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Department Stores - France - April 2016

“The department store sector put in a resilient performance in 2014, at a time when the domestic economy was weak. However, much of this was down to the groups’ flagship stores in Paris attracting wealthy international tourists, which masked lacklustre trading at stores outside of Paris. The French economy grew at its fastest rate in four years in 2015. It should have been a boom time for department stores, but it wasn’t. Sector sales struggled as the terrorist attacks kept tourists away. Sales may also be being dampened by dissatisfaction with aspects of the stores’ multichannel proposition.”
– Stephen Mayles, Retail Analyst

This report discusses the following key topics:

  • Struggling provincial stores
  • Need to invest in online operations

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Table of contents

  1. Overview

    • What you need to know
      • Areas covered in this report
      • Executive Summary

          • The market
            • Spending and inflation
              • Department stores’ share of clothing and beauty markets
                • Figure 1: France: Estimated retail distribution of spending on clothing, 2014
                • Figure 2: France: Estimated retail distribution of spending on beauty and personal care goods, 2014
              • Sector size and forecast
                • Leading players
                  • Key metrics
                    • Market shares
                      • Figure 3: France: Department stores’ share of mixed goods retailers’ sales, 2012 and 2015
                    • Online
                      • The consumer
                        • Where they shop
                          • Satisfaction levels
                            • Figure 4: France: Department stores used most often, satisfaction with various criteria, March 2016
                          • What we think
                          • Issues and Insights

                            • Struggling provincial stores
                              • The facts
                                • The implications
                                  • Need to invest in online operations
                                    • The facts
                                      • The implications
                                      • The Market – What You Need to Know

                                        • Consumer spend held back by high unemployment
                                          • Department store sector sales remarkably resilient
                                            • Department stores’ share of clothing and beauty markets
                                            • Spending

                                                • Figure 5: France: Spending on key department store product markets, (incl. VAT), at current prices, 2010-15
                                              • Department stores’ share of clothing and beauty markets
                                                • Clothing
                                                  • Beauty
                                                  • Sector Size and Forecast

                                                    • Department store sector size
                                                      • Figure 6: France: Department stores, estimates sector sales (excl VAT), 2011-15
                                                    • Mixed goods retailers sector
                                                      • Figure 7: France: Mixed goods retailers’ sales (excl. VAT), 2010-15
                                                      • Figure 8: France: Mixed goods retailers’ sales forecasts (excl. VAT), 2015-20
                                                  • Leading Players – What You Need to Know

                                                    • A third consecutive year of falling sales for Galeries Lafayette
                                                      • Ramping up flagship store investment
                                                        • Market share gains in 2014 drop off in 2015
                                                        • Leading Players

                                                          • Galeries Lafayette’s performance deteriorates
                                                            • Multi-million euro flagship store makeovers
                                                              • Figure 9: France: Leading department stores retailers’ sales, 2011-15
                                                              • Figure 10: France: Leading department store retailers, store numbers, 2011-15
                                                              • Figure 11: France: Leading department store retailers’ annual sales per outlet, 2011-15
                                                          • Market Shares

                                                            • Gains made in 2014 lost in 2015
                                                              • Figure 12: France: Leading department store retailers’ shares of mixed goods retailers’ sales, 2012-15
                                                          • Online

                                                            • Online activity
                                                              • Leading online players
                                                              • The Consumer – What You Need to Know

                                                                • Low usage of department stores
                                                                  • Customer profile is young and affluent
                                                                    • Online offer needs to be improved
                                                                    • Where They Shop

                                                                        • Figure 13: France: Department stores visited, in-store or online, March 2016
                                                                        • Figure 14: France: Profile of department store shoppers, March 2016
                                                                    • Satisfaction Levels

                                                                          • Figure 15: France: Department store used most often, satisfaction with various criteria, March 2016
                                                                          • Figure 16: France: Galeries Lafayette and all other stores, satisfaction with various criteria, March 2016
                                                                      • Galeries Lafayette

                                                                          • What we think
                                                                            • Investing for the future
                                                                              • Revamping Haussmann store after 15 years
                                                                                • Shuts stores but French regional profitability remains a problem
                                                                                  • France still offers opportunities
                                                                                    • Online still small and targets remain modest
                                                                                      • Revamping own label could have dual benefits
                                                                                        • Overseas store plans ambitious but upside limited by franchise model
                                                                                          • Company background
                                                                                            • Company performance
                                                                                              • Figure 17: Galeries Lafayette (Group): Group sales performance, 2010-15
                                                                                              • Figure 18: Galeries Lafayette: Outlet data, 2010-15
                                                                                            • Retail offering
                                                                                            • Le Bon Marché

                                                                                                • What we think
                                                                                                  • Stylish department makeovers helping drive revenue growth
                                                                                                    • La Grande Epicerie de Paris to launch own-label range of gourmet food
                                                                                                      • Exclusive brands and experiences strengthen destination status
                                                                                                        • A must-see cultural tourist icon
                                                                                                          • 24 Sèvres helping to attract a younger clientele
                                                                                                            • Company background
                                                                                                              • Company performance
                                                                                                                • Figure 19: LVMH Selective Retail, financial performance, 2011-15
                                                                                                                • Figure 20: Le Bon Marché: Estimated sales performance, 2011-15
                                                                                                                • Figure 21: Le Bon Marché: Outlet data, 2011-15
                                                                                                              • Retail offering
                                                                                                              • Printemps

                                                                                                                  • What we think
                                                                                                                    • Stay-away high-spending tourists and stay-at-home French shoppers
                                                                                                                      • 150th anniversary campaign reinforces Printemps brand image
                                                                                                                        • The largest menswear store in the world expected to be a big draw
                                                                                                                          • M-commerce an opportunity to engage and connect with a younger audience
                                                                                                                            • Sunday opening hours negotiation deadlock robs Printemps of additional revenue
                                                                                                                              • Company background
                                                                                                                                • Company performance
                                                                                                                                  • Figure 22: Printemps: Estimated group financial performance, 2011-15
                                                                                                                                  • Figure 23: Printemps: Outlet data, 2011-15
                                                                                                                                • Retail offering
                                                                                                                                • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                                  • Abbreviations
                                                                                                                                    • Data sources

                                                                                                                                    Companies Covered

                                                                                                                                    To learn more about the companies covered in this report please contact us.

                                                                                                                                    Department Stores - France - April 2016

                                                                                                                                    £995.00 (Excl.Tax)