, /PRNewswire/ -- The global department stores market in is estimated to grow by from 2024 to 2028, at a CAGR of almost 4.36%, according to Technavio. Rapid urbanization and rising consumer spending are driving market growth, with a trend towards increased demand for private-label brands.
However, a slowdown in sales in retail stores poses a challenge. Key market players include Aldi Group, C&A Mode GmbH, GALERIA Karstadt Kaufhof GmbH, Harrods Ltd., and Marks and Spencer Group plc.
Get a detailed analysis on regions, market segments, customer landscape, and companies - In 2023, the German department store market experienced growth in private-label grocery and apparel products. A select few retailers dominate the German retail sector, yet they continue to expand their private-label product lines. Popular private-label grocery items, including soft drinks, frozen and refrigerated foods, alcohol, snacks, confectionery, meat, dairy, and sausages, have seen a rise in demand.
Private-label brands offer these products at competitive prices, fueling their popularity among retailers. Changing consumer expectations call for premium products at affordable prices, leading to the emergence of private-label brands. The increasing demand for private-label brands is propelling the expansion of discount department stores and supermarkets in .
Thus, the growing preference for private-label brands is anticipated to present growth prospects for discount department stores, contributing to market .