Honor Westnedge, senior retail analyst, gives her opinion:
Victoria’s Secret will refresh the UK lingerie market on Tuesday with the opening of its first store in London’s Westfield Stratford. Its innovative products, marketing and fashionability look set to seduce British consumers.
As a new entrant to the UK lingerie sector the retailer is already in a strong position due to its widespread brand awareness among UK consumers, owing to its extensive US store network and keen marketing activities.
It is a mainstream high street player in the US but the decision to open its second store on New Bond Street London (due to open on August 6, 2012) suggests a more aspirational positioning in the UK. While the retailer has not given any details on future UK store openings after this, we expect its focus to be on large destination stores in only key cities and shopping hotspots. This will keep the brand exclusive and niche which shoppers will find exciting.
While there are undoubtedly opportunities for a midmarket lingerie specialist in the UK, with only 60 La Senza stores remaining, Victoria’s Secret’s choice of location, New Bond Street and Stratford Westfield, has set a precedent for future store locations. This positions the brand as more of a premium player alongside the likes of Calvin Klein and Elle Macpherson Intimates.
From our research* Victoria’s Secret has been a success in its home market because of its fast cycle of product launches and we expect this to resonate well with UK shoppers. Regular newness of fashion and seasonal designs will drive footfall and encourage shoppers to buy into the brand.
