Department Stores Market Growth & Trends
The global department stores market size was estimated to reach USD 166.08 billion by 2028 and is expected to grow at a CAGR of 5.1% from 2022 to 2028, according to a new report by Grand View Research, Inc. The popularity of offering specified products by various retailers under the same roof eliminating the need to go to another store for different needs, which saves both time and energy for the customer is the major factor driving the growth of the market.
Department Stores Market Segmentation
Grand View Research has segmented the global department stores market based on product type, and region:
Based on the Product Type Insights, the market is segmented into Apparel and Accessories, FMCG, Hardline and Softline.
- The hardline and softline segment dominated the market and contributed a revenue share of over 47% in 2021 and is projected to grow at a CAGR of 4.5% from 2022 to 2028. The rising trend among the new generation to have designer furniture and decorate their home are the major factor driving the hardline and softline segment growth. Moreover, the variety of products offered by department stores are providing convenience to the customers to directly choose from the stores. Hence, the organized products and growing demands for luxury home décor items are further driving the growth of the hardline and softline segment.
- The apparel and accessories segment is expected to witness the highest CAGR of 5.8% from 2022 to 2028. The rising fashion trends among the young population, coupled with the evolving retail landscape across different brands, are the key factors driving the apparel and accessories segment growth. Additionally, various retailers offer great deals and affordable prices at the department stores occasionally during festive seasons which is another factor driving the growth of department stores' apparel and accessories segment. Additionally, the high spending on apparel and accessories by financially independent women across the globe is again increasing the market demand. Thus, the apparel and accessories segment is expected to grow at the fastest CAGR over the forecast period.
Department Stores Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East and Africa (MEA)
Key Companies Profile & Market Share Insights
The market is characterized by the presence of established as well as new players. Major players operating in this market are offering various advantages such as expansion.
Some of the prominent players operating in the global department stores market include,
- 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
Order a free sample PDF of the Department Stores Market Intelligence Study, published by Grand View Research.
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