Table of Contents
Executive Summary
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- The market
- Consumer spending
- Sector size and forecast
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- Figure 1: Italy: department stores, estimated sector sales (excluding VAT), 2015-19
- Companies and brands
- Key metrics
- Market shares
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- Figure 2: Italy: leading department store retailers’ estimated shares of department store sales, 2019
- Online
- The consumer
- Where they shop
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- Figure 3: Italy: department stores shopped at in the last 12 months, January 2020
- What they buy
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- Figure 4: Italy: items bought from a department store in the last 12 months, January 2020
- Attitudes to department stores
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- Figure 5: Italy: attitudes to shopping in department stores, January 2020
- What we think
The Impact of COVID-19 on Department Stores
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- Short, medium and long-term impact on the sector
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- Figure 6: Short, Medium and long term impact of COVID-19 on Department Stores, May 2020
- Opportunities and threats
- Repercussions of COVID-19 could be permanent in some countries
- Social distancing measures will change the experience and retailers must react
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- Figure 7: OpenTable retail slot booking system, San Francisco, May 2020
- Disruption to tourism will hit department stores
- Strong online business is key to survival
- Adapting services to the ‘new-norm’
- Community, co-operation and ethical considerations come to the fore
- Impact on the department store sector
- Loss of tourism and local shoppers will hit department stores hard
- Forecast
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- Figure 8: Europe: Department stores market size and forecast, 2015-24
- Figure 9: Europe: Detailed Department stores market size and forecast, by country, 2014-24
- The impact of COVID-19 on consumer behaviour across Europe
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- Figure 10: Europe: Those extremely worried about the risk of being exposed to COVID-19, March and April 2020*
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- Figure 11: Europe: Those extremely worried about how the outbreak will affect their lifestyle, March and April 2020*
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- Figure 12: Europe: Changes made to lives as a result of the COVID-19, April 2020*
- People expect to spend less on key categories sold by department stores
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- Figure 13: Europe: Net balance of expected spending* on categories sold by department stores, April 2020**
- How the crisis will affect key consumer segments
- Concern about infection and changes to lifestyle both increase with age
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- Figure 14: Europe: Those extremely worried about the risk of being exposed to COVID-19, by age, April 2020*
- Across Europe spending patterns will be subdued in the short term
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- Figure 15: Europe: Net balance of expected spending* on beauty and toiletries, by age, April 2020**
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- Figure 16: Europe: Net balance of expected spending* on clothing and accessories, by age, April 2020**
- Men are more likely to spend more on clothing, women on beauty & personal care
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- Figure 17: Europe: Net balance of expected spending* on beauty and toiletries, by gender, April 2020**
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- Figure 18: Europe: Net balance of expected spending* on clothing and accessories, by gender, April 2020**
- Increase in online shopping varies across countries
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- Figure 19: Europe: Proportion of shoppers who increased their online shopping, April 2020*
- The shift to online entails more than just having an online shop
- COVID-19: Market context
- United Kingdom
- France
- Germany
- Italy
- Spain
Issues and Insights
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- COVID-19 set to have major impact on Italian department store sales
- How can department stores differentiate themselves more effectively?
- The facts
- The implications
- Online offers customers a choice and helps to broaden coverage
- The facts
- The implications
The Market – What You Need to Know
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- Consumer spending grows faster than the overall economy
- Department stores have a small share of the markets they compete in
- Department store sales continue to grow
Consumer Spending
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- Figure 20: Italy: consumer spending on key department store product categories, (including VAT), at current prices, 2015-19
- Department stores’ share of clothing and beauty markets
- Clothing
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- Figure 21: Italy: estimated distribution of consumer spending on clothing and footwear by channel, 2018
- Beauty
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- Figure 22: Italy: estimated distribution of consumer spending on beauty and personal care products by channel, 2018
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Sector Size and Forecast
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- Department store sector size
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- Figure 23: Italy: department stores, estimated sector sales (excluding VAT), 2015-19
- Mixed goods retailers sector
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- Figure 24: Italy: mixed goods retailers, sales (excluding VAT), 2015-19
- Figure 25: Italy: Mixed goods retailers, forecast sales (excluding VAT), 2020-24
Companies and Brands – What You Need to Know
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- Rinascente focuses on tourists and unique stores tailored to location
- Coin returns to Italian ownership
- COVID-19 will hit hard
- Rinascente leads the market
- Main players slow to adopt e-commerce
Leading Players
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- Rinascente
- Small store network attracts tourists
- Looking to move increasingly upmarket…
- …and closing loss-making stores
- Using pop-ups to try out new brands…
- …and digital technologies to improve service
- Transactional site coming this year
- Coin
- Returns to Italian ownership
- Evaluation of estate followed by revamps
- Other department store operators
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- Figure 26: Italy: leading department store retailers, estimated net revenues*, 2015-19
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- Figure 27: Italy: leading department store retailers, outlets, 2015-19
- Figure 28: Italy: leading department store retailers, annual sales per outlet, 2015-19
Market Shares
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- Figure 29: Italy: leading department store retailers’ estimated shares of department store sales, 2015-19
- Figure 30: Italy: leading department store retailers’ estimated shares of mixed goods retailers’ sales, 2015-19
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Online
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- Figure 31: Italy: online buyers in last 12 months, by country, 2015-19
- Shopping online
- Leading online players
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The Consumer – What You Need to Know
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- Fewer than one in three have bought from a department store in the past year
- Fashion items are the most popular purchases
- Younger shoppers keener on experiential aspects
Where They Shop
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- Fewer than one in three visited a department store in the past year
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- Figure 32: Italy: department stores shopped at in the last 12 months, January 2020
- Rinascente attracts a slightly younger shopper
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- Figure 33: Italy: consumers that have shopped at a Rinascente or Coin department store in the last 12 months, by age and gender, January 2020
- Department store shoppers most likely to be from higher earning households
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- Figure 34: Italy: consumers that have shopped at a Rinascente or Coin department store in the last 12 months, by net monthly household income, January 2020
What They Buy
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- Fashion items are the most popular purchases
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- Figure 35: Italy: items bought from department store in the past 12 months, January 2020
- Buyers most likely to be older with some exceptions
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- Figure 36: Italy: items bought from department store in the past 12 months, by age, January 2020
- Clear gender demarcation
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- Figure 37: Italy: items bought from department store in the past 12 months, by gender, January 2020
Attitudes to Shopping in Department Stores
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- Figure 38: Italy: attitudes to shopping in department stores, January 2020
- Younger shoppers keener on experiential aspects
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- Figure 39: Italy: Agreement with attitudes to shopping in department stores, by age, January 2020
- Women prefer to shop in-store
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- Figure 40: Italy: Agreement with attitudes to shopping in department stores, by gender, January 2020
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Appendix – Data Sources, Abbreviations and Supporting Information
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- Abbreviations
- Data sources
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