Retailer Deep Dive: Department Stores - Strategic issues and market trends affecting department stores
Department stores are transforming their business model and strategy to survive as they are encounter business challenges, such as lack of differentiation and deteriorating multi-channel service quality. Additionally, in order to stay profitable, department store chains are adopting a smaller store format as well as making efforts to offer personalized service to their customers.
In-store sales and sales density are declining across the top 100 department stores. Although this channel is witnessing an increase in store numbers, the total retail space of top 100 department stores is declining. This shows that department stores are gradually shifting from standard to small store format. Clothing & footwear accounts for the highest sales through the department store channel. The home category is forecast to grow at a higher CAGR compared to other channels.
Asia-Pacific region is witnessing the highest sales in the department stores channel. However, Mass market has the highest sales value among the four price positioning segment. North America and Middle East & Africa region are observing positive sales growth across both premium and luxury segments.
Retailer Deep Dive: Department Stores, a Deep Dive report, is one among the many products in the Digital Industry product portfolio, which provides an executive-level overview of specific retail outlets i.e. department stores. The report presents a summary of market trends and strategic issues impacting these retail outlets.
It provides in-depth analysis of the following -
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