Department Store Retailing - US - September 2016
"There is no doubt about it: department stores are struggling to stay relevant in today’s retail climate – losing sales, customers, retail space, and partner brands. Sales continue to fall YOY (year-over-year) with no signs of stoppage in the foreseeable future. Radical change and innovation is needed in the sector and even then, not all stores may survive. Consumers have a soft spot in their hearts for their favorite department stores though, but continue to be lured by other channels and retailers who are just a little bit faster, more convenient, or more affordable. Department stores need to accept they cannot be all things to all people and focus on what they can do well: drive connections with omnichannel shoppers, provide superior customer service, and offer innovative experiential reasons to shop the brands."
- Diana Smith, Associate Director - Retail & Apparel
This report discusses the following key topics:
Downward spiral continues
Channel-shifting is occurring
Location and price are barriers
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