Department Stores Market size was estimated to reach USD 166.08 billion by 2028

 Department Stores Industry Overview

The global department stores market size was valued at USD 117.15 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.1% from 2022 to 2028.

 

A departmental store offers to purchase all the necessary items under one roof and the customers are not required to go from one store to another for purchasing products. This factor provides great convenience to the customers and also saves their time and energy, thus driving the overall market growth. Moreover, a wide variety of products from different manufacturers or retailers are sold in separate department stores, thus further driving the market. The COVID-19 outbreak negatively impacted the market. During COVID-19, department stores around the world remain closed due to strict lockdown across the globe. Moreover, supply chains were disturbed which affected the global retailers running the business.

 

Gather more insights about the market drivers, restrains and growth of the Global Department Stores Market

 

A departmental store is a part of a retail organization having several separate departments under one roof. Each department specializes in one particular kind of merchandise or business. These departments are centrally managed and operate under one united management and control. A departmental store is a part of retailing that does business in many segments of merchandise, which includes men’s wear, women’s wear, accessories, and household furnishing. They are gaining popularity because it includes a large variety of goods that are sold under one roof and provides convenience to customers.

 

Department stores have numerous benefits such as it can provide various clothing stores, food courts, and much more in a single place by different vendors. These stores provide a variety of goods under one roof which saves the time and energy of the customers. Moreover, department stores occasionally offer their products at discounted rates which are further attracting consumers to visit the stores thereby attributing to the growth of the market. Department stores offer organized products so that customers can easily get their required ones. Additionally, it gives the customers a chance to look at similar products under the same roof.

 

The COVID-19 pandemic has negatively impacted the global department stores market. During the pandemic, retailers around the world reported a severe drop in their revenue due to the prolonged closure of physical stores. Also, supply chains were disturbed which affected the global retailers running the business. Except for groceries and pharmacies all other department stores had seen a fall in physical footfall during the pandemic which resulted in a huge loss to the retailers. Also, it was observed that retail industry sales plunged around 20% from February to April with a very large decline of 89% in clothing and accessories stores and 45% in department stores. The revenue generated from department stores declined as the retail sector was hit badly since the outbreak of the COVID-19 pandemic.

 

Browse through Grand View Research's Clothing, Footwear & Accessories Industry Research Reports

  • Men's Underwear Market: The global men’s underwear market size was valued at USD 37.11 billion in 2022 and is expected to register a compound annual growth rate CAGR of 5.4% from 2023 to 2030.
  • Luxury Footwear Market: The global luxury footwear market size was valued at USD 30.72 billion in 2021 and is expected to register a CAGR of 7.3% from 2022 to 2030. 

 

Key Companies Profile

Some of the prominent players 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 Department Stores Market Intelligence Study, published by Grand View Research. 

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