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Footwear Market Report Plus 2009
Key Note Publications Ltd, July 2009, Pages: 114
This Report Plus examines the UK footwear market, the value of which reached a record high of just over £7bn in 2008. Expenditure on footwear increased by 17.7% between 2004 and 2008, with consumers reaping the benefits of declining prices on the high street.
These low prices are a product of cheaper imports entering the market — a long term trend in the UK, where manufacturing has shrunk dramatically — and of fierce competition between discount stores. For several familiar high-street names, the competition has proved too much, and the financial casualties that have resulted can be only partly blamed on the recession.
The footwear market is highly complex and is therefore difficult to divide into specific market sectors. However, the authors estimate that, in 2008, 20% of the market by volume was taken up by boots; 18% was held by sports footwear; 12% was occupied by specialist footwear, such as flip-flops and slippers; and 50% was held by general or ‘town’ shoes. Furthermore, the market can be categorised by sex and age — with an estimated 50.2% of the market by value being held by women’s footwear in 2008 (31% for men and 18.8% for children) — as well as by shoe size.
One problem facing retailers in the industry is that many other outlets now sell footwear, and many clothing multiples and department stores have concessions for popular footwear brands. The plethora of brands — designer, youth, sports, industrial, outdoor, etc. — is a characteristic of the modern market, and some unusual brands have increased in popularity over recent years, such as Uggs (sheepskin boots), Crocs (artificial clog-type sandals) and Hunter (the ‘designer’ wellington boot).
In contrast to these innovations and fads, Clarks remains the UK’s largest footwear manufacturer by turnover. Clarks now operates globally — its footwear is no longer made in the UK — and recorded sales of £1.12bn in 2009. The company also leads on the high street, operating more than 500 outlets that sell its brand.
In the short term, the UK recession does not bode well for the footwear industry; however, footwear is essentially a saturated market that grows in line with consumer spending. The authors forecast that the value of the UK footwear market will contract by 0.3% in 2009 as a result of the recession, but will recover well in 2010, and show an overall growth of 17.9% over the 2009 to 2013 review period.
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