Boston, MA -- (ReleaseWire) -- 06/02/2014 -- The good performance of the Peruvian economy in 2013, allied to growing access to credit cards, continued to encourage Peruvian consumers to purchase non-essential items, such as apparel products. Moreover, leading retailers focused on expanding their consumer base through efficient segmentation and offering significant discounts to bring more consumers into their stores. As a result, sales of apparel and footwear specialist retailers increased by 9% in current value terms in 2013.
Apparel specialist retailers remained highly fragmented and very competitive in 2013. For instance, there was strong competition from informal retailers, who sold their products near open markets or in stands located within shopping centres, such as Polvos Azules, Polvos Rosados and Gamarra. Both formal and informal retailers were located in these shopping centres and appealed to a large base of low and middle income consumers. In addition, apparel specialist retailers faced competition from department stores and hypermarkets, which offered private label products at attractive prices. In contrast, apparel retailers targeted higher income consumers, with outlets located within modern shopping centres or in high-traffic areas in upper income districts.
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Apparel and footwear specialist retailers is expected to achieve a constant value CAGR of 6% over the forecast period. Rising disposable income levels will enable Peruvian consumers to increase the frequency of purchase and the amount spent on non-essential items, including apparel and footwear. Furthermore, the main players will rely strongly on frequent discounts and promotions using store credit cards, in order to better compete with other retailers, such as department stores and hypermarkets. In spite of this, informal retailing will continue to pose a significant threat to this channel's development, as low and low-middle income segments will continue to show a preference for cheaper prices over product quality.
Discover the latest market trends and uncover sources of future market growth for the Clothing and Footwear Specialist Retailers industry in Peru with research from Euromonitor's team of in-country analysts.
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The Clothing and Footwear Specialist Retailers in Peru market research report includes:
- Analysis of key supply-side and demand trends
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