Retail sales in Asia’s department stores to climb by 2% annually until 2026

This will follow a “remarkable” rebound of 23% in 2021. 

Retail sales in Asia’s department stores will see a compound annual growth rate of 2% from 2021 to 2026, Euromonitor International reported. 

Department stores in the region were heavily affected by the pandemic, leading to in-store sales to drop by more than 14% in 2020. 

“Department stores are doubling down on efforts to reposition and thrive in the competitive retail environment. In 2021, sales rebounded 23% to generate more than US$280b,” the report read in part. 

Read more: E-commerce retail sales expected to rise 14% yearly until 2026

According to Euromonitor, major players in key markets in the region are already working to create a more personalised and unique shopping experience. 

Despite this, the report recommended that retailers should start adapting to the “next normal” as challenges in the sector remain. 

The Lotte Group, for instance, opened its “Connected Flagship Store” that features bookstore, art display and vinyl.