- Online shopping is getting to be mainstream among customers because of the simplicity and convenience of shopping.
- Recently, Google indicated it is nearly ready to sign a deal to launch its first physical store in Chicago.
- Kohl’s, J.C. Penney and Macy’s – are all chewing over a few serious shutdowns in the not too distant future.
The worldwide market for department stores retailing is one of the fastest changing markets amid all the supporting products market. Retail chains are changing procedures trying to remain competitive, draw more shoppers and integrate into a market beyond bricks.
In the past few years, the number of online retailers has increased and competition is rising between department stores and online stores. Online shopping is getting to be mainstream among customers because of the simplicity and convenience of shopping. Department stores keep redefining themselves, even with moderate foot traffic, presenting an ever more digital shopping feel. But those retailers which are capable to stay agile in an unstable market and keep investing in technology to take care of changing consumer demand will flourish in this novel retail reality. In order to catch-up for lost time with online retailers, numerous department stores are blending in by going online to extend their reach.
There are various departmental divisions, for example, advertising, merchandising, service, accounting as well as budgetary control. There are various types of department store retailing such as discount department store, mid-range department store, upscale department store along with others. These can be further bifurcated into five segments: home appliances, toiletries, clothing, cosmetics, and others. Diverse department stores exhibit various types of spending. In general, an upscale department store conveys costly as well as a better quality product. However, the discount department store conveys more affordable items. Among the prominent regional markets, North America has been one of the most lucrative department store retailing market, trailed by Europe. Moreover, Asia Pacific is representing to be the fastest rising market for department store retailing.
Increasing disposable income, rising customer confidence, rising promotional activity as well as consistently expanding populace in the emerging nations are a few of the prominent reasons for the expansion of the department store retailing market. With the lower impact of economic recession, disposable income levels and employment rate are raising that enables the buyer to spend more on items, for example, toiletries, cosmetics, and apparels. In this manner increment in the certainty level of the buyer which enables them to spend money effectively.
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As indicated by the National Bureau of Statistics China, yearly per capita disposable income of urban family units in China raised from $2,271.0 during the year 2008 to $3408.5 during the year 2012. On the other hand, the general annual disposable income if the medium family income in India expanded from $1,366.2 billion in the year 2010 to $1,587.6 billion in the year 2013.
Recently, Google indicated it is nearly ready to sign a deal to launch its first physical store in Chicago, a flagship-level outpost where it plans to sell its horde of tech products as well as others. It may possibly join Amazon, amid other online players, in the real retailing sector. On the other hand, Sears and Kmart continue deconstruction of physical stores, but speculation continues prominently that more steady retailers in those channels – amid them Kohl’s, J.C. Penney and Macy’s – are all chewing over a few serious shutdowns in the not too distant future.
Owing to declining retail sales over the decade, Macy’s, like other department stores, has been redoing around 50 stores to incorporate upgraded fixtures and food offerings. The company is rolling out new loyalty programs offering special services to its top consumers, for instance, previews of Broadway plays as well as adding to its online offerings. A few of the prominent companies active in the department store retailing market are Myer, David Jones, Nordstrom, KOHL’S, JCPenny, Dillard’s, Falabella, Hudson’s Bay Company, Liverpool and Lojas Riachuelo.