Abstract
Why buy this report
- Get insight into trends in market performance
- Pinpoint growth sectors and identify factors driving change
- Identify market and brand leaders and understand the competitive
environment
Executive summary
Financial crisis to influence the market
It has already become apparent that the recent financial crisis has impacted
the clothing and footwear market. The affects began mid 2008 when the market
experienced a significant decline. This can be explained as the market which
consumers immediately begin to cut back from spending from due to its high
visibility and not regarded as a necessity.
Market increasingly internationalised
International players continue to enter the Greek market and to
internationalise the market. It has become apparent that the consumer has
become familiar with international brands names and chains. H&M is one of the
most recent to enter the market, with Top Shop hot on its heels. The same
trend can be found in the children' s clothing market with companies such as
OPAIDI and DRAM ready to enter the market. At the same time, the chains that
are already established in the Greek market are trying to extend their retail
network such as H&M, Zara and Sprider. It is representative that although the
small players of the market have experienced big losses because of the
economic crisis the bigger players have better weathered the storm.
Children' s clothing market attracts new players
If there is one subsector that remains promising it this children' s clothing.
Recently, many international chains have expressed interest in entering the
Greek market as there is still plenty of room in the market for growth.
However, due to declining birth rates and price competition the size of the
market is not expected to rise. However, the new players will reshape the
market and new opportunities will be created. Moreover, the subsector is
expected to remain relatively stable as parents aspire to "buy the best" for
their children.
Maturity of the market
The Greek clothing and footwear market is a mature market. Most of the
international players have already entered the market present in the big
shopping malls and grabbed share from the traditional trading areas of the
market. It seems that that some changes are likely to happen, but the market
overall seems to have reached its limits and in a period of economic turndown
this becomes more visible.
Future prospects
The forecast of the market is not optimistic and in comparison with the review
period shows the effects of the financial crisis worldwide and more
specifically in Greece. As a result, the forecast of the sector shows
uncertainty and instability. Moreover, as the market for apparel tends to be
one of the first to suffer as consumers cut their household expenditure its
future prospect is to experience a drop in sales and profit.
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