PUBLISHER: The Business Research Company | PRODUCT CODE: 1409305
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409305
“Clothing/Apparel Stores Global Market Report 2024 ” 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 clothing/apparel 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 clothing/apparel stores? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The clothing/apparel 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.
Clothing or apparel stores encompass retail establishments that specialize in offering a wide range of ready-made clothing, garments, accessories, and attire suitable for wear. These stores serve as platforms for freelance fashion designers to display and market their creations.
The primary store categories within this industry include clothing/apparel stores, jewelry and watch stores, optical goods stores, and footwear stores. Clothing/apparel stores are dedicated spaces within establishments where diverse clothing options, fabrics, textiles, and accessories are available for purchase, rental, or fitting. These stores cater to customer preferences by showcasing various brand offerings, promoting clothing designs, and providing options for men, women, and children across different age groups. These retail outlets, comprising both exclusive showrooms and dealer stores, operate under various ownership models, including retail chains and independent retailers, aiming to meet the varied clothing needs and style preferences of their clientele.
The clothing/apparel stores market research report is one of a series of new reports from The Business Research Company that provides clothing/apparel stores market statistics, including clothing/apparel stores industry global market size, regional shares, competitors with a clothing/apparel stores market share, detailed clothing/apparel stores market segments, market trends, and opportunities, and any further data you may need to thrive in the clothing/apparel stores industry. This clothing/apparel stores market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The clothing/apparel stores market size has grown strongly in recent years. It will grow from $870.48 billion in 2023 to $946.6 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to several key factors within the fashion retail industry. This includes the rise of the fast fashion phenomenon, catering to consumer demographics, the substantial influence of social media on fashion trends and purchasing behavior, the significant growth of e-commerce platforms, the effectiveness of marketing and advertising strategies, and the prevalence and impact of mall culture on shopping habits and trends.
The clothing/apparel stores market size is expected to see strong growth in the next few years. It will grow to $1282.94 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth in the upcoming period is expected to stem from various factors shaping the fashion retail industry. This includes a shift towards sustainability practices in manufacturing and distribution, increased demand for health-conscious and wellness-focused apparel, economic recovery driving consumer spending, the continued rise of athleisure wear, a growing demand for inclusive sizing and diversity, and the global expansion of fashion markets. Foreseen major trends in this period encompass the rise of subscription and rental services, a focus on customization and personalized shopping experiences, challenges faced by the fast fashion model, the prominence of direct-to-consumer (DTC) brands, and the integration of innovative retail technologies into the industry landscape.
The anticipated surge in demand for textiles and clothing is poised to drive the expansion of the clothing/apparel store market in the foreseeable future. Textiles and clothing encompass a spectrum of fabrics and products, such as fibers or yarns produced through knitting, felting, or weaving, designed for specific types of apparel providing protection against cold, heat, or water. These materials play a pivotal role in the creation of various products such as summer or winter clothes, carpets, household textiles, non-woven textiles, and fabrics. The clothing/apparel stores market facilitates the display and sale of these products, employing both online and offline distribution channels. Notably, in November 2022, the Centre for the Promotion of Imports from developing countries (CBI) reported a 13.1% increase, amounting to €144.5 billion ($157.70 billion), in the value of Europe's garment import industry in 2021, underscoring the escalating demand for textiles and clothing.
The burgeoning e-commerce industry is expected to be a significant catalyst for the growth of the clothing/apparel store market in the coming years. E-commerce, denoting the online buying and selling of goods and services, has seamlessly integrated clothing and apparel stores into its landscape. This integration provides several advantages, including global reach, 24/7 accessibility, an extensive product selection, personalized recommendations, convenience, cost savings, flexible payment options, mobile shopping, and streamlined returns and exchanges. For example, data from August 2023, released by the United States Census Bureau, revealed a 7.5% increase in e-commerce estimates for the second quarter of 2023 compared to the same period in 2022. This growth outpaced the overall retail sales increase of 0.6%, with online stores accounting for 15.4% of all sales in the second quarter of 2023.
Product innovation emerges as a prominent trend gaining traction in the clothing/apparel store market. Major industry players are actively introducing innovative strategies to enhance their market positioning. An illustrative instance is ZARA International, a Spain-based clothing retailer, which introduced the innovative Store Mode feature in July 2021. This feature serves to seamlessly connect the brand's physical stores with its digital platforms, enhancing the overall shopping experience. Zara's Store Mode addresses issues such as in-store crowding and unnecessary trips by enabling customers to view the inventory of the nearest store, with selected items available for pickup within 30 minutes using wayfinding functionality. Additionally, the app facilitates the reservation of fitting rooms through a QR code, eliminating waiting times, and generates a special QR code serving as a receipt, reducing the need for paper copies during checkout.
Major players in the clothing/apparel stores market are strategically focusing on the introduction of innovative store concepts, exemplified by the establishment of in-house fashion stores, aimed at delivering reliable services to their clientele. An in-house fashion store denotes a retail establishment or boutique exclusively dedicated to the sale of clothing and fashion items from a singular brand or fashion label. A noteworthy illustration is Reliance Industries Limited, an India-based conglomerate in the clothing sector, which inaugurated its inaugural in-house fashion store, Azorte, in September 2022. This foray into the high-end fashion and lifestyle domain represents a significant milestone for Reliance Industries Ltd., providing customers with a distinctive venue to procure fashionable and high-quality products. Anticipated outcomes include an elevation in Reliance's revenue and an expanded market share within the retail industry, facilitated by the introduction of its premier in-house fashion store.
In September 2022, JD Sports, a prominent UK-based sports-fashion retail company, entered into a strategic partnership with Nike. The collaboration between these two entities is designed to fortify their existing relationship by delivering best-in-class retail experiences and granting loyal customers early access to a curated selection of new Nike products, available both in-store and online. Nike, Inc., a US-based corporation renowned for its involvement in the design, development, manufacturing, and sales of footwear, apparel, equipment, accessories, and services, will leverage this partnership to enhance its market presence through diverse retail channels.
Major companies operating in the clothing/apparel stores market report are Christian Dior SE, Nike Inc., Adidas Group, LVMH Moet Hennessy Louis Vuitton, Industria de Diseno Textile S.A., Hennes & Mauritz AB, Phillips-Van Heusen Corporation, Fast Retailing Co Ltd, Gap Inc., Zara International, Platoon Stores Limited, Walmart Inc., Uniqlo Co Ltd., Penney OpCo LLC, Inditex, Bath & Body Works Inc., Vanity Fair Mills, Ralph Lauren Corp, Levi Strauss & Co., Under Armor Inc., Vanity Fair Mills, American Eagle Outfitters Inc., Abercrombie & Fitch Co., Columbia Sportswear Co., The Children's Place Inc., G-III Apparel Group Ltd., Guess Inc., Perry Ellis International Inc., The Buckle Inc., Chico's FAS Inc., Express Inc., Francesca's Holdings Corp., J. Crew Group Inc., Lands' End Inc., Lululemon Athletica Inc., The TJX Companies Inc., Urban Outfitters Inc., Zumiez Inc., Eddie Bauer LLC .
Europe was the largest region in the clothing/apparel stores market in 2023. The regions covered in the clothing/apparel stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the clothing/apparel stores market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The clothing/apparel stores market includes revenues earned by entities providing store services such as merchandising, collection, production management, distribution, retailing, and consulting services in the fabric department, new and sustainable clothing stores, and textile storage facilities. 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.
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.