European Clothing Retailers 2007
Verdict Research Limited, June 2007, Pages: 22
Introduction
This report examines the clothing market in each of the EU25 member states. It provides key statistical information on total clothing expenditure, specialist sales, space productivity, store numbers and retail space in each country, coupled with an explanation of the key dynamics, trends and drivers affecting clothing retail across Europe and an analysis of the Top Ten clothing retailers.
Scope
Clothing expenditure and growth 2001-2006 for each of the 25 EU countries. Specialists space, sales, store numbers and sales densities 2001-2006 in each country. Review of major issues impacting clothing retailers as they expand internationally. Detailed profiles of the 10 largest EU 25 clothing specialists, including sales densities, sales space and store sizes, market share and outlook.
Highlights
The EU clothing market has grown by 6.3% since 2001 to reach EUR292bn in 2006. But nearly 80% of the market is produced by six markets and weak growth in the largest two markets, Germany and Italy, over the last five years has held back total EU performance. The fastest growing markets over the last five years were Estonia, Lithuania, the Czech Republic and Slovakia. Specialists sales densities have risen in all of the new member states, with the biggest changes in Slovakia, Latvia and Estonia. Middle market retailers are most likely to struggle abroad. These typically target older customers, who are likely to have more established, nationally-derived clothing preferences. Older consumers are also more likely to have financial commitments, making them more attracted by low-priced clothing that requires high volumes to be profitable.
Reasons to Purchase
Compare market value and growth rates for different EU markets to guide investment. Benchmark performance against specialist clothing retailers in each market to support targets and planning. Understand the implications of recent developments for major markets and top players.
CHAPTER 1 Executive Summary 19.
Key Findings 19
Main Conclusions 20
CHAPTER 2 EUROPEAN MARKET – ECONOMIC OVERVIEW 24.
Key Findings 24
Key Messages 25
GDP 27
Consumer Expenditure 30
Inflation 33
Interest Rates 35
Employment 38
CHAPTER 3 EUROPEAN MARKET – DEMOGRAPHIC OVERVIEW 41.
Key Findings 41
Key Messages 42
Trends 44
Growth by Country 45
Age Breakdown 47
Consequences for Retailers 50
Households 51
Urban Population 55
CHAPTER 4 EUROPEAN MARKET – RETAIL SPENDING 57.
Expenditure 57
Retail Share 62
Spend by Country 64
Growth 68
Per Capita 70
CHAPTER 5 CLOTHING MARKET STRUCTURE 73.
Key Messages 73
Expenditure 75
Specialists Sales 82
Specialists Space 86
Store Numbers 90
CHAPTER 6 CLOTHING MARKET IN FRANCE 94.
Recent Developments & Trends 96
Outlook for Clothing Retailing in France 97
CHAPTER 7 CLOTHING MARKET IN GERMANY 99.
Recent Developments & Trends 102
Outlook for Clothing Retailing in Germany 103
CHAPTER 8 CLOTHING MARKET IN ITALY 105.
Recent Developments & Trends 107
Outlook for Clothing Retailing in Italy 108
CHAPTER 9 CLOTHING MARKET IN THE NETHERLANDS 109.
Recent Developments & Trends 111
Outlook for Clothing Retailing in the Netherlands 112
CHAPTER 10 CLOTHING MARKET IN SPAIN 113.
Recent Developments & Trends 115
Outlook for Clothing Retailing in Spain 115
CHAPTER 11 CLOTHING MARKET IN THE UK 117.
Recent Developments & Trends 120
Outlook for Clothing Retailing in the United Kingdom 120
CHAPTER 12 STRATEGIC ISSUES 122.
Expansion Drivers 122
Positioning – Transferability to New Markets 123
Markets – Barriers and Attractions 125
Channels – and Implications 126
Cost Implications 127
Summary 128
CHAPTER 13 COMPANY COMPARISONS 129.
Overview 129
CHAPTER 14 ARCADIA 134.
Company Overview 134
Recent Key Developments 136
Sales Performance 139
Benchmarks 140
Store Portfolio 141
Outlook 141
CHAPTER 15 BENETTON 144.
Company Overview 144
Recent Key Developments 146
Sales Performance 147
Current Performance 148
Benchmarks 149
Store Portfolio 149
Outlook 151
CHAPTER 16 C&A 152.
Company Overview 152
Recent Key Developments 154
Sales Performance 155
Year to February 2007 155
Benchmarks 156
Store Portfolio 157
Outlook 158
CHAPTER 17 CORTEFIEL 159.
Company Overview 159
Recent Key Developments 161
Sales Performance 162
Benchmarks 163
Store Portfolio 164
Outlook 165
CHAPTER 18 H&M 166.
Company Overview 166
Recent Key Developments 167
Sales Performance 168
Year to November 2006 169
Benchmarks 171
Store Portfolio 172
Outlook 172
CHAPTER 19 INDITEX 175.
Company Overview 175
Recent Key Developments 177
Sales Performance 179
Benchmarks 181
Store Portfolio 182
Outlook 186
CHAPTER 20 MARKS & SPENCER 189.
Company Overview 189
Recent Key Developments 190
Sales Performance 191
Year to March 2007 - UK 192
Year to March 2007 - International 193
Benchmarks 194
Store Portfolio 195
Outlook 197
CHAPTER 21 NEW LOOK 199.
Company Overview 199
Recent Key Developments 201
Sales Performance 203
Benchmarks 205
Store Portfolio 205
Outlook 206
CHAPTER 22 NEXT 208.
Company Overview 208
Recent Key Developments 209
Sales Performance 210
Year to January 2007 211
Current Trading 212
Benchmarks 213
Store Portfolio 214
Outlook 215
CHAPTER 23 PRIMARK 217.
Company Overview 217
Recent Key Developments 218
Sales Performance 219
Trading to September 2006 220
Trading to March 2007 221
Benchmarks 221
Store Portfolio 222
Outlook 222
CHAPTER 24 GLOSSARY 224.
Definitions 224
list of tables
Table 1: Consequences of population change for retailers 2005-2015 50
Table 2: EU retail expenditure 2000-2005 57
Table 3: EU retail expenditure growth 2000-2005 57
Table 4: Total retail spend per country – EU15 2000-05 64
Table 5: Total retail spend per country – 10 new member states 2000 & 2005 66
Table 6: EU25 clothing market overview 2001 & 2006e 73
Table 7: EU15 clothing market overview 2001 & 2006e 74
Table 8: EU25 clothing expenditure 2000-2006e 75
Table 9: EU25 clothing growth rates 2000-2006e 76
Table 10: Expenditure on clothing by country 2000-2006e 78
Table 11: % share of EU25 expenditure on clothing by country 2001 & 2006e 79
Table 12: Sales through specialist clothing retailers of leading EU countries and EU25 2000-2006e 82
Table 13: EU25 clothing specialists sales growth rates 2000-2006e 83
Table 14: Specialist sales by country 2000-2006e 84
Table 15: % share of EU25 specialist sales total by country 2001 & 2006e 85
Table 16: Clothing specialists selling space (000 sq m) estimates by country 2001-2006e 86
Table 17: % share of EU25 clothing specialists selling space total by country 2001 & 2006e 87
Table 18: EU25 clothing specialists store numbers estimates by country 2001-2006 90
Table 18: % share of EU clothing specialists store numbers total by country 2001 & 2006 91
Table 19: France clothing expenditure & specialist sales 2000-2006e 94
Table 20: France clothing specialists 2001-2006e 94
Table 21: German clothing expenditure & specialist sales 2000-2006e 99
Table 22: German clothing specialists 2001-2006e 99
Table 23: Italy clothing expenditure & specialist sales 2000-2006e 105
Table 24: Italy clothing specialists 2001-2006e 105
Table 25: Netherlands clothing expenditure & specialist sales 2001-2006e 109
Table 26: Netherlands clothing specialists 2001-2006e 109
Table 27: Spanish clothing expenditure & specialist sales 2001-2006e 113
Table 28: Spanish clothing specialists 2001-2006e 113
Table 29: UK clothing expenditure & specialist sales 2001-2006e 117
Table 30: UK clothing specialists 2001-2006e 117
Table 31: Leading European clothing retailers sales 2006/07 130
Table 32: Leading European clothing retailers sales 2006/07 131
Table 33: Arcadia company overview 2007 134
Table 34: Arcadia estimated trading record 2001–2006e 139
Table 35: Arcadia estimated trading record 2001–2006 in local currency 139
Table 36: Arcadia in EU25 year ended August 2005 and 2006 140
Table 37: Arcadia store numbers by country 2007 141
Table 38: Benetton company overview 2007 144
Table 39: Benetton trading record 2001–2006 147
Table 40: Benetton in EU25 year ended December 2005 and 2006e 149
Table 41: Benetton store portfolio 2005-06e 149
Table 42: C&A company overview 2007 152
Table 43: C&A trading record 2002-2007e 155
Table 44: C&A in EU25 year ended February 2006 and 2007 156
Table 45: C&A European store portfolio February 2007 157
Table 46: Cortefiel company overview 2007 159
Table 47: Cortefiel Group brand portfolio 2007 160
Table 48: Cortefiel trading record 2002–2007e 162
Table 49: Cortefiel Group in EU25 year ended February 2005 and 2006 163
Table 50: Cortefiel Group store portfolio February 2005 164
Table 51: Cortefiel Group total stores by brand February 2005 164
Table 52: H&M company overview 2007 166
Table 53: H&M estimated trading record 2001–2006 168
Table 54: H&M estimated trading record 2001–2006 in local currency 169
Table 55: H&M 2004/05 and 2005/06 sales by EU country (inc VAT) 170
Table 56: H&M in EU25 year ended November 2005 and 2006 171
Table 57: H&M store portfolio 2004/05 and 2005/06 172
Table 58: Inditex company overview 2007 175
Table 59: Inditex trading record 2002-2007 179
Table 60: Inditex breakdown of European sales 2003-2007 180
Table 61: Inditex share of sales by region 2005/06 and 2006/07 180
Table 62: Inditex 2005/06 and 2006/07 sales by fascia (€m) 181
Table 63: Inditex in EU25 year ended January 2006 and 2007 181
Table 64: Inditex store portfolio 2005/06 and 2006/07 182
Table 65: Inditex European store portfolio by fascia (Jan 2007) 184
Table 66: Inditex European store portfolio by fascia (Jan 2007) 185
Table 67: Inditex sales area January 2006 and 2007 by fascia (sq m) 186
Table 68: Inditex average store sizes by fascia (sq m) 186
Table 69: Marks & Spencer company overview 2007 189
Table 70: Marks & Spencer trading record (£) 2001–2007 191
Table 71: Marks & Spencer trading record (€) 2001–2007 192
Table 72: Marks & Spencer operating margin by store type, years to March 2006 and 2007 194
Table 73: Marks & Spencer in EU25 year ended March 2006 and 2007E 194
Table 74: Marks & Spencer store portfolio August 2006 195
Table 75: New Look company overview 2007 199
Table 76: New Look estimated trading record 2001–2007e 203
Table 77: New Look estimated trading record 2001–2007e in local currency 203
Table 78: New Look in EU25 year ended March 2005 and 2006 205
Table 79: New Look store portfolio 2005-2007e 205
Table 80: Next company overview 2007 208
Table 81: Next trading record 2002–2007 (€) 210
Table 82: Next trading record 2002–2007 (£) 211
Table 83: Next operating margin by outlet type, year ended January 2007 212
Table 84: Next in EU25 year ended January 2006 and 2007 213
Table 85: Next store portfolio 2006 and 2007 214
Table 86: Primark company overview 2007 217
Table 87: Primark estimated trading record 2001–2007e 219
Table 88: Primark estimated trading record 2001–2007e in local currency 220
Table 89: Primark in EU25 year ended September 2005 and 2006 221
Table 90: Primark store portfolio 2005-2007e 222
Table 91: Conversion rates used for company financials, 2000-2007 225
LIST OF FIGURES
Figure 1: GDP: Top 10 countries in European Union 2005 27
Figure 2: GDP growth forecast of Top 10 EU countries 2006 & 2007e 27
Figure 3: GDP: Other 15 countries in European Union (€50bn+) 2005 28
Figure 4: GDP: Other 15 countries in European Union (€50bn-) 2005 28
Figure 5: GDP growth forecast of other 15 European Union countries (4.5%+) 2006 & 2007 29
Figure 6: GDP growth forecast of other 15 European Union countries (4.5%-) 2006 & 2007 29
Figure 7: Consumer expenditure of Top 10 European Union countries 2005 30
Figure 8: Consumer expenditure forecast growth of Top 10 European Union countries year-on-year 2006 & 2007e 30
Figure 9: Consumer expenditure: Other 15 countries in European Union (€35bn+) 2005 31
Figure 10: Consumer expenditure: Other 15 countries in European Union (€35bn-) 2005 31
Figure 11: Expenditure forecast growth of other 15 European Union countries year-on-year (6.0%+) 2006 & 2007e 32
Figure 12: Expenditure forecast growth of other 15 European Union countries year-on-year (6.0%-) 2006 & 2007e 32
Figure 13: Harmonised Index of Consumer Prices – growth of Top 10 EU countries 2004 & 2005 33
Figure 14: Harmonised Index of Consumer Prices – growth of other 15 EU countries (2.6%+) 2004 & 2005 33
Figure 15: Harmonised Index of Consumer Prices – growth of other 15 EU countries (2.6%-) 2004 & 2005 34
Figure 16: Central bank interest rates, official lending rates 2005 35
Figure 17: ECB interest rates 2000-06 36
Figure 18: BoE interest rates 2001-06 37
Figure 19: Total unemployment rates of Top 10 EU countries 2000 & 2005 38
Figure 20: Total unemployment rates of other 15 EU countries (7.7%+) 2000 & 2005 39
Figure 21: Total unemployment rates of other 15 EU countries (7.7%-) 2000 & 2005 39
Figure 22: EU population totals (000s) by country 2005 43
Figure 23: Five year trends in total EU population growth 2000-2020e 44
Figure 24: Forecast population growth (%) for the Top 10 countries in EU by GDP – 2015 on 2005 45
Figure 25: Forecast population growth (%) for other EU countries 2015 on 2005 46
Figure 26: Historical changes in EU age breakdown 2005e on 1995 47
Figure 27: Forecast changes in EU age breakdown 2015e on 2005e 47
Figure 28: Comparison of EU age groups 2005e & 2015e 49
Figure 29: Top 10 EU countries by GDP – household numbers 2005 51
Figure 30: Other EU countries household numbers 2005 52
Figure 31: Top 10 EU countries by GDP – average household size in 2005 53
Figure 32: Other EU countries average household size in 2005 54
Figure 33: Comparison of EU countries by urban population % – Top 10 EU countries by GDP – 2006 55
Figure 34: Comparison of EU countries by urban population % – Other EU countries – 2006 56
Figure 35: Top Six EU member states retail growth % 2000-2005 59
Figure 36: EU-15 retail spend and change % 2000-2005 59
Figure 37: New member states spend and change % 2000-2005 60
Figure 38: EU25 retail spend and change % 2000-2005 61
Figure 39: EU retail spend as % of total consumer expenditure 2000 & 2005 62
Figure 40: Growth in EU retail spend by country 2005 on 2004 68
Figure 41: EU per capita retail spend 2000-2005 70
Figure 42: EU15 per capita retail spend by country 2005 71
Figure 43: New member states per capita retail spend by country 2005 72
Figure 44: Clothing spending growth in leading EU states 2006e on 2001 77
Figure 45: Clothing expenditure per capita EU15 2006e 80
Figure 46: Clothing expenditure per capita new member states 2006e 81
Figure 47: Clothing specialists sales densities estimates EU15 (€ per sq m) 2006 88
Figure 48: Clothing specialists sales densities estimates for new member states (€/sq m) 2006 89
Figure 49: Clothing specialists average store size estimates (sq m) EU15 2006 92
Figure 50: Clothing specialists average store size estimates (sq m) new member states 2006 93
Figure 51: Strategic issues for retailers planning international expansion 2007 122
Figure 52: Leading European clothing retailers estimated EU market shares 2006 129
Figure 53: Top Tens EU25 sales densities financial year end 2006/07 132
Figure 54: Total group operating margins financial year end 2006/07 133
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