The department store industry is suffering a major crisis, with retail chains losing millions of dollars of annual revenue.
The biggest problems are:The biggest retailers in the sector are struggling to cope with a lack of business and the increasing competition from online stores, which are more profitable.
This has led to retailers looking to new and more profitable ways to sell to customers and are using the digital market to do so.
However, the department stores sector is facing a number of challenges as well.
The major problems are:-The cost of operating a department store has become prohibitive.
The number of stores in the country is set to rise by 30% by 2025 and the industry will need to find a way to increase revenue by up to 5%.
This is a big challenge as the number of department stores in India has risen from 6,5 crore in 2020 to around 7,7 crore in 2025.
The total number of shops in the state has more than doubled over the same period.
With the increase in stores, the number and size of staff have also risen.
In addition, there has been a significant rise in the number, quality and quantity of products being sold by online sellers, which is a challenge for a sector that needs to remain competitive.
However the most damaging part of the problem is that the cost of maintaining a department centre and maintaining a store has increased by Rs 25,000 crore annually in the last decade, according to a report by PricewaterhouseCoopers (PwC).
The report shows that a large part of this has been driven by the introduction of electronic payment technology, which has made it possible for online retailers to sell their products for less.
Online retailers also make it easier to sell items from their website.
This has led the industry to adopt the use of a “shopping cart” to make online shopping more attractive.
The rise in costs of maintaining department stores has also been a problem in other sectors.
The cost to maintain a store in the retail sector has increased over the last 20 years from Rs 3.25 crore in 2001 to Rs 1.6 crore in 2019.
This is partly due to the increasing use of digital technology in the industry, and partly due the rise in online retailers.
However, the industry has been forced to take up measures to counter the rising costs of keeping department stores running, and this is likely to continue.