Boston, MA -- (ReleaseWire) -- 06/09/2014 -- Mixed retailers posted slight value decline in 2013 as economic prospects did not improve consumer expenditure on luxury items and non-essentials much. The declining value sales performance was a result in spite of the key players adapting better to the price-sensitive consumer environment. The leading department stores, Magasin du Nord and Illum, increasingly invited less premium brands into their outlets. In addition, players strived to offer added value to shoppers by carrying out renovations and improving their level of service.
The department store chain Magasin du Nord was the largest and fastest-growing brand in mixed retailers in 2013. Its value share increased by one percentage point to 26%, up from 21% in total since 2010. The chain's success was mainly attributed to its strategic location and a "smart" brand mix. Five of the six Magasin du Nord department stores are located in city centres, such as Kongens Nytorv in Copenhagen, Lyngby Rodovre, Odense and Aarhus, and one is located in Field's, the biggest shopping mall in Orestad. These are optimal locations to attract tourists and local consumers who are willing and able to buy premium brands. Following its acquisition by Debenhams Retail, Magasin du Nord also changed its strategy by selling more through price promotions, increasing its focus on private label, introducing major improvements in operational efficiency, opening an internet store expanding the sales area and improving the stores' shopping environment.
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Value growth in mixed retailers is expected to post only 0% CAGR in constant value terms over the coming five years up to 2018. Although economic recovery, albeit slow, is likely to further stimulate consumer expenditure on luxury items and non-essentials the positive impact will be marginal on all mixed retailer channels, especially department stores, which will see growing demand for their designer brand collections in their extensive apparel departments. The leading department store Magasin du Nord furthermore plans to target the economic recovery through geographical expansion which will see the chain almost double in outlets over the coming years.
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