Market Size of Department Stores Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Department Stores Market Analysis
Department Stores Market is expected to register a CAGR of more than 6% over the next 5 years. The growth in population and rising income of the people have increased the demand for global products, leading to the positive trend of the departmental stores. Individuals need not go to different shops to purchase products.in this case, departmental stores help customers buy various products under one roof. Departmental stores provide convenience and save the time & energy of the customers, which also drives the market's growth.
Departmental stores are usually placed in urban areas and the center of the city, near all types of transportation. Department stores have numerous benefits, such as providing clothing stores, food courts, and much more in a single place by different vendors. The stores offer discount prices for the products with the massive trend in the market growth. Technology usage in self-checkout and automated payments in departmental stores helps the customer with a faster and correct amount of bill payments.
The COVID-19 pandemic had negatively impacted the global departmental stores due to supply chain disruption and the timely closure of the stores. Competition in this industry was highly aggressive and involved many changes from time to time to incorporate new ideas and new discounts that drew more consumers to the stores. Most department stores offered all price range products irrespective of the income level of the customers to attract and satisfy the income level of customers.
