Department Store Retailing - US - September 2016
"There is no doubt about it: department stores are struggling to stay relevant in today’s retail climate – losing sales, customers, retail space, and partner brands. Sales continue to fall YOY (year-over-year) with no signs of stoppage in the foreseeable future. Radical change and innovation is needed in the sector and even then, not all stores may survive. Consumers have a soft spot in their hearts for their favorite department stores though, but continue to be lured by other channels and retailers who are just a little bit faster, more convenient, or more affordable. Department stores need to accept they cannot be all things to all people and focus on what they can do well: drive connections with omnichannel shoppers, provide superior customer service, and offer innovative experiential reasons to shop the brands."
- Diana Smith, Associate Director - Retail & Apparel
This report discusses the following key topics:
- Downward spiral continues
- Channel-shifting is occurring
- Location and price are barriers
For the purposes of this Report, a department store is defined as a retail establishment, usually part of a chain that sells a broad range of nonfood items. Department stores usually sell a wide range of the following new products with no one merchandise line predominating: apparel and footwear, furniture, appliances and home furnishings; and selected additional items, such as paint, hardware, toiletries, cosmetics, jewelry, toys, and sporting goods. Merchandise lines are normally arranged in separate departments.
Examples of department stores that would be covered in this Report are: Barneys New York, Bergdorf Goodman, Bloomingdale’s, Carson Pirie Scott, Dillard’s, JCPenney, Kohl’s, Lord & Taylor, Macy’s, Neiman Marcus, Nordstrom, Saks Fifth Avenue, and Sears, Roebuck and Co.
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