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Discount Department Stores Global Market Report 2024 Global Market Analysis, Trends, Growth, Research And Forecast 2033
Discount Department Stores Global Market
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Walmart Inc., Costco Wholesale Corporation, Aldi Inc., Target Corporation, Dollar General Corporation, Macy's Inc., Kmart Corporation, Meijer Inc., Ross Stores Inc., Nordstrom Inc., J.C. Penney Company Inc., Burlington Stores Inc., Dillard's Inc., Academy Sports + Outdoors, Big Lots Inc., Bed Bath & Beyond Inc., Belk Inc., Five Below Inc., Stein Mart Inc., Bealls Inc., Ollie's Bargain Outlet Holdings Inc., At Home Group Inc., Bi-Mart Corporation, Sears Holdings Corporation, Stage Stores Inc.
Discount Department Stores Market 2024 Key Insights:
• 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 Rise Of Online Retail Fuels Growth In Discount Department Stores
• Expansion Through Innovative Fashion Department Stores
• North America was the largest region in the discount department stores market in 2023
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