Department stores need destination appeal

Investment in destination appeal by premium/luxury department store retailers continues to attract shoppers, outperforming the market compared with midmarket players, says GlobalData.

GlobalData’s latest report: ‘UK Department Stores 2018-2023’, explains that the high –end department stores such as Selfridges and Harrods are benefitting from the fall in the value of the pound driving tourism. However, the likes of House of Fraser, Debenhams and Marks and Spencer have failed to capitalize on this due to a confused proposition and unclear purpose.  This has resulted in House of Fraser recently announcing that it has plans to close 31 stores – more than half of its UK Chain.

Premium/luxury players will ensure that they will remain appealing for shoppers and tourists through continued investment in destination appeal. As a result, these retailers will outperform the overall growth of the department store market over the next five years.

The report predicts that midmarket players will continue to underperform and will see their market share eroded further by specialist retailers, discounters and online pure-plays.

UK Department Stores 2018-2023 offers comprehensive insight and analysis of the UK department store market (including forecasts up to 2023), the major players, the main trends, and consumer attitudes. It provides in-depth analysis of the following: the hot issues impacting the market, strategies for success, market sizes and forecasts, retailer profiles, retailer market shares, consumer data and future outlook.

 

Reasons to buy:

• Learn which sectors within department stores will be the fastest growing over the next five years.
• Understand what drives consumers to use department stores for their purchases.
• Analyze how to appeal to shoppers and maximize market share.
• Discover which segments of the market are forecast to prosper out to 2023.
• Consider how to exploit online potential and decide which age groups to target via the channel.