Market Size of Department Stores Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Department Stores Market Analysis
Department Stores Market is expected to register a CAGR of more than 6% over the next 5 years. The growth in population and rising income of the people have increased the demand for global products, leading to the positive trend of the departmental stores. Individuals need not go to different shops to purchase products.in this case, departmental stores help customers buy various products under one roof. Departmental stores provide convenience and save the time & energy of the customers, which also drives the market's growth.
Departmental stores are usually placed in urban areas and the center of the city, near all types of transportation. Department stores have numerous benefits, such as providing clothing stores, food courts, and much more in a single place by different vendors. The stores offer discount prices for the products with the massive trend in the market growth. Technology usage in self-checkout and automated payments in departmental stores helps the customer with a faster and correct amount of bill payments.
The COVID-19 pandemic had negatively impacted the global departmental stores due to supply chain disruption and the timely closure of the stores. Competition in this industry was highly aggressive and involved many changes from time to time to incorporate new ideas and new discounts that drew more consumers to the stores. Most department stores offered all price range products irrespective of the income level of the customers to attract and satisfy the income level of customers.
Department Stores Industry Segmentation
The department stores industry comprises companies that run establishments primarily catering/ retailing various products to the general consumer. There are different types of products sold in any department store; products such as pharmaceuticals, appliances, footwear, personal care products, apparel, toys, sports-related products, cosmetics, home furnishing-related products, automotive-related products, jewelry, hardware, garden-related products, and many more.. Department Stores Market is segmented by product type (Apparel and Accessories, FMCG, Hardline and Softline), by geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers market size and forecasts for the Global Department Stores Market in value (USD Billion) for all the above segments.
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| Apparel and Accessories | |
| FMCG | |
| Hardline and Softline |
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Department Stores Market Size Summary
The department stores market is poised for significant growth, driven by increasing population and rising income levels, which have heightened the demand for global products. These stores offer the convenience of one-stop shopping, allowing customers to purchase a variety of products under one roof, thereby saving time and energy. Strategically located in urban areas and city centers, department stores provide numerous benefits, including clothing stores and food courts, all from different vendors. The integration of technology, such as self-checkout and automated payment systems, enhances the shopping experience by facilitating faster and more accurate transactions. Despite the challenges posed by the COVID-19 pandemic, which disrupted supply chains and led to store closures, the market has shown resilience. The competitive landscape is marked by aggressive strategies to attract consumers through new ideas and discounts, catering to a wide range of income levels to maximize customer satisfaction.
However, the rise of e-commerce presents a significant challenge to the department stores market. The rapid growth of online shopping platforms has shifted consumer purchasing habits, with countries like China and South Korea leading in online retail sales. As urbanization continues to increase, particularly in regions like North America, department stores must adapt to the concentrated purchasing power of city-dwellers to remain competitive. Major players in the market, such as Marks and Spencer Group Plc, Macy's Inc, Sears Holdings Corp, Target Corporation, and Nordstrom, Inc., dominate the landscape by offering a diverse range of luxury and fashionable products. Recent initiatives, like Macy's partnership with PATTERN Beauty and Marks and Spencer's investment in expanding store locations, highlight the ongoing efforts to enhance customer experience and maintain market relevance.
Department Stores Market Size - Table of Contents
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1. MARKET DYNAMICS AND INSIGHTS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Insights on Various Regulatory Trends Shaping the Market
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1.5 Insights on impact of technology in the Market
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1.6 Industry Attractiveness - Porter's Five Forces Analysis
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1.6.1 Threat of New Entrants
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1.6.2 Bargaining Power of Buyers
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1.6.3 Bargaining Power of Suppliers
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1.6.4 Threat of Substitutes
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1.6.5 Intensity of Competitive Rivalry
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1.7 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Apparel and Accessories
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2.1.2 FMCG
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2.1.3 Hardline and Softline
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2.2 By Geography
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2.2.1 North America
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2.2.1.1 U.S
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2.2.1.2 Canada
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2.2.1.3 Rest of North America
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 France
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2.2.2.3 Italy
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2.2.2.4 U.K
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2.2.2.5 Spain
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2.2.2.6 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 Japan
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2.2.3.3 South Korea
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2.2.3.4 India
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2.2.3.5 Australia
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2.2.3.6 Rest of Asia-Pacific
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2.2.4 Middle-East and Africa
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2.2.4.1 Saudi Arab
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2.2.4.2 South Africa
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2.2.4.3 UAE
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2.2.4.4 Rest of Middle-East and Africa
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2.2.5 South America
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2.2.5.1 Brazil
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2.2.5.2 Mexico
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2.2.5.3 Rest of South America
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Department Stores Market Size FAQs
What is the current Department Stores Market size?
The Department Stores Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Department Stores Market?
Marks and Spencer Group Plc, Macy's Inc, Sears Holdings Corp, Target Corporation and Nordstrom, Inc. are the major companies operating in the Department Stores Market.
