NAICS 455110 Quarterly Industry Report
Department Stores
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 455110Sector: 45Updated: Q1 2026
About This Report
This Fair Market Value industry report for NAICS 455110 draws on verified data from the U.S. Census Bureau[5], Bureau of Labor Statistics[6], and Small Business Administration[4] to profile the department store retail sector. Our research team analyzes multi-department retail economics, private-label brand strategies, and the structural challenges facing anchor-tenant mall retailers to provide accurate market intelligence for business valuation purposes. The report covers SBA size standards, related NAICS classifications, and the omnichannel transformation reshaping department store operations. Fair Market Value updates this NAICS 455110 profile quarterly to reflect new Census releases and industry developments.
Industry Definition & Overview
Department Stores (NAICS 455110) encompasses establishments generally known as department stores that maintain separate departments for general lines of new merchandise, including apparel, jewelry, home furnishings, and toys, with no single merchandise line predominating. Additionally, department stores may sell perishable groceries in small quantities, but food sales are insignificant relative to total revenue. Stores typically feature multiple selling floors, departmental staffing, and centralized checkout systems or department-level registers. Department stores have faced sustained structural pressure from specialty retailers, e-commerce platforms, and off-price chains that offer narrower but deeper product selections at competitive prices. Store closures and chain bankruptcies have reduced the establishment count over the past two decades. Surviving operators have responded by investing in omnichannel capabilities, private-label brand development, experiential retail concepts, and real estate optimization through store downsizing or flagship renovations. The SBA[4] sets the size standard at $40 million in average annual receipts for this industry. Anchor tenant status in regional shopping malls historically gave department stores preferential lease terms and customer traffic benefits. As mall traffic has declined, department stores have renegotiated lease arrangements, converted to off-mall formats, or closed underperforming locations. Private-label merchandise programs generate higher margins than national brands and help differentiate product assortments from competing retailers. Credit card programs tied to store loyalty provide customer data and generate financing revenue alongside retail sales.
What's Included in This Industry
- Full-line department store operations
- Multi-department general merchandise retailing
- Apparel department retailing within department stores
- Home furnishing department retailing within department stores
- Jewelry and accessories department retailing
- Cosmetics and fragrance department retailing
- Private-label merchandise program operations
- Department store e-commerce and omnichannel retailing
- Seasonal and holiday merchandise department operations
- Department store credit card and loyalty programs
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Subsector | General Merchandise Retailers | 455 |
| Industry Group | Department Stores | 4551 |
| NAICS Industry | Department Stores | 45511 |
| National Industry | Department Stores | 455110 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 455211 | Warehouse Clubs and Supercenters | Operates warehouse clubs and supercenters selling general merchandise alongside groceries, competing for consumer spending across many department store product categories |
| 455219 | All Other General Merchandise Retailers | Operates all other general merchandise retailers including discount stores and variety stores, competing with department stores on price across overlapping product categories |
| 449110 | Furniture Retailers | Retails new furniture as a specialty retail format, overlapping with department store home furnishing departments but offering deeper furniture-specific product selections |
| 458110 | Clothing and Clothing Accessories Retailers | Retails clothing and clothing accessories through specialty stores, competing with department store apparel departments by offering focused brand assortments and curated selections |
| 458310 | Jewelry Retailers | Retails jewelry through specialty stores, competing with department store jewelry departments by offering deeper product expertise and custom design services |
| 456110 | Pharmacies and Drug Retailers | Operates pharmacies and drug retailers, selling health and beauty products that overlap with department store cosmetics and personal care departments |
SBA Lending Summary
184
Total SBA Loans
$34.6M
Total Loan Volume
$188K
Average Loan Size
11 yrs
Average Loan Term
10.76%
Average Interest Rate
576
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[3]
Key Insight: The SBA[4] classifies NAICS 455110 under department stores with a size standard of $40 million in average annual receipts. Businesses at or below this revenue threshold qualify as small for federal contracting preferences and SBA loan programs. Department store operators can access SBA 7(a) loans[7] for store renovations, inventory purchases, and omnichannel technology investments. Firms purchasing retail real estate may qualify for 504 loans[8]. The high size standard accommodates the large revenue volumes typical of multi-department retail operations, though most independent department stores operate well below this threshold.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Readycap Lending, LLC | 56 | $9.5M | $170K |
| 2 | UMB Bank, National Association | 16 | $5.7M | $355K |
| 3 | The Citizens National Bank of Meridian | 8 | $4.8M | $602K |
| 4 | The Huntington National Bank | 8 | $4.1M | $515K |
| 5 | Northeast Bank | 16 | $4.0M | $250K |
Frequently Asked Questions
Common questions about this industry.
What types of businesses fall under NAICS 455110?
NAICS 455110 covers department stores maintaining separate departments for general merchandise including apparel, jewelry, home furnishings, cosmetics, and toys, with no single product line predominating. Both chain and independent department store operations are included. Source: U.S. Census Bureau[5]
How is NAICS 455110 structured?
Stores typically feature multiple selling floors with departmental organization, centralized or departmental checkout, and brand-specific shop-in-shop formats. National chains dominate the sector, with few independent department stores remaining. Private-label brands and credit card programs generate supplemental revenue.
What is the SBA size standard for NAICS 455110?
The SBA sets the size standard at $40 million in average annual receipts for department stores. Businesses at or below this revenue level qualify as small for federal contracting preferences and SBA loan programs. Source: SBA Size Standards[4]
What NAICS codes are related to department stores?
Related retail codes include 455211 (warehouse clubs), 455219 (other general merchandise), 449110 (furniture), 458110 (clothing stores), 458310 (jewelry stores), and 456110 (pharmacies). Source: Census NAICS[5]
What industries are related to department store retailing?
Key supplier industries include 423620 (electronics wholesalers), 423910 (sporting goods wholesalers), 423940 (jewelry wholesalers), and 423990 (miscellaneous durable goods wholesalers) supplying departmental inventory. Source: Census NAICS[5]
What activities are included in NAICS 455110?
Activities include operating multi-department stores selling apparel, jewelry, home furnishings, cosmetics, toys, and seasonal merchandise. Private-label programs, e-commerce operations, credit card programs, and loyalty reward systems are also included.
Can department stores get SBA loans?
Yes, small businesses under NAICS 455110 can access SBA 7(a) loans for store renovations, inventory, and omnichannel technology investments. Firms purchasing retail real estate may qualify for 504 loans. Most independent department stores operate well below the $40 million threshold. Source: SBA Loan Programs[9]
Where are department stores concentrated in the United States?
Department stores historically anchor regional shopping malls across suburban America. Store closures have concentrated surviving locations in higher-performing trade areas. Metropolitan areas with strong consumer spending power, including the Northeast, West Coast, and major Sun Belt cities, retain the highest department store concentrations.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [4]SBA sba.gov
- [5]U.S. Census Bureau census.gov
- [6]Bureau of Labor Statistics bls.gov
- [7]SBA 7(a) loans sba.gov
- [8]504 loans sba.gov
- [9]SBA Loan Programs sba.gov
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