Feb 27, 2014
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Department store sales to rise 22% by 2019

Feb 27, 2014

The department store market is expected to reach 100 billion dollars in sales by 2019, a 22.2% increase largely propelled by the Asia-Pacific region and mostly by China. These figures are part of the Global Department Store Retailing study by Verdict, a retail research company.

Forecast 2019 - Verdict

In the next five years, China is expected to account for 30% of global department store sales, benefiting from an increase in domestic consumption that should favor both local and international retailers. The main increases in department store business will happen in the Asia-Pacific region (49.5%), Latin America (40.9%), China (38.1%) and the Middle East and Africa (36.1%), with growth expected to be lower in North America (+12.6%) and Europe (10.2%). Japan, where for a long time department stores flourished, is expected to increase only 1.1%.

Department store market shares in 2014 - Verdict

The Asia Pacific region's market share of this channel’s sales is forecast at 49%, ahead of North America with 26.4%, and Europe with 18.7%. Latin America is expected to account for 4.5% and Africa and the Middle East will constitute 1.4% of total global department store sales.

Verdict also presented statistics covering the past five years. No retailer showed much growth for this period. Macy's (+0.3%) and especially Nordstrom (+0.7%) were the biggest gainers in market share, while Sears (-2.5%) and JC Penney (-2.2%) both suffered declines.

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