Published on : Aug 14, 2017
Albany, New York, August 14, 2017: Nowadays, the department stores in the world are turning the retail business upside down. They are trying to recover the losses through new strategies. With a prime focus on U.K. retail market and department store sector, a new study titled “U.K. Department Stores- July 2017” has been published to the wide repository of Market Research Hub (MRH). The report provides an essential overview of the department stores retail market in U.K. along with the analysis of the latest trends, market dynamics (covering nine category groups) and key innovations in the retail space. Moreover, detailed outlook on best and worst case forecast for department store sales for the period of 2012 to 2022 is also included in the study.
Every year, advances in technology change the way people shop. One example is the gradual shift away from direct human interaction in the physical retail environment. Department stores have become a haven for getting all the items you need in one place. From clothes, accessories and apparel to furniture, office supplies and electronics, department stores are a very handy place to shop in. In an effort to provide a seamless shopping experience to the customers, department store retailers are developing new innovative concepts such as virtual reality, augmented reality, and others. In U.K., department stores have reinvented themselves. They have become destination stores for younger customers offering aspirational brands, complemented by great own brands. Growing online trend is also affected the market share. According to the report, online sales grow to £3.3 billion.
This report also provides the market size and forecast for the different segments in the department store by the end of 2022. Analysts not only conduct forecasts in terms of value but also evaluate the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market. As per the findings, store experience key reason for shopping among U.K. consumers. This consumer shift towards convenience shopping, rather than a routine weekly shop, is one important trend that is likely to result in the development of new store formats. Also, millennials want more food and drink venues; women want more updated fashion; and mid-market department stores stand out for customer service, which are the major factors that have forced departmental stores to redesign themselves.
In 2017, the market growth remains flat. The research analyzes that in an increasingly competitive retail market there are many department stores that are outperforming. Nowadays, they are redesigning their stores with improved beauty services, food and drink venues and a focus on own brands to help differentiate them from other types of retailers. The main players in the market have recognized a need to focus on experiential retail in response to growing demand for leisure and experiences over purchasing of products.
Another vital feature of this report is the analysis of market dynamics covering market drivers, issues, opportunities, consumer spending, brand research and innovations. Leading specialist retailer in the market are also highlighted, and research finds that Fortnum & Mason sees strongest sales growth.
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