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During 2015–2020, department stores retail sales will witness value growth of US$157.5 Billion, driven by the rising purchasing power of the middle-class population, young working professionals, and the expansion of department stores in emerging markets. However, growth in developed markets will be slow as consumers refrain from purchasing at full-price stores and await discounts and promotions on the same products. This has led to the growth of off-price department stores in North America, and is expected to gain popularity in Europe in the future.
Department stores should consider offering unique affordable and value-for-money products under key categories to attract spending from price-conscious shoppers in developed markets. In addition, they should continue integrating technology into their operations to entice shoppers and win their loyalty.
Global department store market is expected to grow faster during the forecast period than the historic period, driven by strong growth in Asia–Pacific. Asian shoppers’ increasing appetite for shopping, expansion of the department store network, and a polarized demand for high-end and private labels are key factors influencing growth in the region. On the other hand, the off-price format will continue to be successful as consumer frugality in developed markets supports demand for affordable luxury, discounts, and promotions.
The US department stores market recorded sales of US$156.8 Billion in 2015, representing 30.2% of global department store sales. Increased competition and online retailing threatens department store sales in the country. Discounting and heavy promotions helped department stores in the US to endure the recessionary environment; however, it has altered consumer behavior, forcing retailers to continue offering discounted products via their off-price formats. This has led to a decline in the overall department stores market. Despite low growth of 0.6% in department stores retail sales during 2015–2020, the US will continue to be the largest market, ahead of China.
Clothing and footwear remains the key anchor category in most department stores across the world. Category sales in this channel have received a boost from the availability of products at lower prices, and retailer initiatives to include fast-fashion in their product portfolio. Sales from clothing and footwear accounted for 46.5% of global department stores retail sales in 2015 and will remain at similar levels (45.1%) in 2020. The US accounted for 35.5% of clothing and footwear sales via department stores in 2015, followed by China and Japan at 9.5% and 8.7% respectively.
The report “Global Department Stores Retailing 2015-2020” provides a comprehensive view of the global department stores retail landscape, including current market sizes and category forecasts to 2020; and highlights the world’s fastest growing markets and category groups.
In depth, this report provides the following analysis:
• Provides details of market size and category forecasts for each region and countries, and features major retailers, key innovative retailers, and department store retail trends.
• This report covers the 50 largest retail markets and includes 24 countries in Europe, 12 countries in Asia-Pacific, nine countries in the Americas, and five countries in the Middle East and Africa.
• Provides analysis of the latest trends, market dynamics (covering nine category groups) and key innovations in the retail space in major countries across the four regions.
• Helps to identify the largest and fastest-growing categories in major countries across the four regions and provides detailed analysis of key trends influencing the department store retail market.
• Helps to understand the competitive landscape, with analysis of key players across the four regions, including market share of the retailers for the region.
Companies mentioned in this report: David Jones, Myer, Macy’s, Saks Fifth Avenue, Nordstrom, JC Penny, KOHL’S, Dillard’s, Hudson’s Bay Company, Falabella, Lojas Riachuelo, Liverpool, Lojas Renner, C&A, Marisa, Sears, Lojas Americanas S.A, Coppel S.A, House of Fraser, Marks and Spencer, Debenhams, John Lewis, Strauss Innovation, Galeria Kaufhof, Stockmann, Galeries Lafayette, Printemps, El Corte Ingles, De Bijenkorf, Karstadt, Target, Lotte Department store, Hyundai Group, Parkson, New world department store., Intime retail, Shoppers Stop, Pantaloons, Westside, H2O Retailing, J. Front Retailing, Isetan Mitsukoshi Holdings Ltd, Takashimaya Co, Central retail, Pacific Sogo, Lifestyle, Shinsegae, Edgars, Hamashbir Department Stores, Stuttafords, Marks & Spencer UAE, Paris Gallery, Woolworths.