Innovation has been centred on creating a compelling in-store environment and whilst this is important, research suggests that department store retailers should be doing more to ensure both their products and in-store merchandising resonate with consumers.
Albany, NY -- (SBWIRE) -- 04/30/2018 -- A new research study titled, "Department Stores - UK - APRIL 2018" has been added to the vast research repository of Market Research Hub (MRH). The research study offers in-depth analysis and insights on the UK department stores market. An assessment on the key historical and future growth factors has been offered in the research study.
According to the research study, the UK department stores market continues to face challenges, and key participants in this landscape are vying to consolidate their position. Department store owners are focusing on improving their in-store experience, however, the research suggests that more can be done to improve the range of products that actually resonates with consumers. The report opines that department stores that offer customized and personalized solutions to consumers have a higher likelihood of achieving success in this hyper-competitive landscape.
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The research forecasts the UK department store sector to grow at nearly 10% through 2022. According to the study, there has been a significant growth in the overall consumer spending, despite declines in the real incomes. An analysis on the leading companies and brands has been offered for the perusal of the readers. According to the research study, there is a significant trust deficit among consumers regarding the premium department stores.
According to the study, online experiences are become more pervasive by the day, and leading department stores are focusing on increase their presence on these platforms. The report opines that fashion continues to be a key source of volumes in the department store landscape, however, online is increasingly becoming a part of the overall shopping journey of consumers. In addition to these shifts, pricing continues to be an important challenges for consumers in the UK, as heavy discounts can lead to a deficit in the integrity of products.
In addition to offering holistic insights and analysis on the UK department stores market, the research study also offers recommendations and suggestions that manufacturers can incorporate to succeed in this landscape. As per the report, manufacturers should create compelling multichannel experiences and broaden their own-label range to stay competitive.
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An ageing population in the UK has been identified as a key growth driver for the department stores landscape. The growing inflation is increasing pressure on consumers, whereas on the whole, consumers remain confident about their personal finances. According to the research study, John Lewis is poised to become the market leader in the UK department store landscape.
Overall, the research study offers a holistic analysis and insight on the UK department store landscape, highlighting the key factors that are likely to influence this landscape in the near future.
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