Department Stores Market Size, Share, Growth Analysis, By Product type(Apparel and Accessories, FMCG and Hardline and Softline), By License(Branded and Unbranded), By Region - Industry Forecast 2024-2031

Report ID: SQMIG30C2087 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 60 | Figures: 76

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.

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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).

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. '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', '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.'

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.

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.

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Department Stores Market Size, Share, Growth Analysis, By Product type(Apparel and Accessories, FMCG and Hardline and Softline), By License(Branded and Unbranded), By Region - Industry Forecast 2024-2031

Department Stores Market Regional Insights

Department Stores Market Report Snapshots

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