The retail current value sales of department stores plunged by around a fifth during both 2020 and 2021. Department stores operators were particularly hit hard by COVID-19, particularly during the lockdowns, when they were forced to temporary close their stores.
Department stores players worked hard to provide customers with a bio-secure environment and allay concerns about exposure to COVID-19 once stores were allowed to reopen at the end of the initial lockdown in May 2020. They measured customers’ temperatures when visiting stores and provided hand sanitisers around their outlets.
Central Retail Corp (Central and Department Store and Robinson Department Store) and The Mall Group Co Ltd (The Mall, Siam Parago, The EmQuartier, The Emporium and Marks & Spencer) are the leading players, accounting for almost half of retail value sales of department stores between them in 2021.
The retail current value sales of department stores will only begin to recover in 2023 and remain below their pre-pandemic (2019) level even at the end of the forecast period. While consumers are expected to return to more familiar lifestyles as the immediate threat from COVID-19 wanes, the recovery of department stores is likely to be constrained by the challenging economic environment resulting from measures introduced to contain the pandemic.
The retail current value sales of department stores were under pressure even before the onset of the pandemic, and their business model will continue to come under pressure from other retailing channels during the forecast period. Prices in department stores are often higher than those available online, while the rise of fast fashion retailers such as H&M has intensified competition in apparel and footwear.
The rise in e-commerce resulting from the closure of physical stores during lockdown, concerns about viral transmission through social contact and consumers’ increased digital engagement is set to have a lasting impact on consumer behaviour in the Thai market. The COVID-19 crisis has seen the consumer base for e-commerce expand significantly, while established online shoppers have increased the range and frequency of their purchases.
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Understand the latest market trends and future growth opportunities for the Department Stores industry in Thailand with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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Outlets selling mainly non-grocery merchandise and at least five lines in different departments, usually with a sales area of over 2,500 sq metres and arranged over several floors. Example brands include Macy’s, Bloomingdale’s, Marks & Spencer, Harrods, Sears, JC Penney, Takashimaya, Mitsukoshi, Daimaru, Karstadt, Rinascente.
See All of Our DefinitionsThis report originates from Passport, our Department Stores research and analysis database.
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