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UK Menswear Retailers 2010
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Features of this market research: | 320 pages | |||||||||
| About this market survey: |
Introduction Introduction Scope Highlights Reasons to Purchase Report Highlights [Fade out the market survey infos] |
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EXECUTIVE SUMMARY 2 Key Findings 2 Menswear market returns to growth in 2010; 2 But sourcing prices cause inflation, hitting volume; 2 Value players worst hit by rising prices; 2 Midmarket better placed to respond with mix change; 2 M&S remains market leader; 2 Next revamps its retail brand but still loses share; 2 Arcadia moves into number three slot on Bhs merger; 2 Asda depends on Living stores for menswear growth; 2 Primark biggest share winner as it raises menswear profile; 2 TK Maxx completes UK growth and targets rest of Europe; 2 Debenhams refocuses on core customer and improving stores; 2 Matalan restarts its expansion plans as revival continues; 2 Sports Direct needs to develop its stable of product brands; 2 River Island new CEO puts brand image under scrutiny; 2 Tesco plans Extra space growth to catch up with Asda; 2 Moss Bros cashes in on revival for men's 2 Main conclusions 3 Menswear market to grow 4.8% in 2010 3 Sourcing prices cause inflation, hitting volumes 3 Value players will be worst hit 3 Midmarket retailers have room to respond 3 M&S menswear still market leader 3 Next revamps its retail brand but fails to advance 3 Arcadia Group has held onto number three slot with 5.4% market share 4 Asda places hopes for non-food in Living format 4 Primark biggest share winner as it raises menswear profile 4 TK Maxx completes UK growth and targets rest of Europe 4 Debenhams refocuses on core customers 4 Matalan restarts expansion plans 5 Sports Direct needs to develop its stable of product brands 5 River Island new CEO puts brand image under scrutiny 5 Tesco grows non-food sales through its core Extra format 5 Moss Bros enjoys suit market revival 5 Table of Contents 6 Table of figures 7 Table of tables 8 MARKET ANALYSIS 9 Menswear market definition 9 Menswear market growth 9 Clothing market spending trends 10 Bounces back from downturn 10 Menswear spending in the context of clothing market 11 Menswear share carries on declining 12 Menswear spending trends 13 Volume growth peters out 13 Price inflation returns 15 Retail distribution 17 Grocers and department stores gain share in clothing overall 17 Grocers gain more slowly in menswear 18 COMPANY DATA ANALYSIS 19 Clothing market shares 19 Primark new challenger to Big Three specialists 19 Menswear market shares 21 M&S stronger in menswear 21 Winners and losers 23 Primark continues to march onwards 23 Arcadia reinforces position 24 Value players continue to gain 25 River Island main midmarket success 27 Space allocation 29 Moss Bros and M&S leaders in formalwear 29 Key operating statistics 31 Asda takes lead on menswear densities 31 Operating margins 33 River Island enjoys best growth 33 Value players outperform on sales growth 34 Space growth 37 Primark adds further menswear space 37 Menswear sales densities 39 Asda improves but River Island slips back 39 OUTLOOK 41 Preparing for inflation lift-off 41 Consumer spending recovery to lag rest of economy 41 Real incomes under pressure 41 Optimism slips back again 42 But unemployment not as bad as expected 42 Impact of public finances 43 Consumption expected to lag the rest of the economy 43 Return to clothing inflation 44 Cost increases to break through 44 Prospects for menswear 45 Volume contraction in prospect 45 Impact on lower end of the market 46 Midmarket relies on pricing power 46 Cost containment and reduction strategies 46 Rethinking logistics and IT 46 Concentrating the supplier base 46 Unlocking spending power 47 Quality more important but range and price still lead 47 Smart casualwear or casual fomalwear? 47 Mass customisation stretches midmarket upwards 48 Tackling a weighty problem: the under 45 obese male 48 Prospects for key menswear retailers 49 Marks & Spencer 49 Next 49 Arcadia Group 49 Asda 49 Primark 50 TK Maxx 50 Debenhams 50 Matalan 50 Sports Direct 50 River Island 50 Tesco 51 Moss Bros 51 ARCADIA GROUP 52 Bhs adds scale to Arcadia 52 Recent key events 53 Repositions brands and gears up for global growth 53 Premium Collection replaces Black Label at Burton 53 Rock and roll themed brand for TopMan 53 TopMan expands store 53 New storefit for Bhs 53 Burton MD takes over Bhs menswear 53 Bhs merged into Arcadia 54 TopMan in New York basement 54 Fashion performs well 54 Arcadia's other brands stick to franchising 54 Propositions 55 Financials 58 Profitability stays high despite recession 58 Operating profits may be helped by rising like-for-likes 61 Space 62 Bhs merger adds four million sq ft 62 Bhs pushes down densities 64 Space allocation 65 Sector performance - menswear 72 Sector performance - menswear 72 Bhs boost to menswear sales 72 Arcadia pushes into third place 74 Outlook 75 Major shift of strategy in managing Arcadia brand stable 75 Brings brands together rather than leaving them apart 75 Relocation strategy will help manage costs 75 International offers opportunities - but requires logistical support 75 Burton gains scale from Bhs but not risk-free 75 Bhs needs to keep its older customer base 76 New Bhs storefit a radical departure 76 TopMan still strong but could suffer from lower price rivalry 76 ASDA 77 Fast track for non-food growth 77 Recent key events 78 New initiatives support growth 78 Non-profit World Cup 78 Acquires 193 Netto stores 78 New chief executive appointed 78 New George MD targets value and Asda Living 78 George targets online development 78 Plans major growth in non-food standalones 79 Targets more quality conscious customers 79 Shakes up global sourcing 79 Store innovations will increase competitiveness 79 Proposition 80 Financials 81 Sales performance improves during recession 81 Sales slow down again in 2010 84 Space 85 Asda Living included in growth plans 85 Turnaround in density performance 86 Space allocation 87 Sector performance - menswear 90 Best year for George menswear since 2006 90 George at Asda maintains share 92 Outlook 93 Danger from growing competition and economic recovery 93 Market share gains instore will be boosted by expansion of Asda Living ... 93 ... while George focuses on online expansion, too 93 Asda may suffer if consumer finances recover 93 Growing rivalry from a variety of sources 93 DEBENHAMS 95 Focus on profitability more than sales growth 95 Recent key events 96 Debt reduction clears way for investment in store estate 96 Introduces new younger menswear brand 96 Revamps Designers' storefits 96 New international and online opportunities for standalone brands 96 Reduction of debt 96 Buys Danish store chain 97 Restarts store refurbishments 97 Moves towards more own bought 97 Proposition 98 Financials 99 Profits grow despite sluggish sales 99 Online speeds ahead after relaunch 101 Margin begins a recovery 103 Space 104 Presses on with expansion 104 Densities continue to decline 105 Space allocation 106 Sector performance - menswear 109 Slowdown after improvement in 2008/09 109 Sector share recovery to stall 111 Outlook 112 Menswear sticks to safe territory in uncertain times 112 Newness and excitement could work better 112 Store refits badly needed 112 Store expansion still offers growth potential 112 International comes to the fore 112 Online catch up gathers pace 112 MARKS & SPENCER 114 Formal menswear back on track 114 Recent key events 116 New chief executive to give momentum 116 Former Morrison chief executive takes reins 116 More experience in food than clothing 116 Spruces up smarter menswear ranges 116 M&S Direct heads for full multichannel operation 116 Aims to be world's most sustainable retailer by 2015 116 M&S keeps up marketing momentum with new faces 117 Cashes in on World Cup 117 YouTube and m-commerce 117 Strategy to improve operations and grow market share 117 Project 2020 aims to improve supply chain 117 Proposition 119 Financials 120 Sales performance improves but margins down 120 Start of 2010/11 shows big improvement 124 Online on track for half billion target 126 Space 127 Steady rise in floorspace 127 Sales densities under pressure 129 Space allocation 130 Sector performance - menswear 133 Menswear sales see weak revival 133 Market share declines 135 Outlook 136 M&S menswear benefits from improved ranges 136 Menswear influenced by fortunes of womenswear 136 Needs to work on appeal to under 45s 136 Grocers pose an increasing threat 136 New management may be focused elsewhere 136 E-commerce stretches availability 136 International business can provide scale economies 137 Cost pressure worries for 2010/11 137 MATALAN 138 New wave of store openings begins 138 Recent key events 139 Pulls £1.5bn sale of company 139 Offers fall short 139 Refinances as ownertakes dividend 139 Returns to store expansion 139 Sponsors music show to boost younger audience 139 Proposition 140 Financials 141 Trading recovery remains on track 141 Sales start to grow strongly again 144 Space 145 New store openings show Matalan confidence 145 Store revamps help densities 146 Space allocation 147 Sector performance - menswear 150 Menswear underperforms womenswear 150 Recovery has a long way to go 152 Outlook 153 Revival and expansion but also tough competition 153 Pushes menswear in a more fashionable direction 153 More direct competition on the way 153 Refinances rather than selling company 153 Ambitious expansion plans 153 MOSS BROS 154 Strong recovery in trading raises hopes for future 154 Recent key events 155 New management team sharpens up trading 155 Launches made to measure tailoring stores 155 Fine tunes Cecil Gee offer and plans online launch 155 Loses Canali franchise 155 Management changes 155 Proposition 156 Financials 157 Improvement after long run of decline 157 Long term performance poor 160 Space 161 Temporary halt in expansion 161 Densities stabilise after slump 162 Space allocation 163 Sector performance - menswear 166 Sales contract for three years 166 Holds on to share after a fall 168 Outlook 169 Need for further repositioning 169 Moss Bros enjoys suit revival 169 Niche markets could hold potential 169 Moss needs more brand investment 169 Moss store refits an urgent priority 169 NEXT 170 Fights back with revamped brand and internet Sale 170 Recent key events 171 Focus on range development helps the brand turn a corner 171 Own label sports brand returns 171 Avoids price increases related to decline of pound 171 Upgrades and expands Directory online ... 171 ... but axes separate brands website 171 Proposition 172 Financials 173 Sales recover growth in 2009/10 173 Operating margin improves once more 176 Directory outperforms retail 177 Space 179 Growth in space slows, but larger sites are targeted 179 Further slide in sales density 180 Space allocation 181 Sector performance - menswear 184 Returns to sales growth 184 Market share recovery peters out 186 Outlook 187 Performs well in exceptionally tough environment 187 Breaks out of run of rapidly declining like-for-like sales 187 Range improvement shines through in womenswear, but needs more focus on menswear 187 Next's online business faces serious rivalry 187 Branded offer needs further improvement 187 Develops in Germany and US 188 Low risk international strategy 188 PRIMARK 189 Advance into menswear market continues 189 Recent key events 190 Maintains momentum 190 Smooth management change 190 Pushes product development and merchandising 190 Settles copyright case with Superdry owner 190 Reiterates ethical policy and supports garment workers 190 Develops logistics 190 Proposition 192 Financials 193 Trading performance provides positive outlook 193 Sales rocket over a decade 196 Space 198 Store growth in UK slows dramatically 198 Sales densities bounce back 200 Space allocation 201 Sector performance - menswear 204 Menswear growth slows 204 Rapid menswear share growth sustained 206 Outlook 207 Primark well prepared for future growth 207 New management shifts focus to product 207 Quality improvements needed to prepare for upturn 207 Keeping true to value origins could be difficult 207 Menswear could be given more prominence 207 Online should be an immediate priority 207 RIVER ISLAND 209 Store expansion slows down 209 Recent key events 210 New ranges and website 210 Moves to sharpen brand image 210 Management succession 210 Launches community website 210 Celebrities promote ranges 210 New distribution centre 210 Exits Turkey 210 Proposition 211 Financials 212 Sales growth lags new space 212 Operating margins come under pressure 215 Space 216 Expansion reined in 216 Density high but declining 217 Space allocation 218 Sector performance - menswear 221 Slowdown from rapid growth 221 Steady progress in building share 223 Outlook 224 Cautious approach during economic downturn 224 Reins back on store expansion 224 Must continue to invest in design credentials 224 Format development needs to be maintained 224 Social website needs a push 224 SPORTS DIRECT INTERNATIONAL 225 Benefitting from weaker competition 225 Recent key events 226 On the lookout for further rivals to buy 226 Office of Fair Trading and Serious Fraud Office investigate 226 Purchase of 31 stores from rival JJB Sports cleared 226 Drops bid to take over rival Blacks Leisure ... 226 ... though still a Blacks Leisure shareholder 226 Moves into TV advertising 226 Proposition 227 Financials 228 Margins slip as pound's fall hits 228 Operating margins likely to recover 231 Space 232 Moderate growth as store size rises 232 Densities revive after earlier slump 233 Space allocation 234 Sector performance - menswear 237 Revival after heavy decline 237 Clothing share fails to rise 239 Outlook 240 Needs to devise long term strategy 240 Revival of JJB Sports an uncertainty for the future 240 Drives online sales 240 Stores improvement has further to go 240 Acquisition trail goes cold for now 240 New strategy needed 240 Soccer World Cup will boost sales 241 TESCO 242 Extra store openings promise further growth 242 Recent key events 243 Continuous initiatives to ride out of the recession on top 243 Sir Terry Leahy to step down as chief executive 243 Former Sainsbury's TU man takes over from Terry Green 243 International expansion continues to be a focus 243 One off high street format 243 Launches ASOS-style website ... 243 ... with 20 brands 244 Promotes online with discounts 244 Aims to strengthen fashion credentials 244 Clubcard relaunch includes double value vouchers when spent on clothing 244 Investment in price cuts help sales recover 244 Proposition 245 Financials 246 Lower space growth reflected in sales 246 Consistent sales and profit growth 249 Online sales growth slackens 250 Space 251 Space growth slows 251 Sales densities under pressure 253 Space allocation 254 Sector performance - menswear 257 Menswear growth comes to a halt 257 Menswear lags behind clothing performance 259 Outlook 260 Scope for further gains 260 Space growth crucial to clothing advance 260 Challenge from other value operators on the rise 260 Visual merchandising improves, but further to go 260 Online brands could improve fashion credentials instore 260 TK MAXX 261 Completion of UK expansion moves closer 261 Recent key events 262 Aggressive expansion plans shift focus to rest of Europe 262 Management changes in preparation for European push 262 Buying teams shaken up 262 Experiments with different store formats 262 Targets expansion both in UK and rest of Europe 262 Proposition 263 Financials 264 Downturn helps sustain growth 264 Profitability on the rise 267 Space 268 UK space increase slows 268 Steady density improvement since 2006 269 Space allocation 270 Sector performance - menswear 273 Sales boosted by downturn 273 Market share on steady upward trend 275 Outlook 276 Focus moves away from UK clothing 276 UK expansion nears completion 276 Online development promising 276 Flexibility will aid final growth spurt 276 Upturn in consumer confidence could hurt progress 276 SMALLER RETAILERS 277 ASOS 277 Growth focus switches to international 277 Recent key events 277 Carries on adding new product 277 Improves service proposition 277 Financials 278 Profitability improves as international takes off 278 Outlook 278 Reaps benefits of scale 278 International offers huge potential 278 Jack Wills 279 Embarks on international growth 279 Recent key events 280 Moves into the US Market 280 Launches Aubin & Wills concept store 280 Financials 280 Rapid growth and high profit margins 280 Outlook 280 Lifestyle fashion with an English accent 280 UK Growth continuing 280 International could be a success 281 JOHN LEWIS 282 Fashion sales take off 282 Recent key events 282 Targets online fashion development 282 Moves into younger market and improves own label 283 Financials 283 Booming sales make fashion a major category 283 Outlook 283 Online offers genuine incremental sales growth 283 Shifting younger with its customer mindset 283 N BROWN 284 Cornering larger men's market 284 Recent key events 285 Snaps up larger sizes specialist High & Mighty 285 New men's range and promotes Jacamo 285 Financials 285 Menswear leading growth category 285 Outlook 285 Leader in a niche market 285 Lack of real competition 286 NEW LOOK 287 Still struggling to break into menswear 287 Recent key events 288 Growth from international and online 288 Pushes development of online sales 288 Global expansion priority 288 Holds off £1.7bn stockmarket flotation 288 Menswear develops its presence and profile 288 Financials 289 Trading continues to impress 289 Outlook 289 Brand credibility still lacking in menswear 289 Will press on with product development 289 Will suffer from Primark advance 289 REPUBLIC 290 Strong own label boosts profits 290 Recent key events 291 New ownership could boost growth 291 Record Christmas trading 291 High profile brand Diesel launches in Republic stores 291 Transactional site is strong 291 Financials 291 Strong trading performance continues to impress 291 Outlook 292 Successful base from which to grow 292 Adding space could strengthen position on high street ... 292 ... particularly in cities and university towns 292 Own brands provide differentiation and third party brands could offer exclusivity 292 Beginnings of branded upturn could provide extra impetus 292 Sainsbury 293 Targets clothing as non-food growth area 293 Recent key events 294 Needs to find extra store space for clothing 294 Non-food central to growth plans 294 Organisational changes highlight non-food focus 294 Tyler takes chair 294 Non-food offer launched online ... except clothing 294 Financials 295 Strong set of results for 2009/10 295 Outlook 295 Abundant opportunities 295 Realigns prices 295 Space expansion vital for clothing success 295 Value competitors up their game 295 TU would benefit from more publicity 296 Clothing online launch essential 296 Huge clothing potential if it can overcome space barriers 296 SUPERGROUP 297 Stock market float clears way for further growth 297 Recent key events 298 Stockmarket flotation gives expansion a boost 298 Expansion in Ireland 298 Launches new fascia 298 Financials 298 Outstanding sales performance continues 298 Outlook 299 Base established for short term growth 299 Expansion looks set to continue at a speedy rate 299 Stockmarket flotation will aid this growth 299 Supergroup must consider its future fashion direction carefully 299 TED BAKER 300 Needs new menswear momentum 300 Recent key events 301 Keeps to its tradition of quirky design 301 Shows off new flagship store format 301 International growth in India and US 301 Sub brands target market more effectively 301 Clearance website separates old stock from new 301 Financials 301 Sales continue to grow 301 Outlook 302 Menswear rising star comes to maturity 302 Problem of how grow menswear further 302 Risks devaluing brand 302 International an opportunity and a risk 302 APPENDIX 303 Definitions 303 Clothing & Footwear 303 Financial Statistics - VAT 303 Profiles 304 Physical Development 304 Abbreviations 304 Methodology 305 Market Sizing 305 Market Share 305 How we calculate sales densities 305 Inflation/deflation & volume 305 Further reading 305 Ask the analyst 305 Verdict consulting 306 Disclaimer 306 [Fade out table of contents] |
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