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JJB closures to 'boost market'
Report says UK sporting goods market to be worth £8.5bn in 2011, with boost from JJB closures and Olympics
The UK sporting goods market will see sales growth of 2.7 per cent in 2011 according to new research, with the move by JJB Sports to close 89 stores set to create opportunities for other sports retailers.
The ‘UK Sports Retailing 2011’ report, compiled by leading UK retail research agency Verdict Research, claims that the 2.4 per cent drop in sales seen in 2009 has now been reversed, with recovery last year and sales in 2011 set to grow 2.7 per cent. As such, it predicts the UK sporting goods market will be worth £8.5bn in 2011.
The UK sportswear market, covering clothing and footwear, is set to grow by 3.2 per cent in 2011, according to the report, with the market receiving a boost from the expansion of non-sports specialist stores such as Debenhams and Next into sportswear.
It also notes that the JJB Sports CVA, which includes a measure to close 89 stores over the next two years, provides ‘significant opportunities’ for other retailers to pick up market share.
“We estimate that in 2011 there will be £32.5m worth of sales for other retailers to take advantage of, with a further £52.3m in 2012,” Verdict Research reports.
The report adds that the London Olympics is set to give the sports market a ‘considerable boost in 2012’ as ‘consumers will want to buy items similar to those worn by athletes and are likely to be inspired by new sports having watched the Games, causing sales of equipment to rise’.
