Department Stores Market Size
| 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 |
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 Market Trends
Increase in Retail E-Commerce Sales have the Negative Impact on Department Stores Market
E-Commerce is the most popular platform to purchase any product by simply sitting at home. E-commerce is one of the significant challenges for the department store market. The entire e-commerce industry has grown dramatically over the years, and as a result, adoption rates for different platforms have also increased. Global e-commerce sales grew at an optimistic growth rate in 2021 compared to the previous year. China and South Korea are ranked first and third on the list of countries with a significant share of retail sales expected to occur online in 2022. Major online platforms are Amazon, eBay, Aliexpress, Target, and Walmart, etc. online sales are expected to reach double-digit growth in the forecast period.
Rise in Urban Population is Driving the Growth of Departmental stores
In 2022, the degree of urbanization worldwide was at 57 percent. North America was the region with the highest level of urbanization, with over four-fifths of the population residing in urban areas. Departmental stores are mainly located in Urban areas. If the population is more, it will directly impact purchasing daily needs. By 2025, city-dwellers will account for some $20 trillion of the annual global economy. Because retail follows people, retailers must plan to cater to these shoppers' needs and priorities and their concentrated purchasing power to remain competitive.
Department Stores Industry Overview
The report covers major players operating in Global Department Stores Market. In terms of market share, few of the major players currently dominate the market. The stores offer a wide range of luxury and fashionable products both from domestic and international brands to attract customers. Following is the list of major companies operating in the market: Marks and Spencer Group Plc, Macy's Inc, Sears Holdings Corp, Target Corporation, and Nordstrom, Inc.
Department Stores Market Leaders
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Marks and Spencer Group Plc
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Macy's Inc
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Sears Holdings Corp
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Target Corporation
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Nordstrom, Inc.
*Disclaimer: Major Players sorted in no particular order
Department Stores Market News
- February 2023: Macy's launches PATTERN Beauty with the brand's extensive assortment of washes, treatments, styling tools, and more. As the brand's first-ever department store partner, PATTERN expands Macy's portfolio of hair care products, specifically in the curl category.
- January 2023: Marks and Spencer announced its nearly half-a-billion investment in bigger, better stores across the UK. The retailer's investment will generate over 3,400 new jobs across the country and aims to create a fit for the future M&S store estate and a seamless experience for its customers every time they shop.
Department Stores Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights on Various Regulatory Trends Shaping the Market
4.5 Insights on impact of technology in the Market
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Apparel and Accessories
5.1.2 FMCG
5.1.3 Hardline and Softline
5.2 By Geography
5.2.1 North America
5.2.1.1 U.S
5.2.1.2 Canada
5.2.1.3 Rest of North America
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 France
5.2.2.3 Italy
5.2.2.4 U.K
5.2.2.5 Spain
5.2.2.6 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 South Korea
5.2.3.4 India
5.2.3.5 Australia
5.2.3.6 Rest of Asia-Pacific
5.2.4 Middle-East and Africa
5.2.4.1 Saudi Arab
5.2.4.2 South Africa
5.2.4.3 UAE
5.2.4.4 Rest of Middle-East and Africa
5.2.5 South America
5.2.5.1 Brazil
5.2.5.2 Mexico
5.2.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Marks and Spencer Group Plc
6.2.2 Macy's Inc
6.2.3 Sears Holdings Corp
6.2.4 Target Corporation
6.2.5 Nordstrom, Inc.
6.2.6 Walmart Inc
6.2.7 Isetan Mitsukoshi Holdings Ltd.
6.2.8 Kohl's Corporation
6.2.9 Chongqing Department Store Co. Ltd
6.2.10 Lotte Department Store*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
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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| FMCG | |
| Hardline and Softline |
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Department Stores Market Research 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.
What years does this Department Stores Market cover?
The report covers the Department Stores Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Department Stores Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the recent developments and trends in the Department Stores Market?
The recent developments and trends in the Department Stores Market are a) Technological advancements, and strategies like mergers, acquisitions, collaborations, and partnerships to maintain a competitive edge b) Technology adoption, especially in terms of point-of-sale systems and electronic transactions
Department Stores Industry Report
The global department store industry is poised for significant growth, fueled by the convenience of accessing a diverse range of products under one roof, saving consumers time and energy. These stores cater to various needs with offerings that include apparel, accessories, FMCG, and hardline and softline products. The hardline and softline segment leads the department store market share, driven by increasing demand for luxury home décor and designer furniture. Meanwhile, the apparel and accessories segment is expected to see the fastest growth, spurred by evolving fashion trends and the availability of affordable luxury items during festive seasons. Regionally, North America maintains a substantial market share, with Asia Pacific projected to experience the quickest expansion due to rising urbanization, disposable incomes, and lifestyle changes. Despite previous challenges such as store closures and disrupted supply chains, the department store industry is on a recovery path as restrictions lift and consumer spending increases. For detailed statistics, market share, size, and revenue growth insights, along with a comprehensive department store industry analysis and forecast, Mordor Intelligence™ offers industry reports available for download as a free report PDF. These reports provide valuable insights into department store industry trends, helping stakeholders make informed decisions.
