UK Department Stores 2010

EXECUTIVE SUMMARY 2
Key findings 2
Department store market to grow by £0.7bn in 2010 ... 2
... or 5.0% which we expect to outperform total retail and non-food sales; 2
Inflation returns to the market after 12 years; 2
Clothing & footwear sector makes largest gains ... 2
... while electricals suffers a 3.2% decline between 2004 and 2009; 2
John Lewis achieves highest market share growth; 2
M&S remains largest department store operator; 2
Debenhams sacrifices sales in favour of improving margins; 2
TJ Hughes benefits from value proposition; 2
Luxury retailers benefit from destination appeal and lucrative tourist market; 2
Young shoppers need to be targeted effectively to boost their footfall; 2
Own label ranges gain presence; 2
Expansion opportunities remain through new store formats; 2
Services turn stores into lifestyle destinations. 2
Main conclusions 3
Department store market to grow by 4.8% in 2010 3
... outperforming total and non-food sales 3
Inflation makes a comeback 3
Clothing & footwear sector achieves largest growth ... 3
... while electricals sales suffer 3
John Lewis makes significant market share gains 4
Marks & Spencer remains the number one department store operator 4
Debenhams loses share as it focuses on own label ranges 4
TJ Hughes reaps benefits from consumers trading down 4
Luxury retailers benefit from aspirational appeal 4
Only 8.8% of department store shoppers are 16-24 year olds 5
A greater focus on private label ranges improves differentiation 5
New store formats provide growth opportunities 5
Instore services are crucial in making a department store a lifestyle destination 5
Table of Contents 6
Table of figures 7
Table of tables 8
MARKET ANALYSIS 9
Market definition and methodology 9
Department store market spending trends 10
Department stores going strong in 2010 10
Perform well under difficult conditions in 2009 11
We expect stronger growth in 2010 - helped by inflation 11
Fallout of independents 11
Tourism boosts sales in London 12
John Lewis to star in 2010 12
Marks & Spencer outperforms market 12
2010 a stronger year for M&S 13
Department stores outperform total retail in 2009 and 2010 14
Inflation for the first time since 1998 15
Electricals suffers biggest decline 16
Clothing & footwear becomes increasingly important for department stores 17
Weak housing market impacts on homewares 17
Health & beauty performs relatively better 17
Furniture & floorcoverings has benefited from fallouts in the market 18
Electricals struggles 18
Space boost in 2009 19
Many department stores have continued to expand 19
High drop out rate from independents in 2010 19
Average store size shrinks over 10 years 20
Department stores perform well against non-food and total retail 21
COMPANY DATA ANALYSIS 23
Department store market shares 23
Top 10 department stores market share 23
Winners and losers 25
Key operating statistics 30
Marks & Spencer achieves highest operating margin 30
Sales growth 31
Harrods and TJ Hughes report largest sales increase 31
Operating margins 33
Tight cost control helps to improve margins 33
Space growth 35
Fenwick's store acquisition gives it the strongest space growth in 2009 35
Sales densities 37
Just four retailers improve their densities 37
Space allocation 38
Across all retailers, womenswear has the most allocated space 38
OUTLOOK 41
Issues 41
Younger shoppers 41
Key opportunity 41
Broad variety of needs 41
Price factor 42
Living at home for longer 43
But unemployment overshadows 44
Department stores' young shopper strategy 45
Health & beauty drives young footfall 45
Creating loyalty 46
Store segmentation 46
Older shoppers 47
How important are older customers? 47
New generation of older shoppers 48
Attitude of disposal 48
Women work for longer 48
Increasing concern around looking younger for longer 49
Older shoppers become more open to new technology 49
The older man 49
Opening new formats 50
Avenue for growth 50
New formats introduced as traditional format expansion becomes difficult 52
Reach smaller customer bases that do not warrant full size stores 52
Targeting younger customers more effectively 52
More cautious approach in weak economy 53
Services & facilities in department stores 54
Creating a lifestyle brand encourages footfall 54
Health & beauty treatments encourage impulse spend 54
Cafés and restaurants can act as footfall drivers 55
Personal shopping increases in popularity 56
Own label focus 57
More department stores focus on own label offers 57
International presence 60
Scope for international expansion 60
Franchises low risk when expanding overseas 61
Acquisitions provide growth opportunities 61
Concessions increase international awareness 61
International delivery will test potential of new markets 61
Tourism 62
Tourists essential target 62
Volatile market provides incremental sales 62
Maintain service to locals at peak times 62
React to visitor patterns 62
Olympics 63
Satisfy visitors desires 63
Burka ban in France could benefit UK department stores 63
Chinese tourists most lucrative 63
Visa relaxation would attract more visitors 63
Online capabilities 64
Further developments needed to maximise potential of online channel 64
Click & Collect benefits smaller stores 66
Service vital, especially in final mile 67
Social media and m-commerce 67
Summary and strategies for success 68
Further development prospects to take advantage of 68
Younger shoppers pose a big opportunity for department stores 68
Older consumers' shopping habits have evolved 68
New formats provide alternative expansion path 68
Incremental spend comes from instore services 68
Focus on own label 68
Grow brand presence through international development 69
Tourism lucrative 69
Online operations must develop further 69
BEALES 70
Expansion key to growth and profit 70
Recent key events 71
Expands space and customer base 71
Expansion of store portfolio 71
Targets a younger customer ... 71
... particularly men 71
Perloff takes stake to just short of takeover trigger 71
Enticement through advertising 71
Proposition 72
Financials 73
Growth remains a struggle 73
Operating profit remains negative for third consecutive year 76
Space 77
Expansion on agenda 77
Fails to tackle densities decline 81
Space allocation 82
Market share 86
Outlook 87
Opportunities for growth but profit levels are a worry 87
Localisation and unique brands create points of differentiation 87
Expansion key to profit 87
Targets younger customers 87
Online needs more investment 87
Opportunities for portfolio expansion 87
DEBENHAMS 88
Focuses on profitability more than sales growth 88
Recent key events 89
Debt reduction clears way for investment in store estate 89
Reduction of debt 89
Restarts store refurbishments 89
Introduces new younger menswear brand 89
Revamps Designers' storefits 90
Online offer continues to develop 90
New international and online opportunities for standalone brands 90
Buys Danish store chain 90
Moves towards more own bought 90
Proposition 92
Financials 93
Profits grow despite sluggish sales 93
Online speeds ahead after relaunch 95
Margin begins a recovery 97
Space 98
Presses on with expansion programme 98
Densities continue to decline 99
Space allocation 101
Market share 106
Outlook 107
Own brand strategy produces a distinctive proposition 107
Store expansion still offers growth potential 107
International comes to the fore 107
Needs more innovative design in homewares 107
Focus on own label is a good move 107
FENWICK 108
Sticks to what it knows best 108
Recent key events 109
Rolls out refurbishment 109
Bond Street store gets a new look 109
Refits boosted sales in 2009/10 110
Fenwick spends less on advertising in 2009 110
Proposition 111
Financials 112
New store helps sales growth improve in 2009 112
Sales rise but increasing costs impact profits 115
Space 116
Space grows due to revamped central London store 116
Refurbishment works cause selling space to lose productivity 117
Space allocation 118
Market share 122
Outlook 123
Opportunities remain to improve performance 123
A challenge to improve operating margins 123
Regional buying suits today's retail environment ... 123
... but it could benefit from more collaboration 123
Online remains an opportunity, though increasing competition makes it a difficult market 123
HARRODS 124
New owners plan for growth 124
Recent key events 125
Harrods brand continues to develop 125
Fayed sells up 125
New owner considers international expansion 125
Own label boutiques prepare to launch 125
Way In young fashion department gets a revamp 125
Online channel continues to grow 126
Proposition 127
Financials 129
Sales continue to rise, though growth slows in 2008/09 129
Investment doesn't hinder profitability 131
Space 133
Existing space works harder 133
Sales densities continue to climb 133
Space allocation 135
Market share 139
Outlook 140
Growth potential for new owners 140
International expansion comes with a warning 140
Own label potential 140
Own label potential 140
Online provides further opportunities 140
Overseas visitors likely to increase 141
Loyalty card scheme vital source of information 141
Refreshing store is crucial 141
HARVEY NICHOLS 142
Focus on profitability more than sales growth 142
Recent key events 144
Focuses in on fashion 144
Own label range 144
Expands online 144
Food and drink services 144
Unique advertising 144
Harvey Nichols and Lula magazine tie up 144
Targeting a younger customer 145
Proposition 147
Financials 148
Profits grow despite sluggish sales 148
Margin begins a recovery 151
Space 152
Presses on with expansion programme 152
Fails to tackle densities decline 154
Space allocation 155
Market share 159
Outlook 160
Key opportunities to take advantage of 160
Own brand provides margin opportunity but faces challenges 160
International opportunities remain 160
Room for improvement online 160
Move towards premium 160
International customers will play a vital role 161
HOUSE OF FRASER 162
Gradual improvements see sales and profits start to pick up 162
Recent key events 164
Continues to find new ways of expanding sales and growing profit 164
Online developments press forward 164
International expansion 164
Positive Christmas performance 164
Expanding brand portfolio with well known labels 164
Pied a Terre brand name licensed from Dune 164
Revives Dickins & Jones name with new womenswear range 165
Proposition 166
Financials 168
Sales pick up after a poor 2007 and 2008 168
Expanding own label brands sees sales ex concessions pick up 171
Space 172
New stores put on hold 172
Sales densities fail to pick up 173
Space allocation 174
Market share 179
Outlook 180
Heading in the right direction 180
Online offers further opportunities 180
Store refurbishments modernise retail brand image 180
Own label brands need refining 180
John Lewis is an increasing threat 180
JOHN LEWIS 182
Remains strong despite gloomy economy 182
Recent key events 184
Finding ways to drive sales 184
At Home ... 184
... target 30-50 184
Moves into younger market 184
Driving tourist footfall 184
A new advertising campaign 184
New operations director 185
New Buying and Brand Director 185
JLP merges Direct offer with rest of the business 185
Targets online fashion development 185
New department stores 185
Value homewares range 185
Exploit synergies with Waitrose 186
Proposition 187
Financials 188
New stores have lifted sales 188
Provides greater choice at both ends of spectrum 190
Space 193
The new Cardiff and Poole stores strengthen John Lewis' estate 193
Sales density declines for a second year 195
Space allocation 196
Market share 200
Outlook 201
Well prepared for recovery 201
Online investment to extend market penetration 201
Good start to low cost At Home format 201
Encouraging home revival in 2010/11 201
Shifting younger with its customers 201
MARKS & SPENCER 202
Stronger sub brands would attract more under 45s 202
Recent key events 203
New chief executive to give momentum 203
Changes at the top 203
More experience in food than clothing 203
M&S Direct heads for full multichannel operation 203
YouTube and m-commerce 203
Aims to be world's most sustainable retailer by 2015 204
Project 2020 aims to improve supply chain 204
Cashes in on World Cup 204
M&S keeps up marketing momentum with new faces 204
Strategy to improve operations and grow market share 204
Proposition 205
Financials 206
Sales performance improves but margins down 206
Start of 2010/11 shows improvement 210
Online on track for half billion target 211
Space 212
Steady rise in floorspace 212
Sales densities under pressure 214
Space allocation 215
Market share 219
Outlook 220
New CEO needs to ponder 220
Its direction is unclear 220
Cost pressure worries for 2010/11 220
Reconfiguring the store portfolio offers growth opportunities in the UK 220
E-commerce stretches availability 220
Needs to work on appeal to under 45s 221
Grocers pose an increasing threat 221
International business can provide scale economies 221
SELFRIDGES 222
Performs well throughout downturn 222
Recent key events 224
Gains online presence and refreshes stores 224
New 35,000sq ft footwear department 224
Further updates planned for flagship 224
New Aubaine restaurant due to open 224
£20m facelift for Manchester Exchange store 224
Named 'best department store in the world' at the global department store summit 224
Pop-up shops continue to open 225
Launches transactional website 225
Proposition 227
Financials 228
Sales continue to rise 228
Sales and profits continue to rise 231
Space 232
Refreshing stores boosts densities 232
Densities climb as space works harder 233
Space allocation 234
Market share 238
Outlook 239
New initiatives to drive growth 239
Offering a shopping experience will be more important than ever 239
Investing in and refreshing stores is vital 239
Buying needs to stay ahead of the game 239
Online a learning curve for the business 239
TJ HUGHES 240
Focus on profitability more than sales growth 240
Recent key events 241
Woolworths demise is TJ Hughes' gain 241
Aggressive expansion 241
No longer for sale 241
Enhancing the tools for decision making 241
Advertising spend 241
Proposition 242
Financials 243
Profits grow despite sluggish sales 243
Margin begins a recovery 246
Space 247
Presses on with expansion programme 247
Space productivity improves 249
Space allocation 250
Market share 254
Outlook 255
Over expansion a big risk 255
Downturn delivers bigger footfall for TJ Hughes 255
Value market is increasingly competitive 255
Branded product doesn't allow for exclusivity 255
Online offer remains weak 255
Low margins don't give much room for manoeuvre 255
APPENDIX 257
Definitions 257
Department store definition 257
Financial Statistics - VAT 257
Profiles 257
Physical Development 257
Abbreviations 258
Methodology 258
Market Sizing 258
Market Share 259
How we calculate sales densities 259
Inflation/deflation & volume 259
Further reading 259
Ask the analyst 259
Verdict consulting 259
Disclaimer 259
List of Tables
Table 1: Department store market definition and methodology 2010 9
Table 2: Department store sales (including M&S) 2000-2010e 10
Table 3: Department store sales (excluding M&S) 2000-2010e 11
Table 4: Department store product mix 2004 and 2009 16
Table 5: Department store share of overall sector sales 2004 and 2009 17
Table 6: Department stores, space and sales density 2000-2010e 19
Table 7: Department store retailers market shares 2005-2010e 23
Table 8: Department store retailers key UK operating statistics 2009/10 30
Table 9: Department store space allocation 2009 38
Table 10: Department stores' young shopper strategies 2010 45
Table 11: Additional formats 2010 51
Table 12: Own label brands by retailer 2010 57
Table 13: Department store current international presence 2010 60
Table 14: Beales company overview 2010 70
Table 15: Beales retail proposition 2010 72
Table 16: Beales UK key operating statistics 2005-2010e 73
Table 17: Beales UK trading record 2000-2010e 76
Table 18: Beales UK store portfolio 2000-2010e 77
Table 19: Beales store locations 2010 78
Table 20: Beales space allocation 2009 85
Table 21: Debenhams company overview 2010 88
Table 22: Debenhams retail proposition 2010 92
Table 23: Debenhams UK key operating statistics 2005-2010e 93
Table 24: Debenhams trading record 2000-2010e 97
Table 25: Debenhams UK store portfolio 2000-2010e 98
Table 26: Debenhams space allocation 2009 104
Table 27: Fenwick company overview 2010 108
Table 28: Fenwick retail proposition 2010 111
Table 29: Fenwick UK key operating statistics 2005-2010e 112
Table 30: Fenwick UK trading record 2000-2010e 115
Table 31: Fenwick UK store portfolio 2000-2010e 116
Table 33: Harrods company overview 2010 124
Table 34: Harrods retail proposition 2010 127
Table 35: Harrods UK key operating statistics 2005-2010e 129
Table 36: Harrods UK trading record 2000-2010e 132
Table 37: Harrods UK store portfolio 2000-2010e 133
Table 38: Harrods space allocation 2009 138
Table 39: Harvey Nichols company overview 2010 142
Table 40: Harvey Nichols retail proposition 2010 147
Table 41: Harvey Nichols UK key operating statistics 2005-2010e 148
Table 42: Harvey Nichols UK trading record 2000-2010e 151
Table 43: Harvey Nichols UK store portfolio 2000-2010e 152
Table 44: Harvey Nichols store locations March 2010 153
Table 45: Harvey Nichols space allocation 2009 158
Table 46: House of Fraser company overview 2010 162
Table 47: House of Fraser retail proposition 2010 166
Table 48: House of Fraser UK key operating statistics 2005-2010e 168
Table 49: House of Fraser UK trading record 2000-2010 171
Table 50: House of Fraser UK store portfolio 2000-2010e 172
Table 51: House of Fraser space allocation 2009 177
Table 52: John Lewis company overview 2010 182
Table 53: John Lewis retail proposition 2010 187
Table 54: John Lewis UK key operating statistics 2005-2010 188
Table 55: John Lewis UK trading record 2000-2010e 191
Table 56: John Lewis UK sales growth - 22 weeks to July 3, 2010 191
Table 57: John Lewis UK store portfolio 2000-2010e 193
Table 58: John Lewis UK store openings 2010 194
Table 59: John Lewis space allocation 2009 199
Table 60: Marks & Spencer company overview 2010 202
Table 61: Marks & Spencer retail proposition 2010 205
Table 62: Marks & Spencer UK key operating statistics 2005-2010 206
Table 63: Marks & Spencer UK trading record 2000-2010 209
Table 64: Marks & Spencer store portfolio 2000-2010e 212
Table 65: Marks & Spencer store breakdown by type at March 2009 and 2010 213
Table 66: Marks & Spencer space allocation 2009 218
Table 67: Selfridges company overview 2010 222
Table 68: Selfridges retail proposition 2010 227
Table 69: Selfridges UK key operating statistics 2005-2010e 228
Table 70: Selfridges UK trading record 2000-2010e 231
Table 71: Selfridges UK store portfolio 2000-2010e 232
Table 72: Selfridges space allocation 2009 237
Table 73: TJ Hughes company overview 2010 240
Table 74: TJ Hughes retail proposition 2010 242
Table 75: TJ Hughes UK key operating statistics 2005-2010e 243
Table 76: TJ Hughes UK trading record 2000-2010e 246
Table 77: TJ Hughes UK store portfolio 2000-2010e 247
Table 78: TJ Hughes store openings 2009/10 and 2010/11 247
Table 79: TJ Hughes space allocation 2009 253
List of Figures
Figure 1: Department store sales change % incl and excl M&S 2005-2010e 13
Figure 2: Department store sales change % vs total retail and non-food retail 2005-2010e 14
Figure 3: Department store deflation trend (including M&S) 2000-2010e 15
Figure 4: Dept store market shares (incl M&S) of retail and non-food sales 2005-2010e 21
Figure 5: Dept store market shares (excl M&S) of retail and non-food sales 2005-2010e 22
Figure 6: Department store market shares 2005 and 2010e 24
Figure 7: Department store winners and losers 2010e on 2005 26
Figure 8: Department store winners and losers 2010e on 2009 28
Figure 9: Department store GTV sales growth 2008/09 on 2007/08 32
Figure 10: UK operating margins 2003/04 and 2008/09 34
Figure 11: Department store space growth 2008/09 on 2007/08 35
Figure 12: Department store sales densities 2007/08 and 2008/09 37
Figure 13: Key issues 2010 41
Figure 14: Typical 16-17 year old shopper 2010 42
Figure 15: Typical 19-21 year old shopper 2010 43
Figure 16: Typical 22-24 year old shopper 2010 44
Figure 17: Debenhams Beauty Club reward card 2010 46
Figure 18: Importance of older shoppers 2010 47
Figure 19: The 55+ shopper in 2010 48
Figure 20: Strategies to raise sales to older shoppers 2010 49
Figure 21: John Lewis at Home and Desire by Debenhams formats 2010 52
Figure 22: Urban Retreat at Harrods 2010 54
Figure 23: Restaurant and Champagne bar at Harvey Nichols 2010 55
Figure 24: Personal shopping suites at Harvey Nichols and Selfridges 2010 56
Figure 25: Own label 2010 59
Figure 26: Department stores online features July 2010 65
Figure 27: Number of online functions offered by department stores 2010 66
Figure 28: Beales UK Sales and growth to October 2005-2010e 74
Figure 29: Beales group operating profit to October 2004-2009 75
Figure 30: Beales fascias ? Beales 2010 79
Figure 31: Beales fascias ? Broadbents & Boothroyds 2010 79
Figure 32: Beales fascias ? Denners 2010 79
Figure 33: Beales fascias ? Robbs 2010 80
Figure 34: Beales fascias ? Whitakers 2010 80
Figure 35: Beales UK sales density to October 2005-2010e 81
Figure 36: Beales fashion/home space split 2005-2009 82
Figure 37: Beales fashion space breakdown 2005-2009 83
Figure 38: Beales home space breakdown 2005-2009 84
Figure 39: Beales department stores market share 2005-2010e 86
Figure 40: New Jeff Banks shopfit in Debenhams stores 2010 90
Figure 41: Debenhams UK sales and growth to August 2005-2010e 94
Figure 42: Debenhams online sales to August 2007-2010e 95
Figure 43: Debenhams group operating profit to August 2004-2009 96
Figure 44: Debenhams UK sales density to August 2005-2010e 99
Figure 45: Debenhams fashion/home space split 2005-2009 101
Figure 46: Debenhams fashion space breakdown 2005-2009 102
Figure 47: Debenhams home space breakdown 2005-2009 103
Figure 48: Debenhams department stores market share 2005-2010e 106
Figure 49: Fenwick Bond Street, London, store post-refurbishment July 2010 109
Figure 50: Fenwick London west end store post-refurbishment July 2010 110
Figure 51: Fenwick UK sales and growth to January 2005-2010e 113
Figure 52: Fenwick group operating profit to January 2004-2009 114
Figure 53: Fenwick UK sales density to January 2005-2010e 117
Figure 54: Fenwick fashion/home split 2005-2009 118
Figure 55: Fenwick fashion space breakdown 2005-2009 119
Figure 56: Fenwick home space breakdown 2005-2009 120
Table 32: Fenwick space allocation 2009 121
Figure 57: Fenwick department stores market share 2005-2010e 122
Figure 58: Harrods UK sales and growth to January 2005-2010e 130
Figure 59: Harrods group operating profit to January 2004-2009 131
Figure 60: Harrods UK sales density to January 2005-2010e 134
Figure 61: Harrods fashion/home space split 2005-2009 135
Figure 62: Harrods fashion space breakdown 2005-2009 136
Figure 63: Harrods home space breakdown 2005-2009 137
Figure 64: Harrods department stores market share 2005-2010e 139
Figure 65: Harvey Nichols contemporary fashion and lifestyle floor Knightsbridge 2010 145
Figure 66: Harvey Nichols contemporary fashion and lifestyle floor Knightsbridge 2010 146
Figure 67: Harvey Nichols UK sales and growth to March 2005-2010e 149
Figure 68: Harvey Nichols operating profit to March 2005-2010 150
Figure 69: Harvey Nichols UK sales density to March 2005-2010e 154
Figure 70: Harvey Nichols fashion/home space split 2005-2009 155
Figure 71: Harvey Nichols fashion space breakdown 2005-2009 156
Figure 72: Harvey Nichols home space breakdown 2005-2009 157
Figure 73: Harvey Nichols department stores market share 2005-2010 159
Figure 74: House of Fraser gross transactional value and growth to January 2005-2010e 169
Figure 75: House of Fraser group operating profit to January 2004-2009 170
Figure 76: House of Fraser UK sales density to January 2005-2010e 173
Figure 77: House of Fraser fashion/home space split 2005-2009 174
Figure 78: House of Fraser fashion space breakdown 2005-2009 175
Figure 79: House of Fraser home space breakdown 2005-2009 176
Figure 80: House of Fraser department stores market shares 2005-2010e 179
Figure 81: John Lewis UK sales and growth to January 2005-2010 189
Figure 82: John Lewis group operating profit to January 2005-2010 190
Figure 83: John Lewis UK sales density to January 2005-2010 195
Figure 84: John Lewis fashion/home space split 2005-2009 196
Figure 85: John Lewis fashion space breakdown 2005-2009 197
Figure 86: John Lewis home space breakdown 2005-2009 198
Figure 87: John Lewis department stores market share 2005-2010e 200
Figure 88: Marks & Spencer UK sales and growth to March 2005-2010 207
Figure 89: Marks & Spencer UK operating profit to March 2005-2010 208
Figure 90: Y-o-Y change % in M&S quarterly divisional sales in UK Q1 2009/10-Q1 2010/11 210
Figure 91: Marks & Spencer online sales to March 2008-2011e 211
Figure 92: Marks & Spencer sales density to March 2005-2010e 214
Figure 93: Marks & Spencer fashion/food/home space split 2005-2009 215
Figure 94: Marks & Spencer fashion space breakdown 2005-2009 216
Figure 95: Marks & Spencer home space breakdown 2005-2009 217
Figure 96: Marks & Spencer department stores market share 2005-2010e 219
Figure 97: The Forever Shop, Selfridges, London, July 2010 225
Figure 98: Selfridges UK sales and growth to January 2005-2010 229
Figure 99: Selfridges group operating profit to January 2005-2010 230
Figure 100: Selfridges UK sales density to January 2005-2010e 233
Figure 101: Selfridges fashion/home space split 2005-2009 234
Figure 102: Selfridges fashion space breakdown 2005-2009 235
Figure 103: Selfridges home space breakdown 2005-2009 236
Figure 104: Selfridges department stores market share 2005-2010e 238
Figure 105: TJ Hughes UK Sales and growth to January 2005-2010e 244
Figure 106: TJ Hughes group operating profit to August 2004-2009 245
Figure 107: TJ Hughes UK sales density to January 2005-2010e 249
Figure 108: TJ Hughes fashion/home space split 2005-2009 250
Figure 109: TJ Hughes fashion space breakdown 2005-2009 251
Figure 110: TJ Hughes home space breakdown 2005-2009 252
Figure 111: TJ Hughes department stores market share 2005-2010e 254