USD 117.15 billion
Global Department Stores Market Size, Share, Growth Analysis, By Product type(Apparel and Accessories, FMCG and Hardline and Softline), By License(Branded and Unbranded) - Industry Forecast 2024-2031
Report ID:
SQMIG30C2087 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
60 |
Figures:
76
Global Department Stores Market Insights
Department Stores Market size was valued at USD 117.15 billion in 2021 and is poised to grow from USD 121.78 billion in 2022 to USD 178.27 billion by 2030, growing at a CAGR of 5.1% in the forecast period (2023-2030).
A department store allows customers to buy all of their necessities under one roof, eliminating the need for them to visit multiple stores. Customers benefit from this factor because it saves them time and energy, which drives overall market growth. Furthermore, a wide range of products from various manufacturers or retailers are sold in separate department stores, driving the market even further. Each department specializes in a specific type of merchandise or business. These departments are managed centrally and operate under a single management and control structure. A department store is a type of retailer that sells a wide range of products.
Department stores have numerous advantages, such as the ability to provide various clothing stores, food courts, and much more in a single location by various vendors. These stores offer a wide range of goods under one roof, saving customers time and energy. Furthermore, department stores occasionally offer their products at discounted rates, enticing consumers to visit the stores and contributing to the market's growth. Department stores organise their products so that customers can easily find what they need. Furthermore, it allows customers to compare similar products under the same roof.
US Department Stores Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2023-2030
Global Market Size
Largest Segment
branded
Fastest Growth
branded
Growth Rate
5.1% CAGR
Global Department Stores Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
Global Department Stores Market Size By license 2022-2030 ($ Bn)
Global Department Stores Market Size By license 2022-2030 (%)
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Global Department Stores Market Segmental Analysis
Global department stores market is segmented based on the product type, License and region. Based on product type, the market is segmented Apparel and Accessories, FMCG and Hardline and Softline. Based on License, the market is segmented into Branded and Unbranded. Based on Region it is categorized into North America; Europe; Asia Pacific; Central & South America; Middle East & Africa.
Department Stores Market Analysis by Product Type
Based on product type, The hardline and softline segments dominated the market and are expected to grow more during forecasting period. The growing trend among the younger generation to have designer furniture and decorate their homes is a major factor driving the growth of the hardline and softline segments. Furthermore, the variety of products offered by department stores allows customers to directly choose from the stores. As a result, the organised products and rising demand for luxury home décor items are propelling the hardline and softline segments forward. The apparel and accessories segment is expected to grow at the fastest rate. the Rising fashion trends among the young population, as well as an evolving retail landscape across various brands, are key factors driving the apparel and accessories segment growth. Furthermore, during festive seasons, various retailers offer great deals and affordable prices at department stores, which is another factor driving the growth of the department store's apparel and accessories segment. Furthermore, the high spending on apparel and accessories by financially independent women all over the world is driving up market demand. As a result, over the forecast period, the apparel and accessories segment are expected to grow at the fastest CAGR.
Department Stores Market Analysis by License
Based on license, the branded segment holds the highest value share in the departmental store retailing market. and it is expected that it will grow further in the forecasting period. This is because Selling products under a brand name assists customers in identifying and associating attributes and benefits with the brand or product. Moreover, Consumers prefer comfort, happiness, and satisfaction in their lives, and they get it in part through the products they buy. And branded products consistently deliver a positive experience and comfort to the consumers that form an opinion that the brand is trustworthy. Thus, the demand for branded products is rising day by day and thus eventually rising market growth.
Global Department Stores Market By license 2022 (%), 2021 (%)
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Global Department Stores Market Regional Insights
North America had the largest market revenue share. Rapid urbanisation in North America is driving up demand for environmentally friendly department stores. Furthermore, the presence of well-established key players such as Target Corporation, Macy's Inc, and Walmart Inc is contributing to the growth of the department store market in this region. Department stores are popular because they are very convenient and offer a limited selection of products from various retailers. As a result, the region is expected to grow at a rapid pace over the forecast period.
Asia Pacific is expected to grow at the fastest CAGR. Growing digitization and urbanisation, rising disposable incomes, and changes in lifestyle, particularly among the middle-class population, are boosting the Indian retail sector. Additionally, department store retailers are implementing AI and biometrics to attract customers and increase revenue. Furthermore, as Indians' education levels, middle-class income, standard of living, and willingness to save money rise, so does demand for department stores in this region. As a result, during the forecast period, the region is expected to grow at the fastest CAGR.
Global Department Stores Market By Geography, 2022-2030, 2023-2030
- Largest
- Fastest
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Global Department Stores Market Dynamics
Department Stores Market Drivers
Novel Product Launches to Bolster Market Growth
- Increasing population and rising incomes have increased global product demand, resulting in a faster growth rate for department stores. Aside from these factors, the growing number of shopping malls is driving market growth by providing more opportunities for customers to spend their money on retail goods at multiple outlets under one roof.
- A number of new product launches, combined with increased private-label brand participation, have been driving brand-mix shifts in the consumer packaged goods segment recently. This is likely to continue into the forecast period. The expansion of packaging formats, whether through SKU extensions or premium/innovative/sustainable packaging, has significantly enhanced the department store retailing market growth.
Department Stores Market Restraints
Online Platforms to Hinder Market Growth
- Online retailing poses a threat to traditional brick-and-mortar retailers because it provides convenience at competitive prices due to lower operational costs when compared to offline retailers such as department stores. Furthermore, it saves time and allows customer to buy products from anywhere and at any time.
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Global Department Stores Market Competitive Landscape
The global department stores market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Department Stores Market Top Player's Company Profiles
- Walmart Inc.
- Costco Wholesale Corporation
- The Kroger Co.
- Walgreens Boots Alliance, Inc.
- Target Corporation
- Tesco PLC
- Carrefour SA
- The Home Depot, Inc.
- Macy's, Inc.
- J.C. Penney Company, Inc.
- Sears Holdings Corporation
- Nordstrom, Inc.
- Bloomingdale's Inc.
- Neiman Marcus Group LTD LLC
- Saks Fifth Avenue
- Galeries Lafayette Group
- El Corte Inglés S.A.
- Lotte Department Store
- Shinsegae Co., Ltd.
- Isetan Mitsukoshi Holdings Ltd
Department Stores Market Recent Developments
- In September 2022, Nordstrom, Inc. has announced plans to open a new Nordstrom Rack in the spring of 2023. The new store will be located in Delray Place in Delray Beach, FL.
Global Department Stores Key Market Trends
- Technology has added a new dimension to the retail industry. The introduction of point-of-sale equipment, bar codes, and massive storage capacity for billing and payment databases has made it easier to manage large setups. Operations can be recorded in a structured and systematic manner, allowing for detailed analysis of sales and transaction volume. Electronic transactions have increased the country's sales volume. Payment flexibility and cashless transactions have aided in driving sales. Communication aids in maintaining a competitive advantage in customer retention and attraction.
Global Department Stores Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our department stores market analysis, in terms of product type, hardline and softline segments held the largest market value whereas in terms of license the branded segment dominates the market. The growing digitization and urbanization, increasing disposable incomes, and changes in lifestyle are some Key factors that are driving the department stores market expansion. Whereas the penetration of the internet and introduction of the ecommerce platform is one of the major factors that can affect the departmental store market.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 117.15 billion |
| Market size value in 2030 | USD 178.27 billion |
| Growth Rate | 5.1% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Department Stores Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Department Stores Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Department Stores Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Department Stores Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Department Stores Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Department Stores Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Department Stores Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Department Stores Market Report Snapshots
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