Yougov’s chief executive Steve Hatch takes a closer look at the data behind the biggest stories in business.
According to news reports, Ted Baker plans to shut all of its 46 UK locations in a matter of weeks. This follows a round of store closures after the brand’s holding company entered administration earlier this year.
If Ted Baker does leave the nation’s high streets, data from YouGov BrandIndex shows suggests that it may be missed. With Impression scores – which measure general positive or negative sentiment towards a brand – at 15.4 as of 28 July 2024, it’s more well-liked than the average fashion chain (10.8). It’s also perceived to be greater quality than the average chain (27.3 vs. 12.0 for the sector).
But there are key areas where it is perceived to be lacking. Value for Money scores for Ted Baker (-5.8) indicate that the brand isn’t offering customers as much return on investment compared to the average fashion brand (3.2). At a time when 77 per cent of Britons say they’re trying to be more careful with their finances than they once were (according to YouGov Profiles), this may be a tough position for a mid-market retailer to be in.
Value for money isn’t the only measure where Ted Baker struggled. Service quality may not have been where it needed to be – Customer Satisfaction scores (8.8) track slightly below the sector average (9.9). But looking at our Consideration metric, where we ask consumers to pick brands they’d contemplate using out of a list, may reflect concerns in outlets such as The Drum about the brand’s ability to stand out from the crowd: at 7.6, Ted Baker underperforms the sector average of 9.3.
Ted Baker’s seemingly imminent departure from the high street may not mean a complete disappearance from the nation’s shelves (the brand is still sold in House of Fraser and John Lewis). Nevertheless, the last few years have seen the end of brands such as Topshop, Dorothy Perkins and Debenhams as a high street presence, and Ted Baker’s withdrawal from this market may reflect some of the challenges facing mid-range fashion retailers in today’s commercial environment.