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 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.