New Retailing research report from Euromonitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 06/10/2014 -- Over the review period, optical goods stores saw healthy retail value sales growth in Peru. This performance was underpinned by a number of factors. Firstly, rising disposable incomes allowed consumers to increase their spending on optical goods. For instance, it became more common for middle income Peruvian consumers to own both regular glasses and sunglasses, to protect their eyes from the sun's harmful UV rays. Secondly, increasing coverage by the mass media contributed to raising awareness regarding the need to visit an eye doctor for preventive reasons. As a result, more Peruvians opted to visit an eye doctor or have a general eye exam in optical goods stores, and therefore detected the need to use glasses or to treat different eye conditions early. Thirdly, chained optical goods stores gradually expanded throughout the country, both through independent outlets and small stands within modern grocery retailers. Finally, advertisements carried by some chained optical goods stores contributed to the growth of the perception of regular glasses as an accessory that can contribute to looking fashionable, which helped in increasing the willingness of teenagers and young adults to wear them. Thanks to all of these positive factors, optical goods stores achieved current value sales growth of 12% in 2013, the fastest growth of any category within health and beauty specialist retailers.
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The parapharmacy Eckerd Peru SA remained the leading player in health and beauty specialist retailers in Peru, in accounting for a retail value sales share of 23% in 2013. This retailer invested significant amounts of money on advertising and outlet expansion throughout the country over the review period. In addition, the company offered a loyalty programme, under which frequent customers were able to accumulate points for each purchase, which were redeemable in the form of discounts on future purchases. As a result of these factors, Eckerd Peru SA saw a one percentage point increase in retail value sales share in 2013.
Health and beauty specialist retailer sales are expected to achieve a constant value CAGR of 5% over the forecast period. This represents an improvement from the review period, when a CAGR of 3% was seen. This will be mainly primarily driven by the continuing expansion of drugstores/parapharmacies, as well as the expansion of other healthcare specialist retailers and optical goods stores to a lesser degree. While parapharmacies will open outlets in second-tier cities in the provinces, optical goods stores are expected to continue expanding through the opening of stand-alone outlets in high traffic areas and shopping centres, as well as through small concession stands in new supermarket and hypermarket outlets.
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