World Department Store Retail Market to Post 5.4% CAGR through 2020, States Verdict Retail in Its Study Published at MarketPublishers.com06 Dec 2016 • by Natalie Aster
LONDON – Worldwide, the department store retail marketplace is poised to gain traction, registering a 5.4% CAGR up to 2020, driven by an increase in the purchasing power of the middle-class, young professionals, and department stores’ expansion in emerging markets.
The value of global department store retail sales is projected to reach USD 675.9 billion by 2020-end, with developing economies acting as the major impetus for growth.
Off-price department stores are seeing a positive turn in sales across North America, and this format is anticipated to grow in popularity in Europe in the offing. With a view to providing a seamless customer experience, department store retailers are elaborating novel innovative concepts like augmented reality, virtual reality, among others.
Clothing and footwear continued to be the most popular category across the channel.
Shoppers looking for savings and discounts are giving a boost to sales in off-price department stores.
Indonesia is likely to register the fastest growth in the offing, followed by India and the Philippines. Notwithstanding a sluggish growth, the US is forecast to keep on dominating the market globally in 2020.
Insightful research report “Global Department Stores Retailing 2015-2020” created by Verdict Retail gives in-depth insights into the department stores retail sector worldwide. It covers current market sizing and category forecasts; sheds light on the most swiftly growing markets and categories in the world. For each region and country the report gives provides forecasts of the market size and categories, and features leading retailers, top innovative retailers, and trends in the department store retail landscape.
The research publication covers the 50 largest retail markets worldwide.
More cutting-edge studies by our partner are available at its page.