Global Department Store Retailing | Verdict Channel Report
Report description
The global department store market continued its recovery in 2011, and is poised for further increase in the coming years. While this growth is driven by emerging markets, primarily China, key department store markets such as Europe and North America remain subdued, with Japan’s oversaturated market in decline. Verdict forecasts that the market will grow by 21.7% between 2011 and 2015.
- Make informed investment decisions using department store expenditure forecasts to 2015 for seven defined regions.
- Benchmark your company's performance by accessing profiles of 12 department store operators including their global market shares.
- Glean how competitors have expanded internationally, via stores, online, or new retail formats and learn which is most suitable for your business.
- Understand why tourists are being targeted by department store operators and how they are increasing tourists' spend instore.
- Learn about Japan's shrinking department store market and how domestic players are investing in new retail formats to halt sales' declines.
The department store market is forecast to expand by 21.7% between 2011 and 2015, with increases expected across all regions except Japan. Growth in the core markets of Europe and North America will be subdued between 2011 and 2015, with CAGRs of 1.3% and 1.6% respectively, due to weak economic environments and growing uncertainty.
As consumer sentiment in the US has become negative, with consumers unwilling to pay full price on goods, retailers have tried to appeal to these consumers by opening discount outlets. These allow the retailer to offload old stock and attract new customers; however it is important that the discount format complements traditional full-priced stores.
The Japanese market is mature, and its decline has been exacerbated by recent natural disasters, leading to a fall in tourism and reduced spending by domestic consumers. Further declines in spending through the department store channel are forecast for the next four years, resulting in Japan accounting for just 12.4% of the global market in 2015.
- Which markets hold the most potential for department store retailers and should I invest in them? What countries are players expanding into?
- What can I learn from luxury stores on instore experience and what changes shall I make to customer service to stand out from competitors?
- How did department store operators such as Macy’s, Sears, Kohl’s, Nordstrom, JCPenney and Isetan Mitsukoshi perform last year?
Table of contents
OVERVIEW
•Introduction
•Summary
EXECUTIVE SUMMARY
•The effects of the global economic downturn in 2008–09 were short-lived
•Spending in department stores is achieving pre-recessionary growth levels in 2011
•The department store market is forecast to expand by 30.4% between 2010 and 2015
•North America is currently the largest region for department store retailing
•Concerns surrounding the sovereign debt crisis are impacting the European market
•Japan’s importance as a key department store market is diminishing
•The Asia Pacific region is dominated by the Chinese market
•The Latin American region will be the fastest growing market for department store sales
•E-commerce has become the focus for department stores
•New retail formats are becoming more prevalent in the department store market
•US department stores are opening discount stores to attract price-conscious consumers
•Sears is the largest department store operator by market share with Macy’s close behind
•The market share of the top 12 operators has been weakened by mid-sized players
STRATEGIC ACTION POINTS
•Department store retailers should aim to become international players
•In foreign markets, initially focus on destination stores in key cities
•Western European department stores should look to CEE
•Internationalize e-commerce operations
•Be flexible on store size and offer
•Offer consumers an innovative store environment
•Unique customer services will help to provide convenience to shoppers
•Offer consumers exclusive products
•Develop and enhance private label propositions
•Department stores can utilize discount channels to attract new shoppers
MARKET CONTEXT AND OUTLOOK
•Market definition
•The global department store market rebounded in 2010
•Asia Pacific (excluding Japan) now accounts for over 25% of global department store sales
•The global department store market is forecast to grow by 20% between 2011 and 2015
•European department stores are rebuilding sales, despite the lingering effects of the recession
Department store sales in Europe are forecast to grow in 2011, but are still below pre-recessionary levels
The strong sales growth achieved by UK department stores has boosted Europe's overall performance
El Corte Inglés is yet to relinquish its hold on the European market
Eastern Europe provides EU retailers with the opportunity for expansion
European department stores seek international expansion and aim to attract tourists
The European market is set for continued consolidation
Department stores have been eager to achieve growth by opening smaller format stores
Europe is set for muted growth between 2011 and 2015
•North American department stores have fought for survival
Department store sales in North America are slowly rebuilding after two years of decline
The discount format has piqued consumer interest at a time when spending has lowered
Retailers have had to streamline their store portfolios to remain profitable
Retailers have sought to differentiate their offering through private label
Growth in the North American market will remain subdued in the coming years
•Japan’s influence over the department store market continues to weaken as sales decline
Department store sales in Japan continue to fall
Japan’s tourist industry has heavily affected department store sales in 2011
Japanese department stores are taking action to combat the declining sales
Mergers and acquisitions have been common in the Japanese market
The Japanese department store market will experience marginal decline to 2015
•Asia Pacific (excluding Japan and China) remains a key growth area for department stores
The Asian market has achieved 23% growth in just five years
The South Korean department store market remains fairly concentrated, with three key players
Growth prospects in India are promising, although retail regulations have hindered market entry for foreign players
Cautious consumers in Australia will impact department store sales in the country
Indonesia is reaping the rewards of its modernizing retail sector
The Asia Pacific market will grow by 39% between 2011 and 2015
•China's department store market size has surpassed Japan
The Chinese department store market has doubled in size between 2006 and 2011
China's department store market is fragmented, with few national players
Players seek mergers and acquisitions to expand across the country
Department stores need to look to lower tier cities to expand further in China
Differentiation is key in the Chinese department store market
Retailers are floating on the stock exchange to fund expansion
China's department store market will grow by 60% between 2011 and 2015
•Latin America’s department store market achieved significant growth in 2010
The Latin American region provides considerable opportunity for growth for department stores
Few international department stores have entered the Latin American market due to the dominance of domestic players
Latin American has significant market potential for international players
Credit cards businesses provide department stores with profit
Double digit growth will continue for the next four years in the Latin American market
•The department store market in the Middle East and Africa remains the smallest globally
Interest in the Middle Eastern market is growing, however the regional market leader is South African
The UAE region holds the most potential for international players
Dubai is the primary location for retailers seeking Middle Eastern expansion
Spending through the department store channel will increase by 50% between 2011 and 2015
STRATEGIC ISSUES
•Department stores are expanding their networks to achieve a global presence
Retailers are launching online shops, with international delivery to reach a wider audience
Offering websites in a range of languages and currencies facilitates usage and encourages spending
Launching international stores requires heavy investment and market-specific knowledge
Retailers have made acquisitions to enter new markets
•Specialists intensify competition with department stores by enhancing their instore experience
Specialist players aim to boost sales by creating an inspiring instore shopping environment
Luxury brands are known for their exceptional customer service and innovative store design
Department stores can enhance their shopping experience by combining their areas of expertise
Department stores can host diverse events to engage consumers
•Shopping centers with a focus on luxury pose a threat to department stores
Similar product offerings create competition between department stores and shopping centers
Department stores must alter their product mix to compete with shopping centers
Outlet malls and villages have a similar proposition to department stores
•Department stores cannot ignore the threat posed by the online channel
Retailers are selling direct to customers online, minimizing potential department store sales
Department stores need to improve their website functionality to better compete with pureplays
Department stores can fight back by highlighting the benefits of shopping instore
•Department stores are introducing food ranges to compete with grocery retailers
•Department store operators are introducing private label or exclusive brands to drive sales
Private label brands provide consumers with a reason to visit stores
Department stores must dedicate prominent instore space to private labels to boost awareness
Private label is a key part of department store retailing in the US
Collaborations with designers and celebrities add clout to private label ranges
•Department stores are introducing new retail formats to find growth in saturated markets
Smaller format stores require less investment and are more flexible
New single-category stores allow retailers to capitalize on their best performing categories
Department stores are opening outlets in airports to target tourists
Discount formats are becoming more widespread as retailers aim to attract price-conscious consumers
Department stores are entering the members' only flash sales market
•Strategies to attract tourists are becoming more prevalent due to their high spending power
Department stores must attract tourists by advertising in appropriate locations
Stores should ensure that their product offering caters to foreign visitors
Department stores have introduced visitor discounts to encourage tourists' spending
More department stores are accepting foreign payment cards to attract tourists
Providing tourist-friendly services such as foreign language speakers helps to encourage spending
COMPANY COMPARISONS
•Sears remains as market leader despite pressure from Macy’s
APPENDIX
•Exchange rates
•Regional classification
•Methodology
Building up the market size
Forecasts
•Further reading
•Ask the analyst
•Verdict consulting
•Disclaimer
TABLES
•Table: Global department store market size, 2006–11e
•Table: Global department store market size, by region, 2006–11e
•Table: Regional market growth rates (%), by region, 2006–11e
•Table: Global department store expenditure ($bn) and year-on-year growth (%), 2006–15f
•Table: European department store market, total sales ($bn and €bn) and year-on-year growth (%), 2006–11e
•Table: European department store numbers and space, 2006–11e
•Table: North American department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Table: North American department store numbers and space, 2006–11e
•Table: Japanese department store market, total sales ($bn and JPYbn) and year-on-year growth (%), 2006–11e
•Table: Japanese department store numbers and space, 2006–11e
•Table: Asia Pacific (excluding Japan and China) department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Table: Asia Pacific (excluding Japan and China) department store numbers and space, 2006–11e
•Table: Chinese department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Table: Chinese department store numbers and space, 2006–11e
•Table: Latin American department store market, total sales ($bn) and year-on year growth (%), 2006–11e
•Table: Latin American department store numbers and space, 2006–11e
•Table: The Middle East and African department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Table: The Middle East and African department store numbers and space, 2006–11e
•Table: Top 12 global department store operators, by revenue ($m), 2006–11e
•Table: Top 12 global department store operators, by revenue growth (%), 2007–11e
•Table: Top 12 department store operators' global market shares (%), 2006–11e
•Table: Top 12 department store space and store numbers, 2008–09 to 2010–11
•Table: Top 12 department stores sales densities ($/sq m), 2008–09 to 2010–11
FIGURES
•Figure: Global department store expenditure ($bn), 2006–11e
•Figure: Share of department store expenditure, by region (%), 2006 and 2011e
•Figure: Department store expenditure, by region ($bn), 2006 and 2011e
•Figure: Global department store expenditure ($bn), 2006–15f
•Figure: Department store expenditure ($bn), by region, 2006–15f
•Figure: Share of department store expenditure by region (%), 2006, 2011e, and 2015f
•Figure: European department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Figure: European department store market, total sales ($bn) and year-on-year growth (%), 2006–15f
•Figure: North American department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Figure: North American department store market, total sales ($bn) and year-on-year growth (%), 2006–15f
•Figure: Japanese department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Figure: Japanese department store market, total sales ($bn) and year-on-year growth (%), 2006–15f
•Figure: Asia Pacific (excluding Japan and China) department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Figure: Asia Pacific (excluding Japan and China) department store market, total sales ($bn) and year-on-year growth, 2006–15f
•Figure: Chinese department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Figure: Chinese department store market, total sales ($bn) and year-on-year growth (%), 2006–15f
•Figure: Latin American department store market, total sales ($bn) and year-on year growth (%), 2006–11e
•Figure: Latin American department store market, total sales ($bn) and year-on-year change (%), 2006–15f
•Figure: The Middle East and African department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Figure: The Middle East and African department store market, total sales ($bn) and year-on-year growth (%), 2006–15f
•Figure: A FindMore fixture in a JCPenney store
•Figure: Sears' Puerto Rican website is available in both English and Spanish
•Figure: Macy's website on August 19, 2011, highlighting international shipping
•Figure: Saks' international delivery destinations
•Figure: Galeries Lafayette in Berlin, Germany
•Figure: Lotte department store in Tianjin, China
•Figure: The Magic Mirror in The Disney Store, Belfast
•Figure: A sculpture by Takashi Murakami in the Louis Vuitton London store
•Figure: Nordstrom's online and instore beauty advice service
•Figure: The IFC Mall in Shanghai, China
•Figure: H&M shop-in-shop launched in Selfridges on August 25, 2011
•Figure: JCPenney's Arizona's children's clothing line
•Figure: Discounts offered on Bloomingdale's website for its Insiders cardholders
•Figure: Search for pink accessories on asos.com
•Figure: Product suggestions on Bloomingdale's online shop
•Figure: Takashimaya's online list of best-selling items by product category
•Figure: Links to Takashimaya's blog and Facebook page on its transactional website
•Figure: Harrods' food hall, London
•Figure: Shinsegae department store's food hall in Gangnam, South Korea
•Figure: Marks & Spencer standalone beauty store in Mumbai, India
•Figure: A John Lewis at Home store in the UK
•Figure: Harrods at Heathrow airport in the UK
•Figure: Saks' OFF 5th format
•Figure: El Corte Inglés's Primeriti.com flash sale site
•Figure: Market shares of the top 12 department store operators, 2011e
•Figure: Operating margins of the top 11 department store operators, 2010–11
•Introduction
•Summary
EXECUTIVE SUMMARY
•The effects of the global economic downturn in 2008–09 were short-lived
•Spending in department stores is achieving pre-recessionary growth levels in 2011
•The department store market is forecast to expand by 30.4% between 2010 and 2015
•North America is currently the largest region for department store retailing
•Concerns surrounding the sovereign debt crisis are impacting the European market
•Japan’s importance as a key department store market is diminishing
•The Asia Pacific region is dominated by the Chinese market
•The Latin American region will be the fastest growing market for department store sales
•E-commerce has become the focus for department stores
•New retail formats are becoming more prevalent in the department store market
•US department stores are opening discount stores to attract price-conscious consumers
•Sears is the largest department store operator by market share with Macy’s close behind
•The market share of the top 12 operators has been weakened by mid-sized players
STRATEGIC ACTION POINTS
•Department store retailers should aim to become international players
•In foreign markets, initially focus on destination stores in key cities
•Western European department stores should look to CEE
•Internationalize e-commerce operations
•Be flexible on store size and offer
•Offer consumers an innovative store environment
•Unique customer services will help to provide convenience to shoppers
•Offer consumers exclusive products
•Develop and enhance private label propositions
•Department stores can utilize discount channels to attract new shoppers
MARKET CONTEXT AND OUTLOOK
•Market definition
•The global department store market rebounded in 2010
•Asia Pacific (excluding Japan) now accounts for over 25% of global department store sales
•The global department store market is forecast to grow by 20% between 2011 and 2015
•European department stores are rebuilding sales, despite the lingering effects of the recession
Department store sales in Europe are forecast to grow in 2011, but are still below pre-recessionary levels
The strong sales growth achieved by UK department stores has boosted Europe's overall performance
El Corte Inglés is yet to relinquish its hold on the European market
Eastern Europe provides EU retailers with the opportunity for expansion
European department stores seek international expansion and aim to attract tourists
The European market is set for continued consolidation
Department stores have been eager to achieve growth by opening smaller format stores
Europe is set for muted growth between 2011 and 2015
•North American department stores have fought for survival
Department store sales in North America are slowly rebuilding after two years of decline
The discount format has piqued consumer interest at a time when spending has lowered
Retailers have had to streamline their store portfolios to remain profitable
Retailers have sought to differentiate their offering through private label
Growth in the North American market will remain subdued in the coming years
•Japan’s influence over the department store market continues to weaken as sales decline
Department store sales in Japan continue to fall
Japan’s tourist industry has heavily affected department store sales in 2011
Japanese department stores are taking action to combat the declining sales
Mergers and acquisitions have been common in the Japanese market
The Japanese department store market will experience marginal decline to 2015
•Asia Pacific (excluding Japan and China) remains a key growth area for department stores
The Asian market has achieved 23% growth in just five years
The South Korean department store market remains fairly concentrated, with three key players
Growth prospects in India are promising, although retail regulations have hindered market entry for foreign players
Cautious consumers in Australia will impact department store sales in the country
Indonesia is reaping the rewards of its modernizing retail sector
The Asia Pacific market will grow by 39% between 2011 and 2015
•China's department store market size has surpassed Japan
The Chinese department store market has doubled in size between 2006 and 2011
China's department store market is fragmented, with few national players
Players seek mergers and acquisitions to expand across the country
Department stores need to look to lower tier cities to expand further in China
Differentiation is key in the Chinese department store market
Retailers are floating on the stock exchange to fund expansion
China's department store market will grow by 60% between 2011 and 2015
•Latin America’s department store market achieved significant growth in 2010
The Latin American region provides considerable opportunity for growth for department stores
Few international department stores have entered the Latin American market due to the dominance of domestic players
Latin American has significant market potential for international players
Credit cards businesses provide department stores with profit
Double digit growth will continue for the next four years in the Latin American market
•The department store market in the Middle East and Africa remains the smallest globally
Interest in the Middle Eastern market is growing, however the regional market leader is South African
The UAE region holds the most potential for international players
Dubai is the primary location for retailers seeking Middle Eastern expansion
Spending through the department store channel will increase by 50% between 2011 and 2015
STRATEGIC ISSUES
•Department stores are expanding their networks to achieve a global presence
Retailers are launching online shops, with international delivery to reach a wider audience
Offering websites in a range of languages and currencies facilitates usage and encourages spending
Launching international stores requires heavy investment and market-specific knowledge
Retailers have made acquisitions to enter new markets
•Specialists intensify competition with department stores by enhancing their instore experience
Specialist players aim to boost sales by creating an inspiring instore shopping environment
Luxury brands are known for their exceptional customer service and innovative store design
Department stores can enhance their shopping experience by combining their areas of expertise
Department stores can host diverse events to engage consumers
•Shopping centers with a focus on luxury pose a threat to department stores
Similar product offerings create competition between department stores and shopping centers
Department stores must alter their product mix to compete with shopping centers
Outlet malls and villages have a similar proposition to department stores
•Department stores cannot ignore the threat posed by the online channel
Retailers are selling direct to customers online, minimizing potential department store sales
Department stores need to improve their website functionality to better compete with pureplays
Department stores can fight back by highlighting the benefits of shopping instore
•Department stores are introducing food ranges to compete with grocery retailers
•Department store operators are introducing private label or exclusive brands to drive sales
Private label brands provide consumers with a reason to visit stores
Department stores must dedicate prominent instore space to private labels to boost awareness
Private label is a key part of department store retailing in the US
Collaborations with designers and celebrities add clout to private label ranges
•Department stores are introducing new retail formats to find growth in saturated markets
Smaller format stores require less investment and are more flexible
New single-category stores allow retailers to capitalize on their best performing categories
Department stores are opening outlets in airports to target tourists
Discount formats are becoming more widespread as retailers aim to attract price-conscious consumers
Department stores are entering the members' only flash sales market
•Strategies to attract tourists are becoming more prevalent due to their high spending power
Department stores must attract tourists by advertising in appropriate locations
Stores should ensure that their product offering caters to foreign visitors
Department stores have introduced visitor discounts to encourage tourists' spending
More department stores are accepting foreign payment cards to attract tourists
Providing tourist-friendly services such as foreign language speakers helps to encourage spending
COMPANY COMPARISONS
•Sears remains as market leader despite pressure from Macy’s
APPENDIX
•Exchange rates
•Regional classification
•Methodology
Building up the market size
Forecasts
•Further reading
•Ask the analyst
•Verdict consulting
•Disclaimer
TABLES
•Table: Global department store market size, 2006–11e
•Table: Global department store market size, by region, 2006–11e
•Table: Regional market growth rates (%), by region, 2006–11e
•Table: Global department store expenditure ($bn) and year-on-year growth (%), 2006–15f
•Table: European department store market, total sales ($bn and €bn) and year-on-year growth (%), 2006–11e
•Table: European department store numbers and space, 2006–11e
•Table: North American department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Table: North American department store numbers and space, 2006–11e
•Table: Japanese department store market, total sales ($bn and JPYbn) and year-on-year growth (%), 2006–11e
•Table: Japanese department store numbers and space, 2006–11e
•Table: Asia Pacific (excluding Japan and China) department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Table: Asia Pacific (excluding Japan and China) department store numbers and space, 2006–11e
•Table: Chinese department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Table: Chinese department store numbers and space, 2006–11e
•Table: Latin American department store market, total sales ($bn) and year-on year growth (%), 2006–11e
•Table: Latin American department store numbers and space, 2006–11e
•Table: The Middle East and African department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Table: The Middle East and African department store numbers and space, 2006–11e
•Table: Top 12 global department store operators, by revenue ($m), 2006–11e
•Table: Top 12 global department store operators, by revenue growth (%), 2007–11e
•Table: Top 12 department store operators' global market shares (%), 2006–11e
•Table: Top 12 department store space and store numbers, 2008–09 to 2010–11
•Table: Top 12 department stores sales densities ($/sq m), 2008–09 to 2010–11
FIGURES
•Figure: Global department store expenditure ($bn), 2006–11e
•Figure: Share of department store expenditure, by region (%), 2006 and 2011e
•Figure: Department store expenditure, by region ($bn), 2006 and 2011e
•Figure: Global department store expenditure ($bn), 2006–15f
•Figure: Department store expenditure ($bn), by region, 2006–15f
•Figure: Share of department store expenditure by region (%), 2006, 2011e, and 2015f
•Figure: European department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Figure: European department store market, total sales ($bn) and year-on-year growth (%), 2006–15f
•Figure: North American department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Figure: North American department store market, total sales ($bn) and year-on-year growth (%), 2006–15f
•Figure: Japanese department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Figure: Japanese department store market, total sales ($bn) and year-on-year growth (%), 2006–15f
•Figure: Asia Pacific (excluding Japan and China) department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Figure: Asia Pacific (excluding Japan and China) department store market, total sales ($bn) and year-on-year growth, 2006–15f
•Figure: Chinese department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Figure: Chinese department store market, total sales ($bn) and year-on-year growth (%), 2006–15f
•Figure: Latin American department store market, total sales ($bn) and year-on year growth (%), 2006–11e
•Figure: Latin American department store market, total sales ($bn) and year-on-year change (%), 2006–15f
•Figure: The Middle East and African department store market, total sales ($bn) and year-on-year growth (%), 2006–11e
•Figure: The Middle East and African department store market, total sales ($bn) and year-on-year growth (%), 2006–15f
•Figure: A FindMore fixture in a JCPenney store
•Figure: Sears' Puerto Rican website is available in both English and Spanish
•Figure: Macy's website on August 19, 2011, highlighting international shipping
•Figure: Saks' international delivery destinations
•Figure: Galeries Lafayette in Berlin, Germany
•Figure: Lotte department store in Tianjin, China
•Figure: The Magic Mirror in The Disney Store, Belfast
•Figure: A sculpture by Takashi Murakami in the Louis Vuitton London store
•Figure: Nordstrom's online and instore beauty advice service
•Figure: The IFC Mall in Shanghai, China
•Figure: H&M shop-in-shop launched in Selfridges on August 25, 2011
•Figure: JCPenney's Arizona's children's clothing line
•Figure: Discounts offered on Bloomingdale's website for its Insiders cardholders
•Figure: Search for pink accessories on asos.com
•Figure: Product suggestions on Bloomingdale's online shop
•Figure: Takashimaya's online list of best-selling items by product category
•Figure: Links to Takashimaya's blog and Facebook page on its transactional website
•Figure: Harrods' food hall, London
•Figure: Shinsegae department store's food hall in Gangnam, South Korea
•Figure: Marks & Spencer standalone beauty store in Mumbai, India
•Figure: A John Lewis at Home store in the UK
•Figure: Harrods at Heathrow airport in the UK
•Figure: Saks' OFF 5th format
•Figure: El Corte Inglés's Primeriti.com flash sale site
•Figure: Market shares of the top 12 department store operators, 2011e
•Figure: Operating margins of the top 11 department store operators, 2010–11
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