Sales of department stores were strongly affected at the beginning of the pandemic due to the mandatory closure on all commercial activities considered non-essential as part of the measures to counteract the health emergency produced by COVID-19. This restriction lasted four months, and within this period during the first two months delivery services were also prohibited, absolutely paralysing commercial activities.
Department stores have been working hard to establish an omnichannel to enable consumers the option of buying products through any of their existing channels. This will also enable them to receive or collect the product in the way that best suits them while also paying by their preferred method.
Department stores are also working on improving the shopping experience for customers in physical stores. Like most modern retailers, they are careful with the strict compliance with biosafety protocols to provide security to customers.
Sales of department stores will continue to grow significantly in 2022, as demand will continue to recover until reaching levels similar to 2019. This is expected to occur in late 2022, which will depend on the dynamism of the economy, but will also be promoted by the same department stores that have plans to improve customer experience in physical stores, while they continue to develop virtual platforms to strengthen the omnichannel, as well as open new stores.
Efforts to introduce innovations around the commercial activities of department stores will continue in the forecast period with the aim of creating a surprising and pleasant shopping experience for customers, while also enabling industry players to differentiate from the competition.
Department stores are the most developed in investing in omnichannel strategies for their businesses and are becoming examples for other smaller retailers to follow. Most have made great strides by introducing different channels to enable consumers to purchase products using their preferred method.
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Understand the latest market trends and future growth opportunities for the Department Stores industry in Peru with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Department stores are chained or independent retail outlets that usually exceed 2,500 sq metres of selling space, are typically in high-street or shopping mall locations, and have a primary focus on selling a range of non-food/drink/tobacco merchandise across several categories in different departments. Department stores usually have a mid-to-upper price positioning. Example brands include Macy’s, Marks & Spencer, and Takashimaya.See All of Our Definitions
This report originates from Passport, our Department Stores research and analysis database.
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