisional l-f-l performance year end March 2009
- Figure: Marks & Spencer online sales year end March 2008-2011e
- Figure: M&S estimated sales per sq ft in food and non-food year end March
2005-2009
- Figure: M&S clothing space allocation 2005-2009
- Figure: M&S womenswear sales year end March 2004e-2009e
- Figure: M&S womenswear sales per sq ft to end March 2004e-2009e
- Figure: M&S share of UK womenswear sales 2004-2009e
- Figure: Matalan store interior Longton 2009
- Figure: Matalan Amman store entrance 2009
- Figure: Matalan UK sales and growth, year end Feb 2005-2010e
- Figure: Matalan operating profit year end Feb 2005-2010e
- Figure: Matalan clothing space allocation 2005-2009
- Figure: Matalan womenswear sales year end Feb 2004e-2009e
- Figure: Matalan womenswear sales per sq ft to February 2005e-2010e
- Figure: Matalan womenswear market share 2004-2009e
- Figure: New Look UK sales and growth, year end March 2004-2009
- Figure: New Look group operating profit to end March 2004-2009
- Figure: New Look online visitors year end March 2008 and 2009
- Figure: New Look online sales year end March 2007-2012e
- Figure: New Look clothing space allocation 2005-2009
- Figure: New Look Womenswear sales year end March 2004e-2009e
- Figure: New Look womenswear sales per sq ft to March 2004e-2009e
- Figure: New Look womenswear market share 2004-2009e
- Figure: Next Brand sales and growth, year end January 2004-2009
- Figure: Next Brand operating profit, year end January 2004-2009
- Figure: Next turnover growth, year end January 2006-2009
- Figure: Next clothing space allocation 2005-2009
- Figure: Next Brand UK womenswear sales, to year end January 2004e-2009e
- Figure: Next UK womenswear sales per sq ft , to year end January
2004e-2009e
- Figure: Next womenswear market share 2004-2009e
- Figure: Primark UK retail sales and growth, year to Sept 2004-2009e
- Figure: Primark total sales and sales growth, 2008/09e
- Figure: Primark UK operating profit year to September 2003-2008
- Figure: Primark store numbers 2004-2009e
- Figure: Primark clothing space allocation 2005 - 2009e
- Figure: Primark womenswear sales year to September 2004e-2009e
- Figure: Primark womenswear sales per sq ft to September 2004e-2009e
- Figure: Primark womenswear market share year end March 2004-2009e
- Figure: Tesco UK sales and growth, year end February 2004-2009
- Figure: Tesco UK operating profit year end February 2004-2009
- Figure: Tesco UK non-food sales growth, year end February 2006-2009
- Figure: Tesco online sales year end February 2005 - 2009
- Figure: Tesco estimated sales per sq ft for total UK and clothing UK year
end February 2005-2009
- Figure: Tesco clothing space allocation 2005 - 2009
- Figure: Tesco womenswear sales year end February 2004e-2009e
- Figure: Tesco womenswear sales per sq ft to end February 2004e-2009e
- Figure: Tesco womenswear market share 2004-2009e
- Figure: TK Maxx UK sales and growth, year end January 2004-2009e
- Figure: TK Maxx UK operating profit year end January 2004-2008
- Figure: TK Maxx clothing space allocation 2005-2009
- Figure: TK Maxx womenswear sales year end January 2004e-2009e
- Figure: TK Maxx womenswear sales per sq ft to end January 2004e-2009e
- Figure: TK Maxx womenswear market share 2004-2009e
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