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Clothing Retailing Market Report 2011
Key Note Publications Ltd, March 2011, Pages: 134
This Market Report examines the UK clothing retailing market, which comprises of women’s, men’s and children’s clothes, as well as clothing accessories. Consumer spending on clothing increased by 12.5% between 2006 and 2010, which was slightly below the rate at which overall consumer expenditure increased (12.9%). In 2010, it was estimated that the clothing retailing market was worth £41.9bn, which was the highest value seen over the review period.
The authors believe that supermarkets have increased their share of the clothing market, now accounting for around 25% of the total market. Supermarket retailers have witnessed a large increase in sales since the recession, as consumers became more cautious about unnecessary spending, and turn to cheaper alternatives available in the supermarkets. There has also been a decline in specialist companies operating within the clothing retailing industry, with figures from National Statistics indicating that, in 2010, there were 11,800 shops, compared to 12,700 in 2009; this represents a 7.1% decrease over the course of that year. This phenomenon is visible in many UK cities, where an increase in empty high-street shops is apparent. Many independent shops were forced to exit the market after the recession, as they could not compete with the larger well-known retailers and supermarkets.
The cost of clothing is expected to rise, shaping the industry over the forthcoming years. On the 4th January 2011, VAT increased to 20%, while the rising cost of cotton will continue to increase the retail price of garments. Other issues, such as the weak pound affecting imports and the costs of transportation, are also adding to the cost to retailers, a price ultimately paid consumers.
The near future is expected to witness many overseas retailers entering the UK market. US jeans specialist, 7 For All Mankind, has already opened its first store in the UK, while the lingerie brands Victoria’s Secret and Gilly Hicks have made plans to expand into the UK, a marketplace that remains fairly crowded. Partnerships set up in 2010 include grocery retailer Morrisons selling value fashion retailer Peacocks’ ranges in store, while the new company Aurora Fashions Holdings Ltd has recently acquired a number of well-known labels, increasing its growing presence in the market.
The clothing retail market is expected to grow over the coming years, as consumers recover confidence in the market. The authors estimate that the market will grow by 6.2% between 2011 and 2015. Much of this growth will be due to the increases expected in costs.
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