Department Store Retailing Market Trends and Forecast
The future of the global department store retailing market looks promising with opportunities in the clothing, toiletry, cosmetic, and home appliance markets. The global department store retailing market is expected to grow with a CAGR of 4.3% from 2024 to 2030. The major drivers for this market are rising consumer demand for diverse product offerings and convenient shopping experiences in one location, expansion of department stores into emerging markets and online platforms to reach broader customer segments, and integration of technology and personalized services to enhance customer engagement and competitiveness in the retail sector.
• Lucintel forecasts that upscale department store is expected to witness the highest growth over the forecast period.
• Within this market, clothing is expected to witness the highest growth.
• APAC is expected to witness highest growth over the forecast period.
United States – MacyÄX%$%Xs announces plans to enhance digital offerings and omnichannel capabilities, targeting increased online sales. The government provides grants for department stores to invest in sustainability initiatives. Target sets targets to expand its department store footprint in urban areas, focusing on smaller-format stores.
United Kingdom – Selfridges introduces immersive shopping experiences and luxury pop-ups in department stores, aiming to attract high-end consumers. The government offers tax incentives for department stores investing in local communities. Debenhams sets targets to increase online sales and customer engagement through personalized marketing.
Japan – Mitsukoshi implements robotics and AI technologies in department stores, enhancing efficiency and customer service. The government promotes department store tourism campaigns to attract international visitors. Takashimaya sets targets to expand its department store chain globally, focusing on Asian markets for growth.
China – Wangfujing introduces innovative experiential zones and virtual shopping platforms in department stores, targeting tech-savvy consumers. The government supports department store revitalization projects in urban centers. Alibaba collaborates with department stores to digitize operations and enhance online-to-offline integration for seamless shopping experiences.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Department Store Retailing by Segment
The study includes a forecast for the global department store retailing by type, application, and region.
Department Store Retailing Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• Upscale Department Store
• Mid-Range Department Store
• Discount Department Store
• Others
Department Store Retailing Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Clothing
• Toiletries
• Cosmetics
• Home Appliances
• Others
Department Store Retailing Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Department Store Retailing Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies department store retailing companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the department store retailing companies profiled in this report include-
• Myer
• Nordstrom
• Jcpenny
• Kohl’S
• Dillard’S
• Hudson’S Bay
• Falabella
Recent Development in the Department Store Retailing Market
MacyÄX%$%Xs: Enhances digital offerings and omnichannel capabilities to boost online sales and improve customer experience, focusing on personalized services and convenient shopping options.
Selfridges: Introduces immersive shopping experiences and luxury pop-ups in department stores to attract high-end consumers, enhancing brand prestige and customer engagement.
Mitsukoshi: Implements robotics and AI technologies in department stores to enhance operational efficiency and customer service, improving overall shopping experiences for visitors.
Wangfujing: Introduces innovative experiential zones and virtual shopping platforms in department stores to cater to tech-savvy consumers, providing interactive and engaging shopping experiences.
Features of the Global Department Store Retailing Market
Market Size Estimates: Department store retailing market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Department store retailing market size by type, application, and region in terms of value ($B).
Regional Analysis: Department store retailing market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the department store retailing market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the department store retailing market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for department store retailing market?
Answer: The global department store retailing market is expected to grow with a CAGR of 4.3% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the department store retailing market?
Answer: The major drivers for this market are rising consumer demand for diverse product offerings and convenient shopping experiences in one location, expansion of department stores into emerging markets and online platforms to reach broader customer segments, and integration of technology and personalized services to enhance customer engagement and competitiveness in the retail sector.
Q3. What are the major segments for department store retailing market?
Answer: The future of the global department store retailing market looks promising with opportunities in the clothing, toiletry, cosmetic, and home appliance markets.
Q4. Who are the key department store retailing market companies?
Answer: Some of the key department store retailing companies are as follows:
• Myer
• Nordstrom
• Jcpenny
• Kohl’S
• Dillard’S
• Hudson’S Bay
• Falabella
Q5. Which department store retailing market segment will be the largest in future?
Answer: Lucintel forecasts that upscale department store is expected to witness the highest growth over the forecast period.
Q6. In department store retailing market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the department store retailing market by type (upscale department store, mid-range department store, discount department store, and others), application (clothing, toiletries, cosmetics, home appliances, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Department Store Retailing Market Market, Department Store Retailing Market Market Size, Department Store Retailing Market Market Growth, Department Store Retailing Market Market Analysis, Department Store Retailing Market Market Report, Department Store Retailing Market Market Share, Department Store Retailing Market Market Trends, Department Store Retailing Market Market Forecast, Department Store Retailing Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.