VENUESCORE 2014-15 Executive Summary

STRATEGIC RETAIL TRANSFORMATION

VENUESCORE 2014-15 UK Shopping Venue Rankings

JAVELIN GROUP EXECUTIVE SUMMARY JAVELIN GROUP EXECUTIVE SUMMARY | SEPTEMBER 2014 | VENUESCORE 2014-15 | PAGE 02 | CONTENTS

Contents 1 Introduction 03 2 Methodology 05 3 Findings 09 Location Grades 09 Top Shopping Venues 10 Major Movers 11 Top 20 Shopping Centres 12 Top Retail Parks 13 Top Factory Outlet Centres 14 Dominant City Centres 15 Malls vs. High Streets 16 London Focus 17 Market Position 18 Fashion Position 20 Age Position 21 Regional Analysis 22 Illustrative VENUESCORE 2014-15 Tables 24 VENUESCORE 2014-15: Order Form 26 About Javelin Group 27

1 Introduction

VENUESCORE 2014-15 provides retailers, brands, developers and owners with an up-to-date straightforward tool for understanding some of the key differences between shopping venues across the UK such as scale of offer, market positioning, fashionability and age positioning.

VENUESCORE is one of a series of proprietary location insight datasets created by Javelin Group to help clients (leading retailers, brands, local authorities, private equity, shopping centre owners and investors) to understand the full potential of their retail property assets and to shape them in response to the structural changes that are delivering a seismic shift to the UK’s retail landscape.

VENUESCORE™ is Javelin Group’s annual ranking of the UK’s top 3,000+ retail venues (including town centres, stand-alone malls, retail warehouse parks, travel hubs and factory outlet centres).

For retailers and brands trading nationally, and across a range of different location types, the development of an effective “shape of chain” strategy requires the segmentation of the store estate so that the performance of outlets trading in venues of similar retail status can be better understood, and potential new store opportunities can be benchmarked in this context.

For shopping centre developers and investors, an understanding of the retail hierarchy in an area, overlaid with consumer spending dynamics, helps to highlight opportunities for new development and/or tenant requirements for existing schemes.

For private equity investors, a clear vision of the UK retail landscape can help evaluate the deliverability of roll-out plans and store performance assumptions presented as part of investment theses.

For local authorities, a clear understanding of the hierarchy of retail venues within the area can help to determine trends in multiple occupancy, establish strategic priorities for future investment and provide the core input for area benchmarking studies and capacity assessments.

2 Methodology

The retail offer of each shopping venue in the VENUESCORE 2014-15 is a dataset UK is evaluated using a straightforward and comprising 1,916 transparent scoring system, reflecting their individual multiple relative consumer appeal. retailer fascias trading nationwide Retailer Scoring in April 2014 from over 110,000 stores VENUESCORE 2014-15 evaluates each venue in terms of its provision of multiple (using raw data retailers including anchor stores, fashion operators, and non-fashion multiples. supplied by Retail The sectors include Foodservice, which in recent years has become increasingly Locations). integrated in helping to define and differentiate successful retail offers, as well as all comparison and convenience-based product sectors.

The score attached to each operator is weighted to reflect its overall impact on shopping patterns. For example, anchor stores such as John Lewis and Marks & Spencer receive a higher score than unit stores. The resulting aggregate score for each venue is called its VENUESCORE. (Please see table on page 06.)

Venue Definitions

Venue definitions have been fully updated in VENUESCORE 2014-15, reflecting the evolving status and extent of the UK’s commercial centres. The area defined for each retail venue uses a common-sense approach which describes the retail offer as a single venue where there is a concentration of stores that shoppers would consider as part of the same “walkable” shopping offer.

Example 1: In central Glasgow, Argyle Street and Sauciehall Street are both allocated to one venue (Glasgow, Centre) despite being some distance apart. This is because (a) a proportion of shoppers visit both extremes of the retail offer as part of one shopping trip and (b) the retail offer is relatively unbroken from one end of Sauciehall Street right through to the far end of Trongate.

Example 2: In central Cambridge, the area around the Grafton Centre shopping Venues are defined mall is defined as a distinct retail venue separate from Cambridge, Centre (which using a common- comprises Grand Arcade, Lion Yard, Petty Cury etc.) Although offers are located in sense approach, the centre of Cambridge, the retail offer is not continuous from one area to the which describes other and shoppers will generally shop in one area or the other as part of one the retail offer shopping trip. If they shop in both they generally travel from one to the other either by car or public transport. as a single venue where there is a Example 3: In Warrington, the town centre offer (including the Golden Square concentration of shopping centre) and the Cockhedge Retail Park is allocated to the same retail venue stores that shoppers (Warrington, Centre) – although it is then also possible to assess Cockhedge Retail would consider as Warrington, Centre Park as a distinct zone within the venue. part of the same walkable shopping Exceptions: In London, the retail offer of the West End (e.g. Oxford Street, Regent offer. Street, Covent Garden, Bond Street, Carnaby Street etc.) is broken down into constituent offers for the purposes of venue ranking – although London, West End, London, Midtown and London, City can also be assessed as aggregates of their constituent retail venues.

Classification Illustrative Example Retailers VENUESCORE

Premier Department Store Harrods, Selfridges (London) 50

Major Department Stores Harvey Nichols, John Lewis 30

Premier Variety Stores Marks & Spencer 15

Hypermarkets Tesco Extra, Asda Supercentre 10

Department Stores House of Fraser, Debenhams 10

Supermarkets Asda, Morrisons, Sainsbury’s, Waitrose 8

Variety Stores Bhs, Dunnes 5

Small Department Stores Desire 4

Destination Speciality B&Q, Decathlon 3

Clothing Destination TK Maxx, Abercrombie & Fitch 3

Multiple Clothing Retailers H&M, River Island, New Look 2

Other Goods Destination Halfords, Hobbycraft, Staples 2

Other Multiple Retailers 99p Stores, Carphone Warehouse, Clarks 1

Source: Javelin Group (VENUESCORE 2014-15)

Venue Scoring

The VENUESCORE for each location is created by combining the retailer scoring matrix (described above) with the venue’s area definition, and therefore reflects the presence and importance of the multiple retailers trading in each venue.

The resulting VENUESCORE rankings generally correlate closely with the actual market sizes of these shopping venues (in terms of consumer spending), however, there are some notable exceptions. For example, the mega-malls such as Trafford Centre, Bluewater and Meadowhall tend to generate spending levels that are well in excess of their relative VENUESCORE. The same is true of several London venues, including Oxford Street and the two Westfield schemes, which are the most notable outliers to this rule.

London city centre venues are defined as distinct aggregate venues, for example, London, West End comprises Oxford Street, Regent Street, Covent Garden etc., London, Midtown comprises Holborn, Clerkenwell, Finsbury etc. and London, City comprise Bank, Moorgate, Liverpool Street etc. in order to reflect more accurately their true status as powerful city centre offers in their own right. (We also provide detailed analysis of London which breaks these key areas back out into their constituent parts.)

Venue Attributes

In addition to its VENUESCORE, each venue is assessed in terms of a range of other attributes, including:

• Market positioning (Is the offer aspirational or down-market?) • Age focus (Is the offer targeting younger or older consumers?) • Fashion focus (How dominant is the venue’s clothing offer?) • Fashionability of its offer (Is the clothing offer traditional or progressive?) • Foodservice bias (How strong is the food and beverage offer?) • Comparison vs. convenience bias • Anchor strength (How much of the overall score for each venue is delivered by major anchors (department stores, variety stores, supermarkets etc.)) • Shopping centre vs. high street dominance (Is there a powerful mall offer?)

These characteristics are described below in the Findings section.

In the data tables that support VENUESCORE 2014-15, venues are ranked as follows:

• National ranking • Alphabetical ranking (by town) • Rankings by region • Rankings by Local Authority • MALLSCORE – Separate rankings for purpose-built shopping centres, retail parks, outlet centres and transport hubs in the UK

In 2013, Javelin Group published its new VENUESCORE ranking using an evolved methodology due to a change in the data supplier (to Retail Locations). This led to a change in the geographic definition of certain retail venues and some changes in the underlying scoring system. This year, Javelin Group has refined the methodology further and added an additional 2,500+ venues to VENUESCORE (down to Minor Local level). Furthermore, an additional 695 multiple retailers have been included. This partly reflects the growing importance of Foodservice multiples (e.g. Harris + Hoole, Vital Ingredient, Pieminster) and the inclusion of pubs/restaurants (i.e. Wetherspoons, All Bar One).

3 Findings

The following pages summarise key findings from VENUESCORE the data analysis from VENUESCORE 2014-15. establishes eight principal grades of retail venue in the Location Grades UK, ranging from Major City to Local VENUESCORE establishes eight principal grades of town centre/mall retail venue status retail offers. in the UK for town centres and malls, ranging from the 22 Major City locations such as Glasgow city centre through to 3,000+ Local shopping venues such as East Dulwich and Wick. In addition there are a further 17,000+ venues across the country defined as Minor Local that are not shown in the table below.

The leading 186 venues (i.e. Major City, Major Regional and Regional grades) represent one-third of the nation’s total combined VENUESCORE. This increases to over half when the Sub-Regional and Major District grades are included. These larger venues capture an even greater share of consumer spending than is indicated purely based on VENUESCORE.

Location Illustrative VENUESCORE # of Cumulative Grade Example Venues Range Locations #

Major City Glasgow to Sheffield 350+ 22 22

Major Regional Croydon to Worcester 230 - 349 39 61

Regional Coventry to Crewe 135 - 229 125 186

Sub-Regional South Shields to Bognor Regis 75 - 134 193 379

Major District Dorking to Upminster 50 - 74 236 615

District Congleton to Willenhall 30 - 49 445 1,060

Minor District Blackheath to Cowes 20 - 29 470 1,530

Local East Dulwich to Wick 10 - 19 1,547 3,077

Top Shopping Venues London’s West End is the UK’s London, West End clearly stands some distance above any other city centre in leading shopping terms of the scale of its retail offer (with a VENUESCORE that is nearly double that destination with of its next nearest rival). a VENUESCORE of 1,614 – more than However, London, West End can also be considered as a number of separate double the scale of (albeit interlinked) retail venues (e.g. Oxford Street, Regent Street, Covent Garden), with VENUESCORE providing the opportunity to assess the capital from the UK’s next largest both perspectives. (Other characteristics of London’s retail offer are described on retail hub (Glasgow, page 17.) Centre).

The principal mover at the top of the rankings is Leeds. Following the opening of Trinity Leeds in 2013, it has moved into 3rd place behind Glasgow and Manchester. Brighton has also moved up the rankings to 6th (from 8th) following enhancements to an improving retail offer at Churchill Square Shopping Centre (e.g. Top Shop, River Island and Fossil have signed new deals at the scheme).

Rank Venue VENUESCORE Rank Venue VENUESCORE London, West End 1,614 London, City 809

1 Glasgow 785 11 Newcastle Upon Tyne 456

2 Manchester 756 12 Aberdeen 449

3 Leeds 622 13 Reading 411

4 Birmingham 621 14 Norwich 411

5 Liverpool 569 15 Bristol 405

6 Brighton 510 16 Belfast 403

7 Nottingham 506 17 Leicester 396

8 Cardiff 493 18 Kingston Upon Thames 376

9 Oxford St 492 19 Bath 362

10 Edinburgh 491 20 York 361

Source: Javelin Group (VENUESCORE 2014-15)

Major Movers

In the UK’s top 200 retail venues, Hereford, West Bromwich and Newbury have benefited from the opening of new shopping centres/shopping districts (Old Market Shopping Centre, New Square Shopping Centre, and Parkway Shopping respectively).

Other locations such as Crawley and Newport (Gwent) have fallen due to ongoing development in the central area causing some short-term disruption. For example, Newport (Gwent) has experienced a VENUESCORE decline in order to facilitate the new Friars Walk development which is expected to propel it quickly back up the rankings when it opens in Autumn 2015.

Decline in Stafford and Chesterfield primarily reflects the closure of Midlands Co-op department stores.

Highest Climbers… Place Change Biggest Fallers… Place Change

Top 100 Venues 1 Hereford +38 Crawley -7 2 Gloucester +26 Bolton -6 3 Newbury +14 Wrexham -5 4 Richmond Upon Thames +11 Hull -4 5 Worcester +8 Northampton -4 6 Stockport +8 Stirling -4 7 Preston +6 London - Kings Rd -3 8 Windsor +6 Swansea -3 9 Docklands +5 Hanley -3 10 Cheltenham +4 Warrington -3 Venues Ranked 101-200 1 West Bromwich +118 Stafford -21 2 Gunwharf Quays F O +18 Chesterfield -17 3 Newark +17 Poole -15 4 Carmarthen +14 Lewisham -14 5 Ealing +13 Wimbledon -12 6 Chiswick +13 Slough -12 7 Putney +11 Kensington -11 8 Aylesbury +11 Ashford (Kent) -11 9 Harlow +10 Newport (Gwent) -10 10 South Shields +10 Chatham -10 Source: Javelin Group (VENUESCORE 2014-15)

Top 20 Shopping Centres

MALLSCORE represents the VENUESCORE of purpose- built shopping centres (be they malls, retail parks or factory outlet centres). Isolating the scores of these centres allows them to be ranked on a consistent basis, whether or not they are part of a wider retail offer (such as Bullring within Birmingham, Centre).

The top of the mall rankings shown here is dominated by standalone regional mega-malls. Westfield London is now the number one ranked shopping centre in the UK and is the premier scheme in terms of its aspirational market positioning – as evidenced by its Glam-Glum* Index of 141 – although all the leading malls shown here have an aspirational orientation.

Glam-Glum Index Rank Scheme Town MALLSCORE (Avg=100) 1 Westfield London London 340 141 2 Bluewater Greenhithe 323 128 3 Westfield Stratford City London 311 127 4 intu Trafford Centre Manchester 310 122 5 Meadowhall Sheffield 293 118 6 intu Metrocentre Gateshead 262 109 7 intu Lakeside Grays 243 108 8 intu Merryhill Brierley Hill 232 102 9 Arndale Centre Manchester 229 106 10 St. Davids Centre Cardiff 228 122 11 Liverpool ONE Liverpool 219 119 12 intu Derby Derby 215 101 13 Bullring Birmingham 213 121 14 The Centre: Mk Milton Keynes 202 111 15 Canary Wharf London 196 137 16 intu Eldon Square Newcastle Upon Tyne 190 109 17 Brent Cross London 187 128 18 Festival Place Basingstoke 176 106 19 Highcross Leicester 173 118 20 The Mall At Cribbs Causeway Bristol 167 123 Source: Javelin Group (VENUESCORE 2014-15)

*The Glam-Glum Index reflects the relative market position orientation of a venue where 100 defines the average UK retail venue. Scores above 100 reflect an aspirational bias; scores below 100 reflect an orientation towards the discount/value end of the market.

Top Retail Parks

Glasgow Fort and Fort Kinnaird in Edinburgh emerge as the UK’s leading retail park destinations. However, Purley Way North (Croydon) ranks as the UK’s top retail park destination if the cluster of individual retail parks on offer are combined.

Rank Scheme Town MALLSCORE

1 Glasgow Fort Glasgow 105

2 Fort Kinnaird Edinburgh 97

3 Teesside Thornaby 95

4 Middlebrook Horwich 93

5 Parkgate / Retail World Rotherham 92

6 Parc Trostre Llanelli 91

7 Castlepoint Bournemouth 87

8 Straiton Loanhead 80

9 New Mersey Liverpool 75

10 Fosse Park Leicester 74

Source: Javelin Group (VENUESCORE 2014-15)

Top Factory Outlet Centres Bicester Village continues to Cheshire Oaks remains well ahead of any other factory outlet by offer the most scale. Bicester Village (ranking 5th) continues to offer the most differentiated differentiated aspirational brand mix by some margin with a aspirational brand Glam-Glum Index of 173 – a positioning on a par with London’s mix by some Knightsbridge! margin with a

The recently-opened London Designer Outlet (Wembley) is expected positioning on a to feature in this ranking once the development has been fully let. par with London’s Knightsbridge!

Glam-Glum Index Rank Scheme MALLSCORE (Avg=100)

1 Cheshire Oaks Designer Outlet 140 141

2 Gunwharf Quays 121 137

3 York Designer Outlet 102 142

4 Bridgend Designer Outlet 93 125

5 Bicester Village 90 173

6 Swindon Designer Outlet 87 137

7 Freeport Braintree 86 128

8 Ashford Designer Outlet 83 136

9 Livingston Designer Outlet 80 125

10 Clarks Village 76 131

Source: Javelin Group (VENUESCORE 2014-15)

Dominant City Centres

The extent to which the city centre offer of the UK’s largest major cities dominates the conurbations’ wider retail market is assessed below, as well as the extent to which each conurbation appears to be relatively over- or under-shopped.

The picture painted is varied, ranging from London and Birmingham at one extreme where the city centre offer represents a relatively small part of the wider conurbations’ total offer (under 12%); to the dominant city centre offers of York, Cardiff and Leeds (35%+).

At the conurbation level, Southampton, Bristol and Edinburgh have the lowest overall provision of multiple retail relative to their affluence-weighted populations (i.e. thereby appearing relatively under-shopped) when compared against this set of major conurbations, whilst Glasgow and Tyneside are at the opposite extreme.

Conurbation Weighted Under-/Over- Affluence Conurbation City Centre City Centre as % Rank Conurbation Population Population per Shopped Index Index VENUESCORE VENUESCORE of Conurbation VENUESCORE Point 1 Greater London - L 7,913 136 23,970 450 84 2,759 11.5% 2 Greater Birmingham - WM 2,327 67 5,700 274 139 621 10.9% 3 Greater Manchester - NW 1,266 71 4,214 214 178 756 17.9% 4 Greater Glasgow - S 1,013 64 3,290 198 192 785 23.9% 5 Tyneside - NE 642 52 2,063 161 237 456 22.1% 6 Bristol - SW 1,129 101 1,895 604 63 405 21.4% 7 Edinburgh - S 969 105 1,820 559 68 491 27.0% 8 Liverpool - NW 1,311 50 1,789 369 103 569 31.8% 9 Greater Nottingham - EM 587 74 1,646 264 144 506 30.7% 10 Leeds - Y 1,069 77 1,638 499 76 622 38.0% 11 Belfast - NI 741 110 1,422 574 66 350 24.6% 12 Sheffield - Y 940 59 1,349 409 93 403 29.9% 13 Cardiff - W 546 107 1,249 469 81 493 39.5% 14 Southampton - SE 753 102 1,126 683 56 351 31.2% 15 Leicester - EM 853 73 1,124 557 68 396 35.2% 16 Portsmouth - SE 597 75 960 467 81 187 19.5% 17 Kingston upon Hull - Y 633 47 945 318 119 296 31.3% 18 York - Y 152 87 893 148 257 361 40.4% 19 Bournemouth - SW 221 100 877 252 151 214 24.4% 20 Stoke-on-Trent - WM 286 40 874 130 292 216 24.7% Source: Javelin Group (VENUESCORE 2014-15) The Index shown here is inversed whereby a high score indicates a potential over-provision of retail.

Malls vs. High Streets The importance of shopping centres The role played by shopping centres in the UK’s leading venues now ranges in the UK’s leading from only 8% of the offer in Central London up to 61% in Birmingham. Whilst retail venues is the uneven nature of shopping centre distribution across these leading retail reflected by the venues partially reflects the specific configuration and opportunities available for proportion of development, it nevertheless suggests that additional mall development might be possible in areas such as York and Bath. the total offer accounted for by malls within the Rank Venue VENUESCORE MALLSCORE (*) Mall Dominance UK’s Top 20 venues. 1 Central London (**) 2,759 222 8% 2 Glasgow 785 241 31% 3 Manchester 756 238 31% 4 Leeds 622 326 52% 5 Birmingham 621 377 61% 6 Liverpool 569 330 58% 7 Brighton 510 100 20% 8 Nottingham 506 195 39% 9 Cardiff 493 293 59% 10 Edinburgh 491 156 32% 11 Newcastle Upon Tyne 456 219 48% 12 Aberdeen 449 236 53% 13 Reading 411 177 43% 14 Norwich 411 144 35% 15 Bristol 405 212 52% 16 Belfast 403 189 47% 17 Leicester 396 220 56% 18 Kingston Upon Thames 376 136 36% 19 Bath 362 73 20% 20 York 361 39 11%

Source: Javelin Group (VENUESCORE 2014-15) (**) Total MALLSCORE of Shopping Centres only (*) London here defined asLondon, City, London, Mid-town and London, West End

London Focus London’s West End, City and Central London’s retail offer has a clear focus on upscale retail. This is exemplified Midtown offers by the Glam-Glum Index scores that are well above 100 for the vast majority rank 1st, 2nd and of central London venues (defined as venues that make up London, West End, 27th respectively London, City and London, Midtown). in the national

In Inner London (defined here using London postal districts), the Westfield VENUESCORE shopping centres lead the way, followed by Knightsbridge, Kings Road, Docklands rankings. and Brent Cross.

In Outer London, Kingston, Croydon, Bromley and Romford stand out as the capital’s major suburban destinations.

National Glam-Glum Fashion Tourist Bias Rank Venue VENUESCORE Rank Index Position (Avg=100) (Avg=100) (Avg=100) London, West End 1,614 1 145 127 118 London, City 809 2 128 71 65 London, Mid-Town 336 27 119 n/a 55 Central London, Top 10 Venues 1 Oxford St 492 9 117 130 98 2 Covent Garden 311 30 136 135 130 3 Regent St 184 108 144 158 145 4 Cheapside 104 250 133 137 91 5 Liverpool St 96 279 120 77 73 6 Soho 94 285 129 n/a 93 7 Bond St 89 303 200 246 166 8 Ludgate Hill 86 324 119 n/a 78 9 Fenchurch St 76 360 122 70 51 10 Carnaby St 75 367 137 189 136 Inner London, Top 10 Venues 1 Westfield London 340 25 141 180 114 2 Westfield Stratford City 311 30 127 154 88 3 Knightsbridge 290 39 173 156 202 4 Kings Rd 243 52 143 124 72 5 Docklands 209 78 135 93 94 6 Brent Cross 187 102 128 160 71 7 Wimbledon 183 110 113 84 67 8 Wood Green 183 110 91 91 27 9 Ealing 174 119 108 82 59 10 Clapham Junction 170 129 111 64 64 Outer London, Top 10 Venues 1 Kingston Upon Thames 376 18 120 111 82 2 Croydon 347 23 99 84 42 3 Bromley 290 39 112 105 68 4 Romford 262 46 92 96 39 5 Sutton 212 75 96 82 40 6 Harrow 193 92 94 92 44 7 Uxbridge 188 98 100 107 45 8 Richmond Upon Thames 188 98 131 109 80 9 Ilford 183 110 90 92 29 10 Bexleyheath 144 165 95 84 46 Source: Javelin Group (VENUESCORE 2014-15)

Market Position The Market Position index provides a As the largest and most differentiated non-food spending sector, the fashion useful guide for offer is often key for consumers when choosing a particular shopping venue. It distinguishing is important for retailers to understand how venues differ in terms of market between shopping positioning (e.g. quality/price) in order to find the optimum locations for their venues based format. upon their relative The Market Position index provides a useful guide for distinguishing between positioning from shopping venues based upon their relative positioning along a spectrum running Discount to Luxury. from Discount to Luxury. The fashion offer (together with some easily classifiable operators from other categories) is used to profile each venue.

To produce this index we classify retail formats across a spectrum of upscale to discount (as illustrated below). Each venue has an estimated average market position score based on the retailers present, with the Market Position index for each venue calculated by comparing the venue’s market position score against the average for all venues (down to Major District grade).

Glam Upscale Appeal

Glum Discount Focus

Major District status venues and above with the strongest bias towards either the upper or lower end of the market position spectrum are shown below. Upscale venues are dominated by Central London providing 6 of the 10 most upscale offers. Three of the UK’s top 10 Glam locations are occupied by terminals at Heathrow Airport (T4, T5 and T3 respectively) with the new T2 likely to join this list in the next rankings report.

At the other end of the spectrum, Wythenshawe, Salford and Peterlee are defined as the UK’s most down market retail venues.

Glum Rank Glam (Most Downmarket) (Most Upmarket)

Wythenshawe 1 Bond St Salford 2 Knightsbridge Peterlee 3 Bicester Village Grays 4 Heathrow Airport T4 Ellesmere Port 5 Heathrow Airport T5 Huyton 6 Marylebone Bletchley 7 Heathrow Airport T3 Erdington 8 Piccadilly Hyde 9 Regent St Lower Edmonton 10 Portobello Rd Motherwell 11 Kings Rd Northfield 12 Heathrow Airport T1 Blyth 13 Hampstead Longton 14 York Designer Outlet East Ham 15 Westfield London West Ealing 16 Gloucester Quays Wishaw 17 Swindon Designer Outlet Gillingham (Kent) 18 Carnaby St Hillsborough 19 Covent Garden Castleford 20 Docklands

Source: Javelin Group (VENUESCORE 2014-15)

Fashion Position Spitalfields, Knightsbridge and In assessing the relative “fashionability” of shopping venues, a similar approach is Portobello Road used as that described in the previous section, assessing fashion retailers across rank as the UK’s a spectrum running from progressive through to traditional. London venues most progressive dominate as the most progressive venues. venues, whilst Upminster, Louth Traditional Rank Progressive and Llandudno Upminster 1 Spitalfields are typical of the Louth 2 Knightsbridge country’s most Llandudno 3 Portobello Rd traditional retail Market Harborough 4 Russell Square offers. Henley On Thames 5 Bond St Monmouth 6 Carnaby St Chancery Lane 7 Kings Rd St Neots 8 Covent Garden Lichfield 9 Fulham Broadway Sudbury 10 Westfield London S C Source: Javelin Group (VENUESCORE 2014-15)

Progressive

Traditional

Age Position The UK’s older shopping venues By identifying those multiple retailers with particularly strong young (e.g. Hollister, (in terms of relative H&M, Miss Selfridge, Blue Inc., Game) or old (e.g. Edinburgh Woollen Mill, Evans) consumer appeal) orientation, it is possible to compare venues based on their overall appeal to include provincial different age cohorts. market towns such

Venues such as Wandsworth, Cwmbran and Dunfermline have a relatively young as Marlborough, retail focus on this basis, whilst venues with the strongest bias towards older Harpenden, shoppers include provincial market towns such as Marlborough, Harpenden, Nantwich, Nantwich, Ringwood and Ilkley. Ringwood and Ilkley. Oldest Rank Youngest Marlborough 1 Carnaby St Harpenden 2 Wandsworth Nantwich 3 Cwmbran Ringwood 4 Dunfermline Ilkley 5 Oxford St Marlow 6 Stevenage Cirencester 7 Londonderry Saffron Walden 8 East Kilbride Beverley 9 Edgware Lymington 10 Enfield Source: Javelin Group (VENUESCORE 2014-15)

Tourist Venues

Knightsbridge and Piccadilly provide the greatest mix of retailers appealing to the tourist shopper.

Rank Venue Tourist Index

1 Knightsbridge 202 2 Piccadilly 173 3 Bicester Village 170 4 Bond St 166 5 Regent St 145 6 Carnaby St 136 7 Gunwharf Quays 136 8 Covent Garden 130 9 Spitalfields 127 10 Ashford Designer Outlet 122 Source: Javelin Group (VENUESCORE 2014-15)

Regional Analysis

The table below summarises the overall characteristics of the retail supply available nationally across the UK regions.

This re-emphasises, for example, London’s upmarket bias (Glam-Glum Index of 111) and strong fashion orientation.

The table also includes an assessment of the extent to which multiple retail penetrates different UK regions by comparing resident population (weighted for affluence) against each region’s aggregate VENUESCORE.

The ratio of Weighted Population per VENUESCORE Point identifies the East of England and the South-East as the UK’s most under-supplied regions (relative to their spend-weighted populations), whilst the North-East and Wales appear to be the most multiple-penetrated areas.

Weighted Under-/ Total FASHIONSCORE Glam-Glum Population Affluence Population per Over- Region VENUESCORE Index Index Index VENUESCORE Shopped Point Index

Total UK 167,656 100 100 62,670 100 374 100 East Midlands 10,703 96 93 4,567 87 371 101 East of England 14,737 112 99 5,837 121 481 78 London 23,393 98 111 7,573 130 420 89 North East 6,917 82 92 2,558 62 228 164 North West 18,749 99 94 6,975 81 300 125 Northern Ireland 4,837 98 96 1,796 98 363 103 Scotland 15,168 111 95 5,550 75 273 137 South East 23,415 91 104 8,701 144 534 70 South West 14,709 97 104 5,289 101 363 103 Wales/Cymru 8,122 91 93 3,040 74 276 135 West Midlands 13,847 110 93 5,530 81 325 115 Yorkshire and The Humber 13,059 102 97 5,294 75 305 122 Source: Javelin Group (VENUESCORE 2014-15) The Index shown here is inversed whereby a high score indicates a potential over-provision of retail.

The table below shows the proportion of the total retail offer provided by Foodservice at a regional level.

There is huge variation between regions, with London’s Foodservice provision the highest in the UK, whereas for both Scotland and Northern Ireland, Foodservice is less than 11% of the total, based on multiple operator provision.

These differentials indicate the scale of category shift that could occur across the UK regions in the coming years as Foodservice (combined with other leisure) become an increasingly important component of the nation’s multiple retail offer.

Total Total FOODSCORE FOODSCORE Region VENUESCORE FOODSCORE as % of Total Index

Total UK 167,656 25,795 15% 100

East Midlands 10,703 1,580 15% 96

East of England 14,737 1,939 13% 86

London 23,393 5,787 25% 161

North East 6,917 961 14% 90

North West 18,749 3,002 16% 104

Northern Ireland 4,837 412 9% 55

Scotland 15,168 1,612 11% 69

South East 23,415 3,460 15% 96

South West 14,709 1,963 13% 87

Wales/Cymru 8,122 1,088 13% 87

West Midlands 13,847 2,111 15% 99

Yorkshire and The Humber 13,059 1,880 14% 94

Source: Javelin Group (VENUESCORE 2014-15)

Illustrative VENUESCORE 2014-15 Tables The full VENUESCORE 2014- The following page includes a sample of the VENUESCORE dataset, detailing the 15 rankings data top 50 retail venues in the UK. can be purchased from Javelin Group VENUESCORE 2014-15 can be purchased in Excel format, and the full Excel-based (Order form on dataset contains the following VENUESCORE 2014-15 rankings tables: page 26). 1. National ranking National rankings for the UK’s leading shopping venues (i.e. Major City to Major District grade)

2. Alphabetical ranking Full ranking of UK retail venues presented in alphabetical order (i.e. Major City to Local grade)

3. Rankings by region All venues ranked within their region (i.e. London, South East, N. Ireland)

4. Rankings by Local Authority Ranks all venues by Local Authority to assist in local retail hierarchy planning

5. MALLSCORE ranking Ranking UK shopping centres, retail parks, outlet centres and transport hubs

The full VENUESCORE 2014-15 rankings data can be purchased from Javelin Group (Order form on page 26).

Javelin Group | 200 Aldersgate Street, London EC1A 4HD | +44 (0)20 7961 3200 | www.javelingroup.com JAVELIN GROUP EXECUTIVE SUMMARY | SEPTEMBER 2014 | VENUESCORE 2014-15 | PAGE 25 | CHAPTER THREE | FINDINGS Old Old Old Old Old Old Old Old Old Old Old Old Old Old Old Old Old Old Old Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Mid Age Position Classification

99 98 98 97 99 98 98 95 98 98 99 95 97 99 99 98 95 97 97 98 98 96 98 98 98 99 100 101 102 101 101 100 102 104 102 102 100 101 100 102 101 100 100 100 100 100 100 101 102 103 100 102 100 Age Index Position (Avg=100) Fashion Position Progressive Progressive Progressive Updated Classic Fashion Forward Fashion Forward Fashion Forward Fashion Forward Fashion Forward Fashion Forward Fashion Forward Fashion Forward Fashion Forward Fashion Forward Fashion Forward Fashion Forward Fashion Forward Fashion Forward Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Fashion Moderate Classification

99 111 111 110 112 110 118 112 110 115 114 117 113 115 114 115 114 106 101 129 105 106 106 104 108 104 105 108 122 106 107 105 101 103 106 108 105 106 109 108 103 107 107 120 108 106 124 106 106 103 103 108 103 Index Fashion Position (Avg=100) Middle Middle Middle Middle Middle Middle Middle Middle Middle Middle Middle Middle Middle Middle Middle Middle Middle Middle Middle Middle Upscale Upscale Upscale Upscale Market Position Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Upper Middle Classification

94 95 99 92 96 99 93 111 111 119 114 112 118 117 114 114 112 114 117 110 112 112 119 115 118 113 101 173 102 120 122 121 105 104 127 108 127 136 108 109 109 128 122 105 121 106 100 128 109 141 145 128 106 Index Market Position (Avg=100)

82 74 52 68 65 82 83 85 89 43 58 52 91 62 70 69 88 48 74 99 68 68 93 54 63 56 42 72 60 74 98 39 69 69 72 38 42 65 55 72 39 63 67 88 114 118 202 130 100 100 100 102 108 Index Tourist Tourist (Avg=100) Orientation

84 93 92 82 78 78 81 83 92 71 98 95 93 86 83 95 88 75 91 87 95 89 77 96 87 83 83 70 93 88 111 110 119 118 116 119 112 116 138 101 189 132 123 134 125 180 234 120 107 283 104 144 142 Index (Avg=100) Orientation Foodservice

92 93 95 90 96 72 84 71 93 n/a 111 113 119 114 117 112 118 113 110 119 112 115 101 125 105 156 104 123 128 151 104 108 125 126 130 154 135 106 109 146 132 107 131 104 108 130 153 109 180 142 127 101 101 Index Fashion (Avg=100) Orientation 6 7 8 9 5 4 1 2 3 11 42 43 44 39 39 41 18 19 37 38 36 17 35 32 32 34 16 30 30 50 13 15 13 12 29 28 49 10 27 48 26 46 22 23 24 25 46 20 45 21 2014 Rank 311 311 411 411 280 272 270 290 290 287 376 362 295 293 296 396 298 304 304 301 403 250 405 449 312 318 256 491 456 322 261 510 506 493 492 323 262 569 350 347 341 340 262 621 809 361 264 336 785 756 622 351 1,614 2014 VENUESCORE South East West Midlands West East Midlands London London South West London South West North West The Humber and Yorkshire Yorkshire and The Humber and Yorkshire East Midlands Scotland South West South East South East Northern Ireland London London Scotland South East South West East of England Scotland North West East of England East of England Scotland North East East Midlands East of England South East East Midlands Wales/Cymru London South East London North West Region Yorkshire and The Humber and Yorkshire London South West London North East West Midlands West London London The Humber and Yorkshire The Humber and Yorkshire London Scotland North West The Humber and Yorkshire South East Major Regional Major Regional Major Regional Major Regional Major Regional Major Regional Major City Major City Major Regional Major Regional Major Regional Major City Major Regional Major Regional Major Regional Major Regional Major City Major Regional Major Regional Major Regional Major City Major City Major City Major City Major Regional Major Regional Major Regional Major City Major City Major Regional Major Regional Major City Major City Major City Major City Major Regional Major Regional Major City Location Grade Major City Major Regional Major Regional Major Regional Major Regional Major City Major City Major City Major City Major Regional Major Regional Major City Major City Major City Major City Centre Centre Centre Centre Centre Centre Centre Centre Centre Mall Centre Centre Centre Centre Centre Centre Centre Mall Centre Centre Centre Centre Centre Centre Mall Centre Centre Centre Centre Centre Centre Centre Centre Centre Centre Mall Centre Centre Location Type Centre Centre Centre Mall Mall Centre Centre Centre Centre Centre Centre Centre Centre Centre Centre Oxford Solihull Lincoln Bromley Kensington and Chelsea Plymouth Kingston upon Thames Bath and North East Somerset Cheshire West and Chester Cheshire West Sheffield Kingston upon Hull, City of Leicester West Lothian West Cheltenham Guildford Milton Keynes Ballymena Newham Westminster Dundee City Reading Bristol, City of Norwich Aberdeen City Trafford Cambridge Watford Edinburgh, City of Newcastle upon Tyne Derby Peterborough Brighton and Hove Nottingham Cardiff Westminster Dartford Havering Liverpool Sheffield Croydon Exeter Hammersmith and Fulham Gateshead Birmingham Westminster Westminster York Doncaster Westminster Glasgow City Manchester Leeds Southampton Local Authority Local Oxford, Centre Solihull, Centre Lincoln, Centre Bromley, Centre Bromley, London, Knightsbridge Plymouth, Centre Kingston Upon Thames, Centre Kingston Upon Bath, Centre Chester, Centre Chester, Sheffield, Meadowhall S C Hull, Centre Leicester, Centre Leicester, Livingston, Centre Cheltenham, Centre Guildford, Centre Milton Keynes, Centre Belfast, Centre London, Westfield Stratford City S C London, Westfield London, West End - Covent Garden London, West Dundee, Centre Reading, Centre Bristol, Centre Norwich, Centre Aberdeen, Centre Manchester, The Trafford Centre S C Trafford The Manchester, Cambridge, Centre Centre Watford, Edinburgh, Centre Newcastle Upon Tyne, Centre Tyne, Newcastle Upon Derby, Centre Derby, Peterborough, Centre Brighton, Centre Nottingham, Centre Cardiff, Centre Cardiff, End - Oxford St London, West Greenhithe, Bluewater S C Romford, Centre Liverpool, Centre Sheffield, Centre Croydon, Centre Centre Exeter, London S C London, Westfield Gateshead, Metrocentre S C Birmingham, Centre London, City VENUESCORE 2014-15 • RANKED BY VENUESCORE • TOP 50 VENUES • VENUE DETAILS VENUESCORE • TOP VENUESCORE 2014-15 • RANKED BY VENUE End London, West Centre York, Centre Doncaster, London, Midtown Glasgow, Centre Glasgow, Centre Manchester, Leeds, Centre Southampton, Centre

VENUESCORE 2014-15: Order Form

Name: Position: Company: Address:

Telephone: Email:

Please Tick I would like to order:

VENUESCORE 2014-15 @ £850 +VAT

Cheque enclosed with order Please invoice separately*

Cheques should be made payable to Javelin Group Ltd. A VAT invoice will be issued. * VENUESCORE 2014-15 will be despatched upon receipt of payment.

I would like to find out more about: Javelin Group’s RETAILNATION — UK shopping patterns for over 1,000 venues Javelin Group’s SHOPSCORE — UK & Ireland performance benchmarking Alteryx (“Predictive analytics at the speed of thought”) Store Location Strategies from Javelin Group Shopping Centre Strategies from Javelin Group

Please return your completed form by fax, post or scanned email attachment to:

Paddy Gamble Javelin Group 200 Aldersgate Street London EC1A 4HD

Tel: +44 (0)20 7961 3200 Fax: +44 (0)20 7961 3299 Email: [email protected]

About Javelin Group

Javelin Group is Europe’s leading – and largest – specialist firm of retail strategy consultants.

Javelin Group is Europe’s leading specialist in strategic retail transformation with 200+ professionals based in London and Paris, providing advisory services for many of Europe’s largest retailers and brands. Led by chairman Sir Geoffrey Mulcahy (former Kingfisher CEO), we are experts in integrated retailing and have a strong blue-chip client list of store retailers, direct retailers, shopping centre owners/developers and private equity firms investing in retail.

Our Locations & Analytics team, which has worked with more than 200 retailers and brand clients on store location planning and analytics, combines information on stores, catchments and spending with a detailed knowledge of shopping venues across Europe to advise retail companies on:

1. Roll-out potential of expanding chains 2. Store portfolio review to establish investment/exit priorities 3. Sales forecasting 4. Site-specific evaluations for town centre and out-of-town retailers 5. Catchment analysis (RETAILNATION) 6. Store grading and local merchandising 7. Retail store performance benchmarking (SHOPSCORE) 8. Market analysis software tools (e.g. Alteryx, Tableau…) 9. Consumer data and segmentation

If you would like to discuss your retail locations and analytics requirements, please contact Robin Bevan, Director of Locations & Analytics practice at Javelin Group, at [email protected] or on +44 (0)20 7961 3200. For more information about Javelin Group, please visit www.javelingroup.com.

Javelin Group | 200 Aldersgate Street, London EC1A 4HD | +44 (0)20 7961 3200 | www.javelingroup.com