Gross sales at 59 shops around the globe fell on common 1.6 % in 2023, in accordance with tabulations by the Worldwide Affiliation of Division Shops.
In a launch Monday, the IADS blamed “important market uncertainty, gradual financial development and unfavorable rate of interest environments” for weighing on its members’ numbers that 12 months, the newest knowledge accessible.
The unfavorable gross sales pattern contrasts with development in 2021 and 2022, the post-COVID-19 peak, and “development has now stabilized throughout the retail sector.”
In 2023, the IADS famous that standalone shops within the U.S. fared higher than ones owned by a gaggle, registering flat to barely optimistic year-on-year development.
In Asia-Pacific, solely shops in India (Shopper’s Cease and Way of life) and the Philippines (SM and Robinsons Retail) registered a optimistic gross sales pattern.
In the meantime, shops in Europe logged will increase of lower than 1 %, with shops owned by teams contributing a better share than pre-COVID-19 to their mum or dad corporations’ complete retail gross sales.
Wanting forward, the IADS cited uncertainty headlined by U.S. President Donald Trump’s tariff-led financial coverage, and a potential U.S. ban of TikTok, deemed “an important media channel that drives developments and influences client conduct within the trend trade.”
In the meantime, Galeries Lafayette is slated to open its first division retailer in Mumbai this 12 months, in partnership with Aditya Birla Group, with a second in Delhi to comply with in 2026. Vietnam can also be seen as a key rising market.
The IADS mentioned it isolates the affect of gross sales development from exchange-rate impacts, with monetary knowledge refined and harmonized over the calendar 12 months 2023 to offer a comparable foundation.
Member shops embrace Nordstrom, Macy’s Group, Kohl’s and Dillard’s within the U.S.; New World, Dashang and Golden Eagle in China; Takashimaya, Isetan Mitsukoshi and Kinetsu in Japan; Harrods, Harvey Nichols, Liberty and John Lewis within the U.Okay., and David Jones and Myer in Australia.
