The Department Store Retailing Market To Stay Put Based On Innovations

On the back of these factors, global sales of the departmental store retailing market are projected to reach US$ 12.6 Bn by the end of 2030. According to PMR’s report, the departmental store retailing market is estimated to register a CAGR of more than 4% over the forecast period of 2020-2030.

Rising competition has led retailers to extend product categories within private label brands as one way of approaching customers. The introduction of private label brands can also lead to building consumer loyalty and create differentiation among competitors. For example, in 2019, Kohl’s Inc. launched a significant number of new brands offering newness for its customers.

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Key Takeaways from Departmental Store Retailing Market Study

• The global departmental store retailing market represents a highly fragmented competition landscape, where a majority of key players maintain their strategic focus on pricing, product strategy, digital advertising of products, and remodelling supply chain network.
• PMR identified Asia Pacific as the largest market for departmental store retailing in 2019, followed by North America, attributable to the fact that, customers need high quality products with satisfactory services. With increasing the per capita spending on FMCG and consumer good products, globally, customers are more likely to spend on quality instead of quantity.
• Based on license, the branded segment holds the highest value share in the departmental store retailing market. However, food and beverages are accounted for as the most preferred category, and thus hold the highest volume share in the global market.
• By store type, mid-range department stores hold the largest market share as compared to its others.

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Amid the outbreak of the global COVID-19 pandemic, the community code word is – stay at home, stay safe. Even though most stores have returned to business, a few departmental stores were up and running even during the lockdown. However, there is apprehension over the public visiting.The FDA is sharing information about best practices to operate retail food stores, restaurants, and associated pick-up and delivery services during the COVID-19 pandemic, so as to safeguard workers and consumers. Thus, the departmental store retailing market experienced slightly low sales in 1st two quarters of 2020, and is expected to be back on track from the 4th quarter of 2020.

A brief overview of the changing landscape of the departmental store retailing market has led our analysts to conclude that, the market is gaining momentum. Adoption of automated department stores and artificial intelligence is expected to influence the overall market over the coming years.On the other side, increasing demand for premium brands, especially in the U.S., Canada, U.K. and other countries, is expected to continue in the future. Also, costumers are changing the way they shop; therefore, department store retailers should provide the ability to accept payments in the environment that allow easy experience to customers, with secure and convenient payments at physical checkouts.

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What Does the Future Hold?

No sooner did the COVID-19 pandemic hit, a majority of store retailers shifted to Internet retailing. The trend of omni-channel retailing had begun even before the COVID-19 pandemic became known to the world. However, the lockdown period was a nail in the coffin. Just from February to March 2020, there has been a dramatic shift to e-Commerce: the use of online grocery services more than doubled.

A more important fact is that, a considerable section of new e-Commerce users intend to continue with online retailing. This omni-channel shift during the lockdown has been driving sales mostly across the food and beverage category. Primarily, stores that develop effective omni-channel capabilities so as to maintain position among physical grocers and also in a digital sphere will drive the momentum of the departmental store retailing market.

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