The Discount Department Stores Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Discount Department Stores Global Market Report 2024, The discount department stores market size has grown strongly in recent years. It will grow from $429.00 billion in 2023 to $464.53 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to popularity for providing quality products at lower prices, growing urbanization and busy lifestyles, the expansion of e-commerce and online shopping, and surging demand for environment-friendly department stores.
The discount department stores market size is expected to see strong growth in the next few years. It will grow to $646.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to rises in online retail competition, increasing internet penetration, increasing fashion trends among young people, rising demand for omnichannel experiences, and growth in the apparel and accessories segment. Major trends in the forecast period include technological advancements, the expansion of online sales, the launch of new in-house discount brands by stores, investment in the expansion of large-format discount department stores, and the and the integration of discount deployment stores with online platforms.
The rise in online retail sales is expected to propel the growth of the discount department store market going forward. Online retail refers to the sale of goods and services over the internet, allowing customers to browse, select, and purchase items without visiting physical stores. The rise in online retail sales is due to the convenience of shopping from home, broader product selection, and competitive pricing, further supported by improved delivery services and technological advancements. Discount department stores boost online retail sales by attracting price-sensitive consumers with competitive pricing, frequent promotions, and various affordable products. For instance, in May 2024, according to the United States Census Bureau, a US-based government agency, U.S. retail e-commerce sales for the first quarter of 2024 reached $289.2 billion, marking a 2.1% (±0.7%) increase from the fourth quarter of 2023. Therefore, a rise in online retail sales is driving the growth of the discount department store market.
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The discount department stores market covered in this report is segmented –
1) By Store Type: General Merchandise, Specialty Products
2) By Products: Clothing, Electronics, Groceries, Household Goods
3) By Distribution: Offline, Online
Major companies operating in the discount department store market are focusing on expanding their businesses by introducing new stores, such as new fashion department stores, to attract a broader customer base and enhance their competitive edge. Fashion department stores are large retail establishments specializing in a wide range of apparel, footwear, and accessories, offering diverse products from various brands to cater to different customer preferences. For instance, in September 2022, Reliance Industries, an India-based private-sector company, launched Reliance Centro, a new fashion and lifestyle department store format, aiming to democratize fashion in India, strengthen its reach, and connect with consumers. The new stores offer various categories of fashion and lifestyle products, such as apparel, footwear, accessories, beauty, and home décor. Reliance Centro aims to provide customers with a premium shopping experience, focusing on international and domestic brands.
The discount department stores market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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