Published on : Dec 28, 2016
ALBANY, NY, Dec 28, 2016: The research report, titled “ Global Department Stores Retailing 2015-2020,” offers an unbiased assessment of this market, taking into account key trends, opportunities, driving factors, challenges, and future prospects into consideration. As per the research report, the global department stores retailing is estimated to expand at a CAGR of 5.4% during the period from 2015 to 2020. The growing purchasing power of the middle class population, especially in emerging economies, is estimated to be a strong driver for this market.
According to the report, the department stores retailing market is expected to reach US$675.9 bn by 2020. As per the report, the clothing and footwear segment is expected to lead in terms of category by 2020. There is a surge in the off-price department store sales in North America and this format is soon expected to achieve popularity in Europe as well, thus driving the market towards growth. The U.S. is expected to be the largest market in spite of sluggish growth in the coming years.
Emerging nations in particular are witnessing an expansion in department stores, owing to a growing number of young working professionals. Indonesian department stores retailing market is expected to witness the fastest growth between 2015 and 2020. India and Philippines are expected to trail after Indonesia. Additionally, new concepts are being introduced for enhancing shopping experience. These include virtual reality and augmented reality. All these factors are estimated to have a positive impact on the growth of the market in the coming years.
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The global department stores retailing market is driven by the increase in sales through store credit cards as stores offer attractive deals and discounts on their own cards. Customers are thus, attracted towards availing these benefits as they also come with easier installment payment options, and sometimes even offer interest-free purchases. Players in the market are making use of electronic and social media apart from the print media to advertise and this is benefitting the market. Other factors boosting the growth of the market include increase in the disposable income and an improvement in the consumer spending pattern over the last few years.
The entry barriers for new players in the global department stores retailing market is expected to be high. Players in the market are making use of economies of scale to achieve profits. The market will also witness merger and acquisition activities in the coming years.
The report covers the top 50 largest retail markets in 24 European countries, 12 Asia Pacific countries, nine American countries, and five from the Middle East and Africa. It gives an overview of the global department stores retail market, pointing out the leading and declining markets as well as the fastest-growing market.
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