PUBLISHER: The Business Research Company | PRODUCT CODE: 1261740
PUBLISHER: The Business Research Company | PRODUCT CODE: 1261740
“Department Stores & Other General Merchandise Stores Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on department stores & other general merchandise stores market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for department stores & other general merchandise stores? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The department stores & other general merchandise stores market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major companies in the department stores & other general merchandise stores market include: Walmart Inc., Costco Wholesale Corp, Target Corporation, Carrefour SA, Dollar General, Aeon Co Ltd., Suning.com Group, Macy's Inc., Kohl's, and Tesco PLC.
The global department stores & other general merchandise stores market grew from $2,539.94 billion in 2022 to $2,724.15 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The department stores & other general merchandise stores market is expected to grow to $3,468.52 billion in 2027 at a CAGR of 6.2%.
The department stores and other general merchandise stores market includes revenues earned by entities by providing services through discount stores, off price stores, outlet stores, and category specific stores. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Department stores and other general merchandise stores are stores that are engaged in retailing new merchandise, such as apparel, jewelry, home furnishings, toys, groceries, and other merchandise.
North America was the largest region in the department stores & other general merchandise stores market in 2022. Asia-Pacific was the second-largest region in the department stores & other general merchandise stores market. The regions covered in the department stores & other general merchandise stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of department and other general merchandise stores are department stores and other merchandise stores. A department store is a large store organised into departments that sell items such as furniture, apparel, electronics, footwear, cosmetics, and so on. Retail chains and independent retailers licenced as branded, branded licensed, and unbranded are owned by department and other general merchandise stores.
Department stores and other general merchandise stores are adopting a robust and cohesive strategy for data analytics in management. This technology is being deployed to enhance supply chain efficiency, streamline operations to engage customers, and build loyalty. Data has become critical for most retail operations. For instance, the global retail analytics market will reach $5.1 billion in 2020. With the rapid growth in retail data and the availability of technologies to analyse data, it will become easier for convenience, mom and pop stores to identify and meet the needs and expectations of their customers, which is expected to drive the market going forward.
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the department store and other general merchandise store markets in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China, and has spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in the manufacture and trade of non-essential goods and an overall decline in economic activity with countries entering a state of "lock down" and the outbreak having a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the department stores and other general merchandise stores market will recover from the shock over the forecast period as it is a "black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Self-checkout technology is being widely used in department stores, specialty stores, and small convenience stores to automate payments. Self-checkout systems are integrated with a mobile software application to collect purchase data and to automatically receive payment. They make use of Near Field Communication (NFC) or quick response code (QR code), which is a machine-readable optical label. This eliminates the need for checkouts, queues, loading and unloading, and employees to operate the checkout counter. This type of automation reduces operational costs and saves time spent on manual billing. Self-checkout systems are being used extensively by retail stores in the USA and the UK. For instance, a survey on self-service checkouts in multiple countries found 90% of respondents use self-checkouts, of which Australia and Italy were leading. Wal-Mart has installed 10,000 self-checkout systems in its 1200 stores across the USA.
The countries covered in the department stores and other general merchandise stores market are: Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The department stores & other general merchandise stores market research report is one of a series of new reports from The Business Research Company that provides department store and other general merchandise store market statistics, including department store and other general merchandise store industry global market size, regional shares, competitors with a department store & other general merchandise store market share, detailed department store and other general merchandise store market segments, market trends and opportunities, and any further data you may need to thrive in the department store and other general merchandise store industry. This department stores and other general merchandise stores market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.