Discount Department Stores Market 2024-2033 : Demand, Trend, Segmentation, Forecast, Overview And Top Companies

Oct 20, 2024 - 16:43

Discount Department Stores Market 2024-2033 : Demand, Trend, Segmentation, Forecast, Overview And Top Companies

The discount department stores global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Discount Department Stores Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -

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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The Business Research Company's reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Market Drivers -

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.

Market Trends -

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 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

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Regional Insights -

North America was the largest region in the discount department stores market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the discount department stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies -

Major companies operating in the discount department stores market are 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.

Table of Contents

1. Executive Summary

2. Discount Department Stores Market Report Structure

3. Discount Department Stores Market Trends And Strategies

4. Discount Department Stores Market – Macro Economic Scenario

5. Discount Department Stores Market Size And Growth

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27. Discount Department Stores Market Competitor Landscape And Company Profiles

28. Key Mergers And Acquisitions

29. Future Outlook and Potential Analysis

30. Appendix

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