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The department stores market has risen 11.9% between 2013 and 2018 to reach £19.5bn in 2018, with the channel outperforming growth in overall non-food retail expenditure (+8.9% in the same period) and is forecast to account for 10.6% of non-food retail spend in 2018. Luxury department stores, such as Fortnum & Mason and Harrods have driven growth, benefitting from the weak pound following the Brexit vote which subsequently boosted in tourism.
- The performance of the luxury and midmarket players has been, and will remain, extremely polarised. Luxury players, Fortnum & Mason, Harrods and Selfridges experienced the highest sales growth between 2013 and 2018, and Marks & Spencer, Fenwick and Beales experienced the greatest decline, while Debenhams and House of Fraser’s sales have remained fairly flat.
- The online department stores channel has grown 88.3% over the past five years as the major players have invested heavily in improving their online platforms and fulfilment options, as footfall in stores has weakened.
- Over half of department store shoppers (60.8%) agreed that they visited department stores because of the food services on offer, and restaurants and cafes were the most used service of all facilities available. With retail sales flagging this is a prime opportunity for players to drive additional footfall while diversifying revenue streams and also enabling retailers to differentiate themselves in an increasingly competitive landscape.
Reasons to buy
- Using our five year forecasts to 2023, learn which sectors within department stores will be the fastest growing to ensure these areas are prioritised in terms of focus and investment.
- Understand what drives consumers to use department stores for their purchases, such as instore services, value for money and product range in order to maximise sales potential.
- Use our in-depth analysis of the leading retailers in the department store market in order to understand how to appeal shoppers and maximise market share.
- Discover which segments of the market are forecast to prosper out to 2023, and understand which retailers are best placed to take advantage.
- Utilise our online forecasts to 2023 to consider how to exploit online potential and decide which age groups to target via the channel.
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Major Companies Mentioned:
Marks & Spencer
House of Fraser
Fortnum & Mason
Major Points From Table Of Content:
THE HOT ISSUES
Market drivers and inhibitors in the department stores channel
Main issues in department stores:
Department stores need to diversify to drive appeal, as beauty halls lack differentiation
Clothing specialists are increasingly replacing department stores as the anchors in shopping centres
Driving loyalty is key, as one third of consumers spend less in physical department stores
Surplus space must be closed or rapidly repurposed
A unique shopping experience is vital as online spend rises
Profits under pressure as operating costs continue to rise faster than sales
Strategies for success
WHAT PEOPLE BUY
Overall channel size and five year growth rates
Annual channel growth and inflation and volume growth
Department store annual growth rates vs. total retail growth rates and non-food total retail growth rates 2013-2023e
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