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The UK has the largest department store market in Europe, almost half as large again as the second-largest market in Germany. As the market approaches saturation, operators are looking elsewhere for growth, with Debenhams, Marks & Spencer and House of Fraser all looking to expand overseas. But while new member states appear to provide the fastest route to growth, their demographics do not support a large number of department stores.

Table of Contents
KEY FINDINGS................................................................................................................ 1
MAIN CONCLUSIONS .................................................................................................... 2
EUROPEAN MARKET – ECONOMIC OVERVIEW ...................................................... 5
KEY FINDINGS .................................................................................................................... 5
KEY MESSAGES.................................................................................................................. 6
GDP................................................................................................................................. 7
CONSUMER EXPENDITURE................................................................................................... 9
INFLATION ........................................................................................................................ 11
INTEREST RATES .............................................................................................................. 13
EMPLOYMENT ................................................................................................................... 14
EUROPEAN MARKET – DEMOGRAPHIC OVERVIEW ............................................. 15
KEY FINDINGS .................................................................................................................. 15
KEY MESSAGES................................................................................................................ 16
TRENDS ........................................................................................................................... 17
GROWTH BY COUNTRY...................................................................................................... 18
BIRTH RATES.................................................................................................................... 19
AGE BREAKDOWN............................................................................................................. 20
AGE GROUP CHANGES...................................................................................................... 21
ECONSEQUENCES FOR RETAILERS .................................................................................... 26
HOUSEHOLDS ................................................................................................................... 27
POPULATION DENSITY....................................................................................................... 29
URBAN POPULATION ......................................................................................................... 30
EUROPEAN MARKET – RETAIL SPENDING............................................................. 31
EXPENDITURE................................................................................................................... 31
TRENDS ........................................................................................................................... 32
RETAIL SHARE.................................................................................................................. 36
SPEND BY COUNTRY ......................................................................................................... 37
GROWTH......................................................................................................................... 39
PER CAPITA...................................................................................................................... 40
DEPARTMENT STORE MARKET STRUCTURE ........................................................43
EXPENDITURE & GROWTH..................................................................................................43
KEY INDICATORS ...............................................................................................................44
SALES GROWTH................................................................................................................45
SALES PER CAPITA............................................................................................................49
SPACE.............................................................................................................................50
STORE NUMBERS ..............................................................................................................52
SPACE & STORE NUMBERS................................................................................................54
AVERAGE STORE SALES ....................................................................................................55
AVERAGE STORE SALES & STORE NUMBERS ......................................................................56
SALES DENSITIES ..............................................................................................................57
POPULATION PER STORE...................................................................................................58
STRATEGIC ISSUES ....................................................................................................59
KEY MESSAGES ................................................................................................................59
SATURATION/MATURATION.................................................................................................61
DIVERSIFICATION & CROSS-BORDER EXPANSION.................................................................62
SOCIO-DEMOGRAPHIC DEPENDENCE, PRESSURE FROM PARENT...........................................64
COMPANY COMPARISONS ........................................................................................65
MARKET SHARES...............................................................................................................65
DEBENHAMS......................................................................................................................67
EL CORTE INGLÉS .............................................................................................................69
GALERIES LAFAYETTE........................................................................................................71
HOUSE OF FRASER............................................................................................................73
JOHN LEWIS......................................................................................................................75
KARSTADTQUELLE ............................................................................................................77
KAUFHOF.........................................................................................................................79
MARKS & SPENCER...........................................................................................................81
PPR................................................................................................................................83
VENDEX KBB....................................................................................................................85
GLOSSARY....................................................................................................................87
INDEX............................................................................................................................88