UK Accessories Retailing 2010

Introduction

Verdict Research: UK Accessories Retailers 2010 delivers comprehensive analysis of the key issues facing retailers in the sector. It examines the top 17 accessories retailers, including key operating statistics, accessories market shares and analysis of the opportunities in the market for individual retailers.

Scope

*Spending trends in accessories, split down into men's, women's and children's and forecasted to 2013

*Profiles of the top 17 accessories retailers including in depth analysis of their strengths, weaknesses, opportunities and threats

*The accessories market is analysed in detail and includes market share information on the leading operators and the main channels of distribution

Highlights

In 2009 accessories has proved the most resilient sector in clothing, with expenditure growth of 3.2%. Consumers have continued to buy into accessories as a cost effective way of updating an outfit. Investing in accessories offers good value for money as they can be used with various outfits. Many styles provide good longevity, too.

Women's accessories has grown the most over 2005-2009, by 24.7%. Accounting for 73.0% of all accessories, women's accessories is the main driver of the sector, followed by men's at 19.2% and children's at 7.8%. While children's accessories are becoming more popular, many tweenage children are trading up into adult ranges.

There are two types of accessories shoppers: the purposeful shopper who goes shopping with a particular accessory in mind; and the impulse shopper who purchases accessories while shopping for clothing, enticed to do so by seeing items that co-ordinate well. It is essential that clothing specialists provide for both types of customer.

Reasons to Purchase

*Identify the key trends and issues for accessories retailers and design strategies to exploit opportunities and minimise risk

*Benchmark your performance against the 17 leading accessories retailers' key operating statistics

*Comprehensive consumer spending information on men's, women's and children's accessories sets the context for the market


Report Highlights

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CHAPTER 1 EXECUTIVE SUMMARY 6
Key findings 6
Accessories resilient in recession with growth of 3.2% in 2009• ... 6
... and adds nearly £0.5bn to sales value between 2005 and• 2009; 6
Women's dominates the market accounting for 73.0% of all• accessories expenditure; 6
Clothing specialists have used accessories as a vehicle for• growth; 6
It is essential to offer both destination accessories• departments and a selection merchandised with clothing; 6
Fashion key driver;• 6
Marks• & Spencer market leader, closely followed by New Look. Accessorize leading specialist; 6
Grocers threaten - gaining 0.7 percentage points of share• between 2004 and 2009 ... 6
... and other value retailers increase their influence, forcing• midmarket retailers to shift pricing structures upwards; 6
Specialists must strike back through maximising space and• driving footfall; 6
Sub brands offer opportunities providing customers with a broad• spectrum of prices; 6
Market to grow 14.4% between 2009 and 2013.• 6
Main conclusions 7
Accessories prove resilient in recession ... 7
... and have added nearly £0.5bn to their value over 2005-2009 7
Women's dominates 7
Clothing specialists use accessories as a vehicle for growth 7
Accessories department and a selection in clothing essential 8
Fashion a key driver of accessories purchases ... 8
... which poses risk 8
Marks & Spencer market leader 8
Accessorize leading specialist 9
Grocers threaten ... 9
... and other value retailers increase their influence 9
Midmarket shifts upwards 9
Specialists must strike back 10
Sub brands offer opportunities 10
Growth of 14.4% between 2009 and 2013 10
CHAPTER 2 MARKET ANALYSIS 11
Market definition 11
Market value and sub categories 2005-2009 12
Market grows by £0.5bn in five years 12
Year-on-year growth % 2005-2009 12
Rapid growth, but slowing 12
Sub category share of total 2005-2009 13
Dominated by womenswear 13
Market value and sub categories 2009e-2013e 15
Market expected to grow to £2.9bn by 2013 15
Year-on-year growth % 2009e-2013e 15
Growth expected to strengthen again in 2012 and 2013 15
Sub category share of total 2009e-2013e 16
Women's category continues to dominate 16
Accessories market channels of distribution and sales mix 18
Spend per head 19
CHAPTER 3 COMPANY DATA ANALYSIS 21
Accessories market shares 21
Accessories specialists decline as clothing retailers grow share 21
Winners and losers 23
Key operating statistics 26
Accessories sales 27
Clothing retailers resilient 27
Operating margins 29
Accessories sales densities 31
Space 33
CHAPTER 4 OUTLOOK 34
Key issues 34
Accessories and the recession 35
Outperforms clothing 35
Accessories performs well in the recession 35
Long term prospects positive 35
The impact of fashion on accessories 38
High street retailers heavily reliant on bold trends and celebrity influences 38
Impact of the celebrity 38
But fashion poses a risk and retailers need to be flexible 39
2010 accessories trends 39
Men's shopping habits 40
Retailers must adapt visual merchandising to suit men's shopping style 40
Men's accessories in department stores 40
Men's accessories in clothing specialists and grocers 41
Trend-led accessories 41
Visual merchandising in stores 42
Catering for 'purposeful' and 'impulsive' shoppers 42
Successfully satisfying both customer types drives sales 43
Sub branding and price architecture 45
Sub brands are necessary in having a clear 'good, better, best' pricing structure 45
Sub brands allow for trading up or down 47
Celebrity collaborations 47
Clear instore segmentation is necessary in a 'good, better, best' price architecture 47
Polarisation in the accessories market 48
Specialists 52
Accessories specialists need to raise their game 52
Sub brands provide opportunities 53
Take advantage of the gifting sector 54
Utilise empty space to improve store environment and showcase key pieces 54
Department stores could be a window of opportunity for specialists 54
Action Points for retailers 55
Therefore retailers need to consider the following: 55
CHAPTER 5 ACCESSORIZE 56
Sales growth recovery insufficient to avoid market share dip 56
Financials 57
Sales slow but remain strong 57
Sector performance - accessories 58
Accessories sales growth slows 58
Market share 59
Accessories share dips 59
SWOT analysis 61
Strong offer should drive future success 61
CHAPTER 6 ARCADIA 63
Starts on road to recovery despite intense competition 63
Financials 64
After a tough 2008, sales improve in 2009 64
Sector performance - accessories 65
Strong fashion performance drives sales growth 65
Market share 66
Bhs contribution boosts 2009 share 66
SWOT analysis 67
Accessories well established, but could benefit from increased space 67
CHAPTER 7 ASDA 75
Benefits from consumer focus on low prices 75
Financials 76
Sales growth accelerates during downturn 76
Sector performance - accessories 77
Accessories sales continue to grow 77
Market share 78
Under pressure from rivals improved ranges 78
SWOT analysis 79
Accessories could be developed to improve George's value credibility 79
CHAPTER 8 AURORA 81
Strong brands offer growth potential 81
Financials 82
After challenging times, performance should stabilise 82
Sector performance - accessories 84
High growth impacted by changes to brand portfolio 84
Market share 85
Share falls in 2009 - impacted by administration 85
SWOT Analysis 86
Strong design handwriting will support future growth 86
CHAPTER 9 CLAIRE'S 90
Trading becomes tough as competition intensifies 90
Financials 91
Sales growth slows - dictated by performance in accessories 91
Sector performance - accessories 92
Sales growth slows 92
Market share 93
Losing market share as competition increases 93
SWOT analysis 95
Threat from clothing specialists strengthens 95
CHAPTER 10 DEBENHAMS 97
Designers at Debenhams are the essence of its success 97
Financials 98
Sales are strong but growth slows 98
Sector performance - accessories 99
Accessories sales remain impressive 99
Market share 100
Focus on quality and design should support growth 100
SWOT analysis 103
Clearer segmentation will increase its success 103
CHAPTER 11 H&M 105
Accessories proposition pleases shoppers 105
Financials 106
Space drives sales growth 106
Sector performance - accessories 107
Accessories sales beat overall H&M UK growth 107
Market share 108
H&M accessories growth beats sector, too 108
SWOT analysis 110
H&M accessories offer better value for money than many rivals 110
CHAPTER 12 HOUSE OF FRASER 112
Opportunities in sub brands to turn sales around 112
Financials 113
New stores help raise sales in 2008/09 113
Sector performance - accessories 114
Accessories sales slide as recession hits 114
Market share 115
On slide 115
SWOT analysis 117
Opportunities remain for sub brands 117
CHAPTER 13 JOHN LEWIS 119
Opportunities for new sub brands in own label ranges 119
Financials 120
Sales growth slows after substantial rises in 2006/07 and 2007/08 120
Sector performance - accessories 121
Accessories achieve steady year-on-year growth for five years 121
Market share 122
Holds on to 2.2% share - just 122
SWOT analysis 125
Visual merchandising improvements would maximise potential of brands 125
CHAPTER 14 MARKS & SPENCER 127
Struggles to improve while competition intensifies 127
Financials 128
Trading performance disappoints 128
Sector performance - accessories 129
After four years of gains accessories sales slip 129
Market share 130
Customers trade down 130
SWOT analysis 131
Further opportunities for accessories with improved sub branding 131
CHAPTER 15 NEW LOOK 133
Opportunities to drive success even further 133
Financials 134
Trading performance continues to impress 134
Sector performance - accessories 135
Accessories sales continue to grow 135
Market share 136
Rising trend 136
SWOT analysis 138
Opportunities in accessories remain 138
CHAPTER 16 NEXT 140
Opportunities to broaden accessories offer 140
Financials 141
Growth set to return in 2010 141
Sector performance - accessories 142
More fashion content drives accessories growth 142
Market share 143
Arrests slope of decline 143
SWOT analysis 146
Better men's offer would stop customers visiting rivals for add ons 146
CHAPTER 17 PRIMARK 149
Opportunities remain abundant 149
Financials 150
Strong growth continues in 2009 - albeit at slower rate 150
Sector performance - accessories 151
Accessories sales remain strong 151
Market share 152
Accessories share grows with space expansion 152
SWOT analysis 154
Opportunities remain in the UK and internationally 154
CHAPTER 18 RIVER ISLAND 156
Performs well in a competitive market 156
Financials 157
Sales continue to grow in spite of midmarket struggle 157
Sector performance - accessories 158
Accessories prove attractive throughout economic downturn 158
Market share 159
Steady sales growth protects market share 159
SWOT analysis 161
Design handwriting and store environment make accessories a winner 161
CHAPTER 19 TESCO 163
Strong online launch boosts clothing progress 163
Financials 164
Trading performance shows Tesco's ability to defy recession 164
Sector performance - accessories 165
Accessories sales to grow in 2009/10 after a decline in 2008/09 165
Market share 166
Improved visual merchandising will boost accessories sales further 166
SWOT analysis 167
High footfall drives accessories sales 167
CHAPTER 20 TIE RACK 169
Increased pressure as sales fall 169
Financials 170
Declining sales do not bode well 170
Sector performance - accessories 171
Accessories sales continue to drop 171
Market share 172
Continues steady decline 172
SWOT analysis 173
Improvements needed to regain market share 173
CHAPTER 21 TK MAXX 175
Buoyant through economic downturn 175
Financials 176
Sector performance - accessories 177
Accessories sales continue to rise as recession hits 177
Market share 178
Full steam ahead as 10-year advance in accessories share ploughs on 178
SWOT analysis 179
Growth opportunities remain in accessories for TK Maxx 179
CHAPTER 22 GLOSSARY 181
Financial Statistics - VAT 181
Trading Profile 181
Key Operating Ratios 181
Physical Development 181
Abbreviations 182
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List of Tables
Table 1: Accessories market value 2005-2009 12
Table 2: Accessories market growth 2005-2009 12
Table 3: Accessories market share 2005-2009 13
Table 4: Accessories market value 2009-2013e 15
Table 5: Accessories market growth 2009-2013e 15
Table 6: Accessories market share 2009-2013e 16
Table 7: Retail distribution of accessories spend 2008, 2009e and 2013e 18
Table 8: Accessories market shares 2004-2009e 22
Table 9: Accessories retailers key UK operating statistics 2008/09 26
Table 10: Accessorize key facts 2010 56
Table 11: Accessorize UK key operating statistics summary 2004-2009e 57
Table 12: Arcadia Group key facts 2010 63
Table 13: Arcadia Group key operating statistics 2004-2009e 64
Table 14: Bhs UK key operating statistics 2004-2009e 64
Table 15: Asda key facts 2010 75
Table 16: Asda UK key operating statistics 2004-2009e 76
Table 17: Aurora Fashions key facts 2010 81
Table 18: Aurora Fashions UK key operating statistics 2010e 82
Table 19: * Mosaic Fashions UK key operating statistics 2005-2010e 83
Table 20: Claire's key facts 2010 90
Table 21: Claire's UK key operating statistics 2005-2010e 91
Table 22: Debenhams key facts 2010 97
Table 23: Debenhams UK key operating statistics 2004-2009 98
Table 24: H&M key facts 2010 105
Table 25: H&M UK key operating statistics summary 2004-2009e 106
Table 26: House of Fraser key facts 2010 112
Table 27: House of Fraser UK key operating statistics 2005-2010e 113
Table 28: John Lewis key facts 2010 119
Table 29: John Lewis UK key operating statistics 2005-2010e 120
Table 30: Marks & Spencer key facts 2010 127
Table 31: Marks & Spencer UK key operating statistics 2004-2009 128
Table 32: New Look key facts 2010 133
Table 33: New Look UK key operating statistics 2005-2010e 134
Table 34: Next key facts 2010 140
Table 35: Next UK key operating statistics 2005-2010e 141
Table 36: Primark key facts 2010 149
Table 37: Primark UK key operating statistics 2004-2009e 150
Table 38: River Island key facts 2010 156
Table 39: River Island UK key operating statistics 2004-2009e 157
Table 40: Tesco key facts 2010 163
Table 41: Tesco UK key operating statistics 2005-2010e 164
Table 42: Tie Rack key facts 2010 169
Table 43: Tie Rack UK key operating statistics 2005-2010e 170
Table 44: TK Maxx key facts 2010 175
Table 45: TK Maxx UK key operating statistics 2005-20010 176

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