RIS News Top 10 Department Stores
As the number of publically-owned department store chains has shrunk over the years, those left standing have had to redefine the category to keep pace with the evolving retail landscape. Half of the department stores in the Top 10 are committed to offering name brand merchandise at discounted prices, a departure from the upscale leaders of the segment in year's past.
The performance of the value-conscious retailers is not surprising, but it is certainly interesting. During the economic downturn shoppers flocked to the off-pricers in search of bargain pricing and stayed loyal to the brands even as the economic landscape improved — creating a sea change in the segment.
RIS News Top 10 Department Stores ranking was compiled through the examination of seven hard-data metrics that span customer loyalty, social initiatives, employee satisfaction, CEO rating, and financial performance. The Top 10 Department Stores ranking is the second in a series of Top 10 retailer lists RIS News will publish throughout 2014 — next up is apparel retailers in late summer.
The full report can be downloaded here, but a sneak peak at number 10 finisher Belk follows.
#10 Belk
Belk turned in top six finishes in all three financial metrics, but struggled in the other four categories explored in this ranking. The nation’s largest family owned and operated department store chain has 306 locations across the South. The mid-range to upscale department store has been in business for over 125 years but instead of focusing on the rearview it has its sights set squarely on the horizon. Belk is diving headfirst into the new omnichannel retailing reality and plans to grow online revenue to 10% of sales by 2016. To help power its omnichannel plans Belk is investing in the customer experience online, growing its customer analytics capability, rolling out new merchandising and inventory software, and integrating operations across all channels.
The performance of the value-conscious retailers is not surprising, but it is certainly interesting. During the economic downturn shoppers flocked to the off-pricers in search of bargain pricing and stayed loyal to the brands even as the economic landscape improved — creating a sea change in the segment.
RIS News Top 10 Department Stores ranking was compiled through the examination of seven hard-data metrics that span customer loyalty, social initiatives, employee satisfaction, CEO rating, and financial performance. The Top 10 Department Stores ranking is the second in a series of Top 10 retailer lists RIS News will publish throughout 2014 — next up is apparel retailers in late summer.
The full report can be downloaded here, but a sneak peak at number 10 finisher Belk follows.
#10 Belk
Belk turned in top six finishes in all three financial metrics, but struggled in the other four categories explored in this ranking. The nation’s largest family owned and operated department store chain has 306 locations across the South. The mid-range to upscale department store has been in business for over 125 years but instead of focusing on the rearview it has its sights set squarely on the horizon. Belk is diving headfirst into the new omnichannel retailing reality and plans to grow online revenue to 10% of sales by 2016. To help power its omnichannel plans Belk is investing in the customer experience online, growing its customer analytics capability, rolling out new merchandising and inventory software, and integrating operations across all channels.