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Shopfitting Market Report – UK 2015-2019 Analysis

  • January 2015
  • -
  • AMA Research
  • -
  • 105 pages

AMA Research are pleased to announce the publication of the 4th edition of the ‘Shopfitting Market Report – UK 2015-2019 Analysis’, which provides an overall analysis of the market and forecasts for future opportunities within the sector. The report should be of particular interest to construction professionals in the shopfitting and associated product supply chain sectors.

Key areas in the report:

• Market performance – in 2013-14 and with forecasts to 2019.


• End use sector analysis – trends and demand within; banks & building societies, hotels & restaurants, pubs & clubs, health & leisure, retail, garages, museums & art galleries.


• Supply side assessment – detailed analysis of leading shopfitting and refurbishment contractors in each sector, together with revenues and sector experience.


• Major retail development plans - key players, grocery/non-grocery/discounters - summary of investment plans, capital spending values, areas, developers etc.


• Key product sectors – usage and trends within the shopfitting sector; HVAC, glazing, ceilings & partitions, floorcoverings, lighting, merchandising equipment etc.
Areas of particular interest include:

• Review of market performance in 2013-14 with growth prospects and key market drivers to 2019 - projected increase in refit programmes compared with newbuild schemes.


• UK shopfitting market is complex and highly fragmented, with a large number of suppliers undertaking a wide range of activities - relatively high level of consolidation in recent years.


• Key challenges facing UK shopfitters in the face of rapidly evolving retail and leisure trends - pace of convenience/discount store format roll-out programmes, changing consumer habits, shifts in fashion and retailer branding, constrained budgets, shopper expectations of store design and space requirements.


• Impact of e-commerce on the shopfitting sector, with online sales gaining momentum.


• Analysis of key procurement routes commonly used in the shopfitting sector.


• Shift in emphasis away from newbuild projects towards refurbishment and fit-out.




Key areas of coverage in the report include:

SHOPFITTING MARKET REVIEW

• Market definition - size and value 2009-2014 and future prospects to 2019.


• Market structure.


• Factors affecting the market - 2014 Autumn Statement, retail developments, e-commerce, procurement in the shopfitting sector, planning regulations, legislation, environmental considerations.


• Contractors output in the shopfitting sector - construction market overview, output values and forecasts 2009-2019 in the commercial, retail and entertainment sectors.


• Future prospects to 2019 - key market drivers - re-branding, impact of technology, more focus on refurbishment rather than new developments, key growth sectors etc.


KEY END USE SECTORS

• UK retail market – market overview, retail construction, retail sales & consumer spending, key trends in retail shopfitting.


• Major retail development plans – key players, grocer/non-grocery/discounters, summary of investment and expansion plans etc.; Top 15 shopping centres - capital spending values, areas, developers etc.


• Entertainment/Leisure sector – market overview, entertainment and leisure construction output 2009-2019; Top 20 restaurant groups, leading bars & pub groups, hotel sector review, key players, development pipelines, leisure & fitness clubs - sector size, key players, development plans for budget gyms etc.


• Banks and Building Societies – major players, development plans etc.


• Museums and Galleries – recent grant allocations, major projects etc.


• Other sectors – retail motor and showroom industry, airports and airport retail - leading players, development plans, shopfitting issues etc.


SUPPLY AND DISTRIBUTION

• Structure of the shopfitting industry.


• Leading 25 shopfitting companies - key players, turnovers, key clients etc.


• Key shopfitting companies – profiles, turnovers, clients, sector experience etc.


• Key shopfitting companies in the airports, museums and motor retail industry sectors.


KEY PRODUCT SECTORS

• Specification in the UK shopfitting sector.


• Main procurement routes used in the shopfitting industry - framework agreements etc.


• Product mix estimates - ceilings & partitions, lighting equipment, contract flooring, commercial glazing, heating, ventilation & air conditioning (HVAC), merchandising equipment etc.


• Trends by product sectors, sector sizes, shopfitting market trends etc.


• Other product sectors - merchandising units & equipment, paint, woodstain and wallcoverings, security equipment, CCTV, fire alarms, bathroom/kitchen fittings and furniture, electronic accessories and office furniture.


The UK shopfitting market was worth an estimated £3bn at manufacturer’s prices in 2014, an increase of 6% from the previous year.

Demand for shopfitting work had declined in recent years as the financial crisis affected the total value of retail sales and consumer spending. The nature of shopfitting work also changed, with low value, short-term contracts a feature of the sector. With retailers cautious about capital expenditure, project values decreased and contracts were let predominantly on a competitive basis, rather than on longer-term frameworks as was the case before the downturn. In addition, there has been greater emphasis by retailers on redecorating and giving stores a ‘refresh’, by changing interior fixtures such as lights, carpets and furniture, and by putting in new displays.

However, both retail sales and the demand for shopfitting services increased in 2013 and 2014, marking the beginning of a recovery in the consumer economy. Retailers began to exploit this increase in consumer spending by rolling out wider refurbishment programmes and upgrading existing fixtures in order to promote their brands and increase footfall.

The UK Shopfitting market is complex and highly fragmented, with a large number of suppliers undertaking a wide range of activities. The sector has seen a relatively high level of consolidation in recent years, which has led to the number of suppliers focused on shopfitting declining substantially, something which has also led to a shortage of specialists to carry out the available work. It is expected that the rate of consolidation in the sector will slow, however competition continues to be high and, with fewer opportunities on the market, shopfitters are increasingly required to provide a wider number of services.

In addition to the increased competition for work among shopfitting companies, the industry continues to face a number of challenges as retail and leisure trends evolve at a rapid pace and companies constantly re-brand and innovate to maintain their competitiveness and respond to changing consumer behaviour. The pace of convenience/discount store format roll-out programmes, changing consumer habits, shifts in fashion, shrinking retailer budgets and the challenge of shopper expectations on store design and space requirements are also impacting the sector and providing opportunities for shopfitters.

In addition, the shopfitting market continues to face the challenge of e-commerce growth, with online retail sales gaining momentum year on year and with physical store outlets contributing less to overall retail sales. However, the expected economic recovery is still likely to outweigh the threat posed by online retail sales and, whilst retailers will be keen to promote their in-store brands, encourage consumers into ‘bricks and mortar’ stores and increase footfall through improved displays.

The main procurement routes traditionally used in retail construction and refurbishment have been management contract or design and build, with both routes flexible to accommodate change. Shop-fitting and retail refurbishment has rapidly moved towards the design and build model, providing a complete package for clients, with many of the larger shop-fitting and retail contractors completing contracts under this route. Since time constraints are a major factor in many shopfitting projects, especially in the retail sector, partnering and framework agreements are also used in major roll-out programmes.

The total market for products within shopfitting applications is large and is valued at over £3bn in 2014. Key product sectors include Suspended Ceilings & Partitions, Lighting Equipment, Heating Ventilation & Air-Conditioning (HVAC), Floorcoverings, Paint and Wallcoverings, Glazing, Security Equipment, Merchandising Equipment, Electrical Accessories, Office Furniture and Bathroom and Kitchen Fittings. The buying, specification and installation of these products is undertaken by a mix of general shopfitters, specialists and main building contractors, depending on the product sector and nature of project.

The shopfitting market is largely reliant on performance of its two main end use sectors - retail and entertainment – both key areas of commercial new build. With the shopfitting market dependent on the economic environment and the rate at which the UK recovers from the downturn, demand is expected to be unevenly split across retail sectors, with the London retail fit-out market driving demand. The short-medium term opportunities for shopfitting contractors are likely to come from the value and discount retailers and the grocery convenience sector.

Going forward, between 2015 and 2019, the UK market for shopfitting is forecast to increase each year, with annual levels of growth expected to range between 4% and 6%, reflecting the projected increase in refit programmes compared with new build schemes.

Table Of Contents

Shopfitting Market Report - UK 2015-2019 Analysis
1. INTRODUCTION 7
2. SUMMARY AND FUTURE PROSPECTS 8
3. ECONOMIC ENVIRONMENT 12
3.1 GDP 12
3.2 INFLATION and INTEREST RATES 13
3.3 UNEMPLOYMENT 14
3.4 HOUSEHOLD CONSUMPTION 15
3.5 HOUSING and CONSTRUCTION 15
3.6 STERLING 17
3.7 CONCLUSIONS 17
4. SHOPFITTING MARKET REVIEW 19
4.1 MARKET DEFINITION 19
4.2 MARKET SIZE AND VALUE TO 2019 20
4.3 MARKET STRUCTURE 22
4.4 FACTORS AFFECTING THE MARKET 26
4.4.1 Autumn Statement 2014 26
4.4.2 E Commerce 27
4.4.3 Procurement in the Shopfitting Market 28
4.4.4 Planning Regulations and Legislation 28
4.5 CONTRACTORS OUTPUT IN THE SHOPFITTING MARKET 31
4.5.1 Construction Market Overview - Non-Domestic Output to 2019 31
4.5.2 Construction Activity in the Commercial Market 33
4.6 SHOPFITTING MARKET - FUTURE PROSPECTS 35
5. KEY END USE SECTORS 36
5.1 UK RETAIL MARKET 36
5.1.1 Retail Construction 36
5.1.2 UK Retail Sales/Consumer Spending 41
5.1.3 Key Trends in Retail Shopfitting 42
5.2 ENTERTAINMENT/LEISURE SECTOR 43
5.2.1 Market Overview 43
5.2.2 Entertainment/Leisure Sector Construction 44
5.2.3 Restaurants, Pubs and Clubs 45
5.2.4 Hotels 49
5.2.5 Leisure and Fitness Clubs 53
5.3 BANKS AND BUILDING SOCIETIES 57
5.4 MUSEUMS, AND GALLERIES 60
5.5 RETAIL MOTOR TRADE 62
5.6 AIRPORTS 65
6. SUPPLY AND DISTRIBUTION 67
6.1 THE STRUCTURE OF THE INDUSTRY 67
6.2 KEY SHOPFITTING COMPANIES 69
6.2.1 A-E Company Profiles 72
6.2.2 F-I Company Profiles 76
6.2.3 J-O Company Profiles 78
6.2.4 P-Z Company Profiles 79
6.2.5 Other Shopfitting Companies 83
7. SHOPFITTING MARKET - KEY PRODUCT SECTORS 87
7.1 SPECIFICATION 89
7.1.1 Main Procurement Routes used in Shopfitting 89
7.1.2 Product Procurement 90
7.2 CEILINGS AND PARTITIONS 91
7.2.1 Suspended Ceilings 91
7.2.2 Partitions 93
7.3 LIGHTING EQUIPMENT 94
7.4 CONTRACT FLOORCOVERINGS 97
7.5 COMMERCIAL GLAZING 99
7.6 HEATING, VENTILATION AND AIR CONDITIONING (HVAC) 101
7.7 SHOPFITTING MARKET - OTHER PRODUCTS 103
CHART 1 UK SHOPFITTING MARKET - BY VALUE 2009 - 2019 (£BN MSP) 8
TABLE 2 GDP DATA - 2011-2014 - KEY CONSTITUENT ELEMENTS 12
CHART 3 INTEREST RATES AND INFLATION (CPI) FROM 2000-2019 14
CHART 4 PDI and SAVINGS RATIO AT CURRENT PRICES 2000-2019 15
TABLE 5 EXCHANGE RATE FLUCTUATIONS 2009-2015 - STERLING TO THE DOLLAR, AND THE EURO, SPOT RATES 17
TABLE 6 UK SHOPFITTING MARKET SIZE AND FORECASTS 2009-2019 (£BN MSP) 21
CHART 7 NUMBER OF MANUFACTURERS OF SHOP AND OTHER OFFICE FURNITURE 2003-2013 23
CHART 8 MIX OF SHOPFITTING MARKET BY TURNOVER SIZE-BAND - 2007, 2009 AND 2013 24
CHART 9 MANUFACTURERS OF SHOP AND OTHER OFFICE FURNITURE BY NO. OF EMPLOYEES - 2007, 2009 AND 2013 25
CHART 10 VALUE OF NON-DOMESTIC CONSTRUCTION OUTPUT 2009 - 2019 BY VALUE (£BN AT CURRENT PRICES) 32
TABLE 11 CONTRACTORS OUTPUT - COMMERCIAL SECTOR NEW WORK 2009 - 2019 (CURRENT PRICES £BN) 34
TABLE 12 RETAIL SECTOR CONSTRUCTION (SHOPS) - CONTRACTORS OUTPUT FOR NEW WORK £BN AT CURRENT PRICES 2009-2019 36
TABLE 13 MAJOR RETAIL DEVELOPMENT PLANS/CONSTRUCTION SCHEMES - SUMMARY TABLE OF KEY PLAYERS, CAPITAL VALUES, DEVELOPERS, COMPLETION DATES ETC 38
TABLE 14 PERFORMANCE OF THE UK RETAIL MARKET 2009-2019 (RETAIL TURNOVER £BN) 41
TABLE 15 ENTERTAINMENT AND LEISURE WORK (PUBLIC and PRIVATE SECTORS) - CONTRACTORS OUTPUT 2009 - 2019 (£BN) 44
TABLE 16 TOP UK RESTAURANT AND PUB OPERATORS 2014 46
TABLE 17 UK HOTEL SECTOR - NUMBER OF STAR RATED HOTELS 2014 50
CHART 18 HEALTH and FITNESS MARKET - NEW CLUB OPENINGS 2008- 2014 53
TABLE 19 LEADING UK BUDGET GYM OPERATORS 2014 - NO. OF CLUBS AND DEVELOPMENT PLANS 56
CHART 20 NUMBER OF RETAIL BANK BRANCHES 1990 - 2014 58
TABLE 21 TOP 15 RETAIL MOTOR GROUPS - UK 2014 (£M) 63
CHART 22 UK SHOPFITTING EQUIPMENT - DISTRIBUTION STRUCTURE 68
TABLE 23 MAJOR SHOPFITTING COMPANIES -25 KEY PLAYERS (BY SALES AND KEY CLIENTS) 2014 71
CHART 24 SHOPFITTING MARKET - KEY PRODUCT SHARES BY VALUE 2014 88
CHART 25 SHOPFITTING MARKET - ‘OTHER PRODUCTS' CATEGORY - SECTOR SHARES 2014 104

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