The closure of Littlewoods Stores outlets will leave a gap in the age 55+ clothing and footwear market that could retailers like Marks and Spencer and Bhs. Market research group TNS FashionTrak found that Littlewoods stores attracted older consumers, with 60 percent of turnover generated by purchases made by people aged 55+.
The age 55+ market is worth £6.5 billion. High street retailers such as Marks and Spencer, Debenhams, Matalan and Asda offer ranges especially for this age group. However, according to TNS FashionTrak, M&S and Bhs are the two retailers that can really benefit from the gap left by Littlewoods, because they are the shops that consumers are most likely to shop in for clothes and footwear.
TNS FashionTrak says the sector is becomingly increasingly competitive as more fashion chains see the potential in the 55+ market. Older people are focusing more on dressing well and are shopping for more fashionable clothing. Chains like Next and New Look, who target younger customers, have already noticed that more sales have been generated by the 55+ age group.
Currently M&S takes 17.5 per cent of the Littlewood Stores customers’ spend, while Bhs takes 5.2 per cent. Meanwhile, Debenhams comes in third with 4.8 per cent. “At the ‘value’ end of the market, Littlewoods customers looking for cheaper items are also shopping in Matalan, Asda and Bon Marce – the latter having the oldest average age of any high street retail chain,” Fiona Bell, director at TNS FashionTrak, tells the FT. “All three could gain from the potential of Littlewoods customers.
“Although 40 of the current 119 Littlewoods Stores are reported to become Primark stores, Primark’s offering is targeted at a younger market looking for cheap fashion items and so the incremental sales from Littlewoods customers looks likely to be low. Primark currently takes just 1.5 per cent of Littlewoods customers’ spend in the market. No doubt several retailers will now be looking to refine and broaden their ranges to try and take advantage of the potential this change in the high street offers over the coming year, and this can only be good for the older customer.”
Click Here: Tonga Rugby Shop