Italy Department Stores Market Report 2020
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Report Summary
Everything you need to make the right decisions
Providing the most comprehensive and up-to-date information and analysis of the Department Stores: Inc Impact of COVID-19 – Italy market, and the behaviours, preferences and habits of the consumer.
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What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
Covered in this report
The department store sector in Italy has seen rates of growth fluctuate in recent years, reflecting the fact that the market leader, Rinascente, has only a handful of stores and sales have been influenced by the impact of new openings and refurbishments. However, at 2.5% in 2019 sector growth has outstripped overall retail sales in Italy, which grew by just 0.7%.
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Expert analysis from a specialist in the field
Written by Michael Oliver, a leading analyst in the Retail sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Department stores in Italy are under assault from multiple directions at the moment, with intense competition from online generalists like Amazon, online pureplayers such as Zalando and YNAP, as well as store-based specialists with well-developed omnichannel business models. To survive, they need to focus on giving customers what these other rivals may not be so well able to and this means greater levels of individual customer service and making a visit to a department store a real experience. 
Michael Oliver
Senior Retail Analyst
Table of Contents
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Overview
- What you need to know
- Key issues covered in this Report
- Areas covered in this Report
- What you need to know
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Executive Summary
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- The market
- Consumer spending
- Sector size and forecast
- Figure 1: Italy: department stores, estimated sector sales (excluding VAT), 2015-19
- Companies and brands
- Key metrics
- Market shares
- Figure 2: Italy: leading department store retailers’ estimated shares of department store sales, 2019
- Online
- The consumer
- Where they shop
- Figure 3: Italy: department stores shopped at in the last 12 months, January 2020
- What they buy
- Figure 4: Italy: items bought from a department store in the last 12 months, January 2020
- Attitudes to department stores
- Figure 5: Italy: attitudes to shopping in department stores, January 2020
- What we think
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The Impact of COVID-19 on Department Stores
- Short, medium and long-term impact on the sector
- Figure 6: Short, Medium and long term impact of COVID-19 on Department Stores, May 2020
- Opportunities and threats
- Repercussions of COVID-19 could be permanent in some countries
- Social distancing measures will change the experience and retailers must react
- Figure 7: OpenTable retail slot booking system, San Francisco, May 2020
- Disruption to tourism will hit department stores
- Strong online business is key to survival
- Adapting services to the ‘new-norm’
- Community, co-operation and ethical considerations come to the fore
- Impact on the department store sector
- Loss of tourism and local shoppers will hit department stores hard
- Forecast
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- Figure 8: Europe: Department stores market size and forecast, 2015-24
- Figure 9: Europe: Detailed Department stores market size and forecast, by country, 2014-24
- The impact of COVID-19 on consumer behaviour across Europe
- Figure 10: Europe: Those extremely worried about the risk of being exposed to COVID-19, March and April 2020*
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- Figure 11: Europe: Those extremely worried about how the outbreak will affect their lifestyle, March and April 2020*
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- Figure 12: Europe: Changes made to lives as a result of the COVID-19, April 2020*
- People expect to spend less on key categories sold by department stores
- Figure 13: Europe: Net balance of expected spending* on categories sold by department stores, April 2020**
- How the crisis will affect key consumer segments
- Concern about infection and changes to lifestyle both increase with age
- Figure 14: Europe: Those extremely worried about the risk of being exposed to COVID-19, by age, April 2020*
- Across Europe spending patterns will be subdued in the short term
- Figure 15: Europe: Net balance of expected spending* on beauty and toiletries, by age, April 2020**
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- Figure 16: Europe: Net balance of expected spending* on clothing and accessories, by age, April 2020**
- Men are more likely to spend more on clothing, women on beauty & personal care
- Figure 17: Europe: Net balance of expected spending* on beauty and toiletries, by gender, April 2020**
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- Figure 18: Europe: Net balance of expected spending* on clothing and accessories, by gender, April 2020**
- Increase in online shopping varies across countries
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- Figure 19: Europe: Proportion of shoppers who increased their online shopping, April 2020*
- The shift to online entails more than just having an online shop
- COVID-19: Market context
- United Kingdom
- France
- Germany
- Italy
- Spain
- Short, medium and long-term impact on the sector
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Issues and Insights
- COVID-19 set to have major impact on Italian department store sales
- How can department stores differentiate themselves more effectively?
- The facts
- The implications
- Online offers customers a choice and helps to broaden coverage
- The facts
- The implications
- COVID-19 set to have major impact on Italian department store sales
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The Market – What You Need to Know
- Consumer spending grows faster than the overall economy
- Department stores have a small share of the markets they compete in
- Department store sales continue to grow
- Consumer spending grows faster than the overall economy
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Consumer Spending
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- Figure 20: Italy: consumer spending on key department store product categories, (including VAT), at current prices, 2015-19
- Department stores’ share of clothing and beauty markets
- Clothing
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- Figure 21: Italy: estimated distribution of consumer spending on clothing and footwear by channel, 2018
- Beauty
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- Figure 22: Italy: estimated distribution of consumer spending on beauty and personal care products by channel, 2018
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Sector Size and Forecast
- Department store sector size
- Figure 23: Italy: department stores, estimated sector sales (excluding VAT), 2015-19
- Mixed goods retailers sector
- Figure 24: Italy: mixed goods retailers, sales (excluding VAT), 2015-19
- Figure 25: Italy: Mixed goods retailers, forecast sales (excluding VAT), 2020-24
- Department store sector size
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Companies and Brands – What You Need to Know
- Rinascente focuses on tourists and unique stores tailored to location
- Coin returns to Italian ownership
- COVID-19 will hit hard
- Rinascente leads the market
- Main players slow to adopt e-commerce
- Rinascente focuses on tourists and unique stores tailored to location
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Leading Players
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- Rinascente
- Small store network attracts tourists
- Looking to move increasingly upmarket…
- …and closing loss-making stores
- Using pop-ups to try out new brands…
- …and digital technologies to improve service
- Transactional site coming this year
- Coin
- Returns to Italian ownership
- Evaluation of estate followed by revamps
- Other department store operators
- Figure 26: Italy: leading department store retailers, estimated net revenues*, 2015-19
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- Figure 27: Italy: leading department store retailers, outlets, 2015-19
- Figure 28: Italy: leading department store retailers, annual sales per outlet, 2015-19
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Market Shares
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- Figure 29: Italy: leading department store retailers’ estimated shares of department store sales, 2015-19
- Figure 30: Italy: leading department store retailers’ estimated shares of mixed goods retailers’ sales, 2015-19
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Online
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- Figure 31: Italy: online buyers in last 12 months, by country, 2015-19
- Shopping online
- Leading online players
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The Consumer – What You Need to Know
- Fewer than one in three have bought from a department store in the past year
- Fashion items are the most popular purchases
- Younger shoppers keener on experiential aspects
- Fewer than one in three have bought from a department store in the past year
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Where They Shop
- Fewer than one in three visited a department store in the past year
- Figure 32: Italy: department stores shopped at in the last 12 months, January 2020
- Rinascente attracts a slightly younger shopper
- Figure 33: Italy: consumers that have shopped at a Rinascente or Coin department store in the last 12 months, by age and gender, January 2020
- Department store shoppers most likely to be from higher earning households
- Figure 34: Italy: consumers that have shopped at a Rinascente or Coin department store in the last 12 months, by net monthly household income, January 2020
- Fewer than one in three visited a department store in the past year
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What They Buy
- Fashion items are the most popular purchases
- Figure 35: Italy: items bought from department store in the past 12 months, January 2020
- Buyers most likely to be older with some exceptions
- Figure 36: Italy: items bought from department store in the past 12 months, by age, January 2020
- Clear gender demarcation
- Figure 37: Italy: items bought from department store in the past 12 months, by gender, January 2020
- Fashion items are the most popular purchases
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Attitudes to Shopping in Department Stores
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- Figure 38: Italy: attitudes to shopping in department stores, January 2020
- Younger shoppers keener on experiential aspects
- Figure 39: Italy: Agreement with attitudes to shopping in department stores, by age, January 2020
- Women prefer to shop in-store
- Figure 40: Italy: Agreement with attitudes to shopping in department stores, by gender, January 2020
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Appendix – Data Sources, Abbreviations and Supporting Information
- Abbreviations
- Data sources
- Abbreviations
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