L2 Director of Research Maureen Mullen spoke about the e-commerce divide between U.S. and U.K. retailers. She attributed part of the gap to consumer behavior, as e-commerce comprises 13% of total retail in the U.K. compared to 10.6% in the U.S. Therefore, the U.K. market is more sophisticated than others. However, department stores’ digital footprint is not keeping up with e-commerce’s growth as a whole. Mullen pointed out that well-known department stores such as Holt Renfrew in Canada, GUM in Moscow, and Printemps in Paris still lack e-commerce capabilities, which is a missed growth opportunity for a dying category. Mullen added that stores that do not participate in e-commerce are forgoing the chance to become a global brand.
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