World Department Stores Market

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World Department Stores Market
Published on April 2009

Report Summary

This report analyzes the worldwide markets for Department Stores in US$ Million. The market for Department Stores in this report is
analyzed by the following product segments: Apparel & Footwear, Furniture, Electronics, Cosmetics and Personal Care, Homeware,
and Others. The report provides separate comprehensive analytics for USA, Canada, Japan, Europe, Asia-Pacific, Latin America, and
Rest of World. Annual forecasts are provided for each region for the period of 2006 through 2015. A five-year historic analysis is also
provided for this market. The report profiles 357 companies including many key and niche players worldwide such as Arcandor AG,
Arnotts Ltd., Beales PLC, Debenhams Plc, Dillard's, Inc., DWW Woolworth Germany GmbH & CO. Kg, El Corte Inglés SA, Fenwick,
GALERIA Kaufhof GmbH, Groupe Galeries Lafayette, House of Fraser Ltd., Isetan Mitsukoshi Holdings Ltd., JC Penney Company,
Inc., John Lewis Plc, Kohl's Corporation, Macy's, Inc., Marks & Spencer Group Plc, Maxeda BV, Nordstrom, Inc., Saks Fifth Avenue,
Sears, Roebuck & Company, Stockmann Plc, Takashimaya Company, Limited, and UPIM SpA. Market data and analytics are
derived from primary and secondary research. Company profiles are mostly extracted from URL research and reported select online
sources.

Table of Content

DEPARTMENT STORES
A GLOBAL STRATEGIC BUSINESS REPORTMCP-1775

CONTENTS

I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS

Study Reliability and Reporting Limitations I-1
Disclaimers I-2
Data Interpretation & Reporting Level I-2
Quantitative Techniques & Analytics I-3
Product Definitions and Scope of Study I-3
Apparel & Footwear I-3
Furniture I-4
Electronics I-4
Cosmetics and Personal Care I-4
Homeware I-4
Others I-4

II. EXECUTIVE SUMMARY

World Department Stores Market Page 1/20


1. Global Market At A Glance II-1
Market Highlights II-1
Sales to Spiral Down in 2009 II-1
Trends Across World Markets II-2
The US - Declining Consumer Spending and Struggling Mid-range
Players II-2
Japan - A Unique Declining Market II-2
Europe - On the Same Path II-2
Asia-Pacific (Excluding Japan) - Sales to Slow Down II-2
Market Watch: 2008 II-2

2. Market Dynamics II-4
The Growth Engines II-4
Reliance on Apparel and Footwear II-4
Loss of Premium and Designer Brands II-4
Price Depreciation II-4
Global Mall Developers Eye US Luxury Department Stores II-4
Losing Share to Other Retail Formats II-5
Key Growth Drivers II-5
Player Expansions II-5
Industry Consolidation II-5
Investment to Increase Shopping Experience II-5

3. Department Stores - An Insight II-6
The Assortment II-6
Apparel & Footwear II-6
Furniture II-6
Electronics II-6
Cosmetics and Personal care II-6
Homeware II-6
Others II-6
Types of department stores II-7
Upscale Department Stores II-7
Mid-Scale Department Stores II-7
Discount Stores II-7
Business Environment II-7
Risk Factors II-8
Competition II-8
Table 1: Leading Department Stores Worldwide (2002 & 2006):
Breakdown of Value Sales for Sears, Macy's,, JC Penney,
Kohl's, El Corte Inglés, Marks & Spencer and Takashimaya
(includes corresponding Graph/Chart) II-9
Thriving Strategies II-9

4. Recent Industry Activity II-10
Isetan and Mitsukoshi Establish Isetan Mitsukoshi Holding II-10
Stockman to Open Department Store in Lithuania II-10
Takashimaya Merger with H2O Retailing II-10
Versa Capital Management Completes Acquisition of Boscov's



Department Store II-10
COF III Acquires Tianjin Difu Department Store II-10
NRDC Acquires Hudson's Bay II-10
Cencosud Acquires Grupo Wong II-11
Fenwick Acquires Williams & Griffin II-11
Parkson Group to Acquire Two Department Stores from Parkson
Holdings II-11
Far Eastern Dept Stores to Acquire Stake in China Holdings II-11
Forme Capital Completes Acquisition of Daqing Qingkelong Chain II-11
Intime Department Store to Acquire Shenyang Intime II-11
New World Department Store Acquires Wuhan Department Store II-12
PARKSON RETAIL GROUP to Acquire Remaining Stake in Xi'an Lucky
King II-12
Hart Stores to Expand with Nine New Stores II-12
Gottschalks Enters into a US$30 million Deal with Everbright II-12
Mitsukoshi to Close Six Stores II-12
Gap Signs a Deal with Distribuidora II-13
Maison Mode Starts First Store in China II-13
HOK-Elanto to Acquire Tapiolan Sokos Department Store II-13
New World to Establish New Department Store at Shenyang II-13
Shenzhen Rainbow Signs Leasing Agreement with Beijing Runbo
Real Estate II-13
Hefei Signs Joint Venture with Anhui to Establish Department
Store at Liuan II-13
Lotte Shopping Enters Chinese Market with a New Store in Beijing II-14
American Brand Holdings and Kohl's Enter into a License Agreement II-14
Lotte Opens a Department Store in Beijing II-14
H&M to Establish Women Department Store II-14
FAO Schwarz Enters into Agreement with Macy's II-14
Wanda Opens New Stores II-15
ITAT Enters into Agreement with Sports Direct II-15
Harrods Opens Department Store at Heathrow Airport, London II-15
Retail Ventures to Divest Stakes in Value City Department Stores II-15
MSBL Takes Over Department Store in Beverley II-15
Macy's to Open 3 Bloomingdale's Stores II-16
Marfin and Verano Acquire Majority Stake in Robne kuce Beograd II-16
Wangfujing to Takeover Xinhua Department Store II-16
Arnotts to Takeover Debenhams Department Store in Dublin II-16
Lifestyle International to Acquire Itokin Branded Department
Stores II-16
Dashang Group Acquires Yichun Dept Store II-17
Daimaru and Matsuzakaya Holdings to Merge II-17
Parkson Group Acquires K&M Department Store II-17
Kohl Enters into a Multi-year Licensing Contract with
Lagardere Active Media II-17
Federated Department Stores Divests After Hours Formalwear II-18
Citigroup Venture to Acquire Minority Stakes in Beymen
Magazacilik and Boyner Buyuk II-18
Private Consortium Acquires France Printemps II-18
WiseBuys Stores Acquires Patrick Hackett Hardware II-18



Wal-Mart Acquires Remaining Stake in Seiyu Through Wyoming
Holding II-18
Lion Capital Acquires HEMA II-18
New World Department Store Acquires Assets from Parent Company II-18
Arcandor Forges Alliance with Printemps and La Rinascente II-19
Beijing Wangfujing to Increase Stake in Chengdu Wangfujing II-19
Macy's to Retail Tommy Hilfiger Sportswear II-19
Galeries Lafayette Starts New Store at Lille II-19
Parkson Acquires Stake in Mianyang Parkson II-19
Isetan and Tokyu Department Store to Form Alliance II-20
Galeries Lafayette to Open Store in Dubai Mall II-20
Federated Divests Priscilla of Boston and David's Bridal
Businesses II-20
John Lewis to Establish New Distribution Center II-20
Macy's to Shut Nine Under-performing Stores II-20

5. Focus on Select Global Players II-21
Arcandor AG (Germany) II-21
Arnotts Ltd (Ireland) II-21
Beales PLC (UK) II-21
Debenhams Plc (UK) II-21
Dillard's, Inc. (USA) II-22
DWW Woolworth Germany GmbH & CO. Kg (Germany) II-22
El Corte Inglés SA (Spain) II-22
Fenwick (UK) II-22
GALERIA Kaufhof GmbH (Germany) II-22
Groupe Galeries Lafayette (France) II-22
House of Fraser Ltd (UK) II-23
Isetan Mitsukoshi Holdings Ltd. (Japan) II-23
JC Penney Company, Inc. (USA) II-23
John Lewis Plc (UK) II-23
Kohl's Corporation (US) II-23
Macy's, Inc. (USA) II-23
Marks & Spencer Group Plc (UK) II-24
Maxeda BV (The Netherlands) II-24
Nordstrom, Inc. (USA) II-24
Saks Fifth Avenue (USA) II-24
Sears, Roebuck & Company (USA) II-24
Stockmann Plc (Finland) II-25
Takashimaya Company, Limited, (Japan) II-25
UPIM SpA (Italy) II-25

6. Global Market Perspective II-26
Table 2: World Recent Past, Current & Future Analysis for
Department Stores by Geographic Region - US, Canada, Japan,
Europe, Asia-Pacific (excluding Japan), Latin America, and
Rest of World Markets Independently Analyzed with Annual Sales
Figures in US$ Million for Years 2006 through 2015 (includes
corresponding Graph/Chart) II-26



Table 3: World Historic Review for Department Stores by
Geographic Region - US, Canada, Japan, Europe, Asia-Pacific
(excluding Japan), Latin America, and Rest of World Markets
Independently Analyzed with Annual Sales Figures in US$
Million for Years 2001 through 2005 (includes corresponding
Graph/Chart) II-27

Table 4: World 10-Year Perspective for Department Stores by
Geographic Region - Percentage Breakdown of Dollar Sales for
US, Canada, Japan, Europe, Asia-Pacific (excluding Japan),
Latin America, and Rest of World Markets for Years 2006, 2009
& 2015 (includes corresponding Graph/Chart) II-28

Apparel & Footwear in Department Stores by Geographic Region -
US, Canada, Japan, Europe, Asia-Pacific (excluding Japan),
Latin America, and Rest of World Markets Independently
Analyzed with Annual Sales Figures in US$ Million for Years
2006 through 2015 (includes corresponding Graph/Chart) II-29

Table 6: World Historic Review for Apparel & Footwear in
Department Stores by Geographic Region - US, Canada, Japan,
Rest of World Markets Independently Analyzed with Annual Sales

Table 7: World 10-Year Perspective for Apparel & Footwear in
Department Stores by Geographic Region - Percentage Breakdown
of Dollar Sales for US, Canada, Japan, Europe, Asia-Pacific
for Years 2006, 2009 & 2015 (includes corresponding
Graph/Chart) II-31

Furniture in Department Stores by Geographic Region - US,
Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin
America, and Rest of World Markets Independently Analyzed with
Annual Sales Figures in US$ Million for Years 2006 through
2015 (includes corresponding Graph/Chart) II-32

Table 9: World Historic Review for Furniture in Department
Stores by Geographic Region - US, Canada, Japan, Europe,
Asia-Pacific (excluding Japan), Latin America, and Rest of
World Markets Independently Analyzed with Annual Sales Figures
in US$ Million for Years 2001 through 2005 (includes

Table 10: World 10-Year Perspective for Furniture in



Graph/Chart) II-34

Electronics in Department Stores by Geographic Region - US,

Table 12: World Historic Review for Electronics in Department

Table 13: World 10-Year Perspective for Electronics in
Graph/Chart) II-37

Cosmetics and Personal Care products in Department Stores by
Geographic Region - US, Canada, Japan, Europe, Asia-Pacific
Independently Analyzed with Annual Sales Figures in US$
Million for Years 2006 through 2015 (includes corresponding
Graph/Chart) II-38

Table 15: World Historic Review for Cosmetics and Personal
Care products in Department Stores by Geographic Region - US,
Canada, Japan, Europe, Asia Pacific (excluding Japan), Latin

Table 16: World 10-Year Perspective for Cosmetics and Personal
Care products in Department Stores by Geographic Region -
Percentage Breakdown of Dollar Sales for US, Canada, Japan,
Rest of World Markets for Years 2006, 2009 & 2015 (includes

Homeware in Department Stores by Geographic Region - US,




Table 18: World Historic Review for Homeware in Department

Table 19: World 10-Year Perspective for Homeware in Department
Stores by Geographic Region - Percentage Breakdown of Dollar
Sales for US, Canada, Japan, Europe, Asia-Pacific (excluding
Japan), Latin America, and Rest of World Markets for Years
2006, 2009 & 2015 (includes corresponding Graph/Chart) II-43

Others in Department Stores by Geographic Region - US, Canada,
Japan, Europe, Asia-Pacific (excluding Japan), Latin America,
and Rest of World Markets Independently Analyzed with Annual
Sales Figures in US$ Million for Years 2006 through 2015
(includes corresponding Graph/Chart) II-44

Table 21: World Historic Review for Others in Department

Table 22: World 10-Year Perspective for Others in Department
2005, 2009 & 2015 (includes corresponding Graph/Chart) II-46

III. MARKET

1. The United States III-1
A.Market Analysis III-1
Economic Crunch Hits Department Stores III-1
Consumers Shopping Trends Impact Department Stores III-1
Loss of Apparel Share to Other Channels III-1
Table 23: The US Apparel Market (2003-2005): Market Share
Trend of Select Channels - Major Department Stores,
Specialty Chains and Discount Stores (includes
corresponding Graph/Chart) III-2



Luxury Players to Foray into Foreign Markets III-2
Mid-range Players Struggle Amid Competition III-2
Competition III-2
Leading Players III-2
Table 24: Leading Department Stores in the US (2008E):
Percentage Breakdown of Value Sales for Macy's, Sears, JC
Penney, Kohl's , Nordstrom, Dilliard's, Saks, and Others
(includes corresponding Graph/Chart) III-3
Discount Department Stores Market III-3
Table 25: Leading Players in the US Discount Department
Stores Market (2005-2009): Percentage Breakdown of Value
Sales for JC Penney, Kohl's and Others (includes
Strategic Corporate Developments III-4
Key Players III-7
B.Market Analytics III-9
Table 26: US Recent Past, Current & Future Analysis for
Department Stores by Product Segment - Apparel & Footwear,
Furniture, Electronics , Cosmetics and Personal Care
products, Homeware, and Others Markets Independently
2006 through 2015 (includes corresponding Graph/Chart) III-9

Table 27: US Historic Review for Department Stores by
Product Segment - Apparel & Footwear, Furniture, Electronics
, Cosmetics and Personal Care products, Homeware, and Others
Markets Independently Analyzed with Annual Sales Figures in
US$ Million for Years 2001 through 2005 (includes

Table 28: US 10-Year Perspective for Department Stores by
Product Segment - Percentage Breakdown of Dollar Sales for
Apparel & Footwear, Furniture, Electronics, Cosmetics and
Personal Care, Homeware, and Others Markets for Years 2005,
2009 & 2015 (includes corresponding Graph/Chart) III-10

2. Canada III-11
Table 29: Canadian Recent Past, Current & Future Analysis
for Department Stores by Product Segment - Apparel &
Footwear, Furniture, Electronics , Cosmetics and Personal
Care products, Homeware, and Others Markets Independently

Table 30: Canadian Historic Review for Department Stores by




Table 31: Canadian 10-Year Perspective for Department Stores
by Product Segment - Percentage Breakdown of Dollar Sales
for Apparel & Footwear, Furniture, Electronics , Cosmetics
and Personal Care products, Homeware, and Others Markets for
Years 2006, 2009 & 2015 (includes corresponding Graph/Chart) III-13

3. Japan III-14
Sales Continue to Decline III-14
Competition III-14
Table 32: Leading Department Stores in Tokyo ( 2007):
Percentage Sales breakdown for Isetan Mitsukoshi,
Takashimaya, JF Retailing, and Others (includes
Consolidation Trends III-14
Select Mergers in the Japanese Department Stores Market: III-15
Shrinking Population Drives Mergers III-15
Past Mergers Fail to Realize Adequate Benefits III-15
Renovation Plans Shelved or Delayed III-15
Department Stores Attract Foreign Tourists III-15
Key Players III-16
Table 33: Japanese Recent Past, Current & Future Analysis
for Department Stores by Product Segment - Apparel &
Footwear, Furniture, Electronics , Cosmetics and Personal

Table 34: Japanese Historic Review for Department Stores by

Table 35: Japanese 10-Year Perspective for Department Stores
for Apparel & Footwear, Furniture, Electronics, Cosmetics

4. Europe III-20
Market Analysis III-20
Table 36: Europe Recent Past, Current & Future Analysis for



Department Stores by Geographic Region - France, Germany,
Italy, UK, and Rest of Europe Markets Independently Analyzed
with Annual Sales Figures in US$ Million for Years 2006
through 2015 (includes corresponding Graph/Chart) III-20

Table 37: Europe Historic Review for Department Stores by
Geographic Region - France, Germany, Italy, UK, and Rest of
Europe Markets Independently Analyzed with Annual Sales

Table 38: Europe 10-Year Perspective for Department Stores
by Geographic Region - Percentage Breakdown of Dollar Sales
for France, Germany, Italy, UK, and Rest of Europe Markets
Graph/Chart) III-21

Table 39: Europe Recent Past, Current & Future Analysis for

Table 40: Europe Historic Review for Department Stores by

Table 41: Europe 10-Year Perspective for Department Stores

4a. France III-24
Key Player III-25
Table 42: French Recent Past, Current & Future Analysis for
Furniture, Electronics, Cosmetics and Personal Care

Table 43: French Historic Review for Department Stores by



Product Segment - Apparel & Footwear, Furniture,
Electronics, Cosmetics and Personal Care, Homeware, and
Others Markets Independently Analyzed with Annual Sales

Table 44: French 10-Year Perspective for Department Stores

4b. Germany III-27
Strategic Corporate Development III-27
Key Players III-27
Table 45: German Recent Past, Current & Future Analysis for

Table 46: German Historic Review for Department Stores by

Table 47: German 10-Year Perspective for Department Stores

4c. Italy III-30
Key Player III-30
Table 48: Italian Recent Past, Current & Future Analysis for

Table 49: Italian Historic Review for Department Stores by




Table 50: Italian 10-Year Perspective for Department Stores

4d. The United Kingdom III-32
Market Overview III-32
Department Stores Loose Shine III-32
Table 51: Department Stores Sector in the UK: Market Share
Breakdown of Shoppers by Age - Group (includes
Competition III-33
Table 52: Leading Players in the UK Department Stores
Sector (2001 & 2006): Percentage Breakdown of Value Sales
for Marks & Spencer's, John Lewis, Debenhams, House of
Fraser, Selfridges, Harrods and Others (includes
Key Players III-34
Table 53: UK Recent Past, Current & Future Analysis for

Table 54: UK Historic Review for Department Stores by

Table 55: UK 10-Year Perspective for Department Stores by
Product Segment - Percentage Breakdown of Dollar Sales for
Apparel & Footwear, Furniture, Electronics , Cosmetics and
Personal Care products, Homeware, and Others Markets for

4e. Rest of Europe III-37
Russia III-37



Key Players III-39
Table 56: Rest of Europe Recent Past, Current & Future
Analysis for Department Stores by Product Segment - Apparel
& Footwear, Furniture, Electronics , Cosmetics and Personal

Table 57: Rest of Europe Historic Review for Department
Stores by Product Segment - Apparel & Footwear, Furniture,
Electronics , Cosmetics and Personal Care products,
Homeware, and Others Markets Independently Analyzed with
2005 (includes corresponding Graph/Chart) III-41

Table 58: Rest of Europe 10-Year Perspective for Department
Stores by Product Segment - Percentage Breakdown of Dollar
Sales for Apparel & Footwear, Furniture, Electronics ,
Cosmetics and Personal Care products, Homeware, and Others
Markets for Years 2006, 2009 & 2015 (includes corresponding
Graph/Chart) III-42

5. Asia-Pacific III-43
Market Analysis III-43
Table 59: Asia-Pacific Recent Past, Current & Future
Analysis for Department Stores by Geographic Region - China,
and Rest of Asia-Pacific Markets Independently Analyzed with

Table 60: Asia-Pacific Historic Review for Department Stores
by Geographic Region - China, and Rest of Asia-Pacific

Table 61: Asia-Pacific 10-Year Perspective for Department
2006, 2009 & 2015 III-44

Table 62: Asia-Pacific Recent Past, Current & Future



Table 63: Asia-Pacific Historic Review for Department Stores
by Product Segment - Apparel & Footwear, Furniture,

Table 64: Asia-Pacific 10-Year Perspective for Department
Graph/Chart) III-46

5a. China III-47
Introduction III-47
Increasing Share of Department Stores III-47
Table 65: Increasing Share of Department Stores in the
Chinese Retail Industry (2003-2010) (includes corresponding
Graph/Chart) III-47
Consumer Shopping Behavior III-48
Table 66: Chinese Department Store Market (2006): Sales in
Percentage for Select Stores by Category - Fashion &
Apparels; Cosmetic & Accessories; Household, Electrical
Goods & Others and Groceries & Perishables (includes

Table 67: Leading Players in the Chinese Department Stores
Market (2006): Percentage Breakdown of Value Sales for
Dashang Group, Shanghai Bailian Group Co. Ltd., Beijing
Wangfujing Department Store Co. Ltd., The Lion Group
(Parkson) and Others (includes corresponding Graph/Chart) III-49

Table 68: Chinese Department Stores Market (2006): Brands
and Brand Share (in Percentage) by Select Company -
Dashang, Beijing Wangfujing Department Store Co. Ltd., The
Lion Group and New World Department Store Co. Ltd.
Key Trends III-50
Increase in Store Size III-50
Industry Consolidation III-50
Table 69: Chinese Department Store Market (2006 & 2007):
Outlets, Retail Space and Average Space per Outlet in
Units (includes corresponding Graph/Chart) III-50
Increasing Presence of International Players III-50
Entry Barriers III-51



Table 70: Chinese Recent Past, Current & Future Analysis for

Table 71: Chinese Historic Review for Department Stores by

Table 72: Chinese 10-Year Perspective for Department Stores

5b. Rest of Asia-Pacific III-57
Australia III-57
Market Strategies III-57
Indonesia III-57
Table 73: Indonesian Department Stores Market (2006):
Strength in Units by Select Company - Ramayana, Matahari,
Pojok Busana, Yogya Dept. Store, Mitra Adiperkasa (Sogo,
Debenhams, Java), Sarinah and Others (includes

Table 74: Leading Department Stores in Indonesia (2006):
Percentage Breakdown of Value Sales for Matahari Putra
Prima, Ramayana Sentosa Lestari, Mitra Adiperkasa and
Others (includes corresponding Graph/Chart) III-58
Competitive Environment III-58
Korea III-58
Table 75: Leading Department Stores in Korea (2006 &
2007): Percentage Breakdown of Value Sales for Lotte
Department Store, Hyundai Department Store, Shinsegae and
Others (includes corresponding Graph/Chart) III-59
Competition III-59
Table 76: Korean Department Stores Market (2007): Strength
in Units by Select Company - Lotte Department Store,
Hyundai Department Store, Shinsegae and Hanhwa Stores
Taiwan III-60
Introduction III-60



Table 77: Leading Department Stores in Taiwan (2006):
Percentage Breakdown of Value Sales for Shinkong
Mitsukoshi (SKM), Pacific Sogo, FEDS and Others (includes
A Saturated Market ' III-61
Table 78: Taiwanese Department Stores Market (2005-2007):
Strength in Units (includes corresponding Graph/Chart) III-61
Thailand III-61
Table 79: Leading Department Stores in Thailand (2007):
Strength in Units for Robinson Department Store, Central
Department Store, The Mall Department Stores, and Imperial
Department Stores Vietnam (includes corresponding
Graph/Chart) III-61
Key Player III-62
Table 80: Rest of Asia-Pacific Recent Past, Current & Future

Table 81: Rest of Asia-Pacific Historic Review for

Table 82: Rest of Asia-Pacific 10-Year Perspective for
Department Stores by Product Segment - Percentage Breakdown
of Dollar Sales for Apparel & Footwear, Furniture,
Electronics, Cosmetics and Personal Care products, Homeware,
and Others Markets for Years 2006, 2009 & 2015 (includes

6. Latin America III-65
Argentina III-65
Chile III-65
High Penetration III-65
Table 83: Chilean Department Store Market (2007): Sales
(in CLP$ '000 per Square Meter) by Select Company -
Falabella, La Polar, Paris-Cencosud, and Ripley Declining
Consumption (includes corresponding Graph/Chart) III-65
Declining Consumption III-65
Table 84: Chilean Department Store Market (2007): Same



Stores Sales (SSS) Growth in Percent by Select Player -
Falabella, Paris-Cencosud, La Polar, and Ripley (includes
Mexico III-66
Department Stores Gain in Popularity in Mexico III-66
Table 85: Latin America Recent Past, Current & Future

Table 86: Latin America Historic Review for Department

Table 87: Latin America 10-Year Perspective for Department
Graph/Chart) III-69

7. Rest of World III-70
Iran III-70
Strategic Corporate Development III-70
Table 88: Rest of World Recent Past, Current & Future

Table 89: Rest of World Historic Review for Department

Table 90: Rest of World 10-Year Perspective for Department



Graph/Chart) III-73

IV. COMPETITIVE LANDSCAPE



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