Global Department Stores Market By Type (Clothing and footwear, Homeware and kitchenware, home d?cor, furniture, and home improvement, Home and kitchen appliances, personal care products, and consumer electronics, Bags, wallets, and luggage, and Watches and jewelry), By Application (Large size, and Small size), By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2020-2029

Report Overview

The global department store market was worth US$ 1,15,150 million in 2021. It is projected to grow at a compound annual growth rate of 5.4% between 2023 and 2032. The departmental store allows customers to shop for all their products at one location. It will enable customers to shop conveniently and saves them time and energy. It is a great way to increase the market growth. The market is further fueled by the fact that many products from different retailers or manufacturers are sold in various department stores. The market was negatively affected by the COVID-19 epidemic. Due to a tight lockdown, all department stores across the globe were closed during COVID-19. The disruption of supply chains also affected global retailers who run the business.

Global Department Store Market Scope:

Product type analysis

Hardline and soft line segments dominated the market, contributing a revenue share exceeding 46.2% in 2021. The detail is expected to grow at a CAGR of 4.7% between 2023 and 2032. The growth of the soft line and hardline segments is mainly due to the rising demand among young people to decorate their homes and have designer furniture. The convenience of choosing directly from department stores is another advantage. The organized products and increasing demand for high-end home decor items drive further growth in the soft and hardline segments.

The apparel and accessories market is forecast to grow at the fastest CAGR rate during the forecast period. From 2023 to 2032, the apparel and accessories sector will experience the highest CAGR at 5.8%. The key drivers of growth in the apparel and accessory segment are rising fashion trends among young people and the changing retail landscape across different brands. Many department stores offer amazing deals and affordable prices occasionally during festive seasons, another reason for the expansion of the apparel and accessories segment in department stores. Market demand is also increasing due to the high spending by financially independent women worldwide on accessories and apparel.

Application analysis

The clothing department stores sell accessories and clothing from a variety of departments. There are many options, including clothing for women, men, and children and pet supplies. The department store retail service is a type that is used in retailing and provides a place for customers to purchase toiletries. These services may be offered in physical stores or online through websites.

Cosmetics department stores may stock various products, including lipsticks, perfumes, and soaps. You can also find beauty products in department stores, such as lotions, toothbrushes, and hair care items that are not available at traditional drugstores. A department store stocks a variety of home appliances, including primary kitchen products and high-end brands. There are many models and features to choose from in department stores, including refrigerators with different features.

Кеу Маrkеt Ѕеgmеntѕ

By Product Type

• Apparel and Accessories
• FMCG
• Hardline and Softline

By Application

• Clothing
• Toiletries
• Cosmetics
• Home Appliances
• Other Applications

Market Dynamics:

A departmental store is an area of a retail company that houses several departments. Each department is specialized in a particular type of merchandise or business. Each department is centrally managed and operates under one management and control. A departmental store is a retail area that sells many merchandise segments, including men’s and womenswear, accessories, household furnishing, and men’s wear. This type of store is gaining popularity due to the extensive range of goods and the ease it provides for customers.

Many benefits come with department stores, such as offering a variety of clothing shops, food courts, and many other services in one place. This saves customers time and energy by having a wide range of goods in one place. Department stores often offer discounted prices, which attracts more customers to their stores and contributes to the growth of this market. Customers can find the products they need in department stores by searching for them in organized categories. Customers can also look at similar products from the same store.

The global market for department stores has negatively affected the COVID-19 pandemic. Retailers around the globe reported a sharp drop in revenue due to the long-term closures of physical stores. The disruption of supply chains also affected global retailers. Other than groceries and pharmacies, other department stores saw a drop in footfall during the pandemic. This resulted in huge losses for the retailers. It was also observed that the retail industry saw a decline in sales.

Regional Analysis

North America was the largest market share, with over 45% in 2021. North America’s rapid urbanization is increasing the need for environmentally-friendly department stores. The growth of this market is also aided by the presence of key players such as Target Corporation, Macy’s Inc., and Walmart Inc. They are convenient and offer a wide range of products from various retailers. The region is projected to grow at a substantial CAGR during the forecast period.

Asia Pacific will experience the highest CAGR at 5.8% between 2023 and 2032. Indian retail is seeing a boost from digitization, urbanization, rising disposable incomes, lifestyle changes, especially among the middle class, and growing digitization. To attract customers and increase revenue, department store owners are using AI and biometrics. This region is also seeing a rise in the number of Indians who are educated, have middle-class incomes, live in better places, and are willing to spend more money. The region is forecast to grow at the fastest CAGR rate over the forecast period.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Market players include both established and new players. The market’s major players offer many advantages, including expansion. Lotte Department Store opened a hypermarket at Incheon Terminal & Incheon Branch in 2019 and a brand new department store in Korea. The store will feature a range of luxurious and fashionable products from domestic and international brands, as well as Lotte. The following are some of the most prominent players in the global market for department stores:

Маrkеt Кеу Рlауеrѕ:

• Marks and Spencer Group Plc
• Macy’s Inc.
• Sears Holdings Corp
• Target Corporation
• Nordstrom, Inc.
• Walmart Inc.
• Isetan Mitsukoshi Holdings Ltd.
• Kohl’s Corporation
• Chongqing Department Store Co. Ltd
• Lotte Department Store
• Other Key Players

For the Department Stores Market research study, the following years have been considered to estimate the market size: