Clothing And Clothing Accessories Stores Global Market Report 2022
- May 2022 •
- 300 pages •
- Report ID: 6282499 •
- Format: PDF
Major companies in the clothing and clothing accessories stores market include TJX Companies Inc, LVMH Moet Hennessy Louis Vuitton SE, Industria De Diseno Textil SA, Hennes & Mauritz AB, Rajesh Exports, Fast Retailing Co. Ltd, Inditex, The Gap Inc., Associated British Foods plc, and L Brands Inc.
The global clothing and clothing accessories stores market is expected to grow from $1,090.04 billion in 2021 to $1,212.34 billion in 2022 at a compound annual growth rate (CAGR) of 11.2%. The market is expected to grow to $1,732.61 billion in 2026 at a compound annual growth rate (CAGR) of 9.3%.
The clothing and clothing accessories stores market consists of sales of clothing and clothing accessories by entities (organizations, sole traders, and partnerships) that sell clothing and clothing accessories to ultimate users from fixed locations. The clothing and clothing accessories stores market includes establishments that are engaged in the sales of clothing for men, women, and children, hats and caps, jewelry, wig and hairpiece, neckwear, footwear, and other similar products.
The major types of clothing and clothing accessories are clothing/apparel stores, jewelry and watch stores, optical goods stores, and footwear stores.The clothing/apparel stores refer to the shops that sell dresses, clothes, and apparel like shoes and other costume-related items.
The ownership types are retail chain and the independent retailer selling through exclusive showroom and dealer store.
Western Europe was the largest region in the clothing and clothing accessories stores market in 2021.North America was the second-largest region in the clothing and clothing accessories stores market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Many clothing and clothing accessories 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 raised to $5.1 billion in 2020. With the rapid growth in retail data and the availability of technologies to analyze data, it will become easier for building material and garden equipment and supplies dealers to identify and meet the needs and expectations of their customers, thus it is expected to drive the market going forward
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the clothing and clothing accessories stores market 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 in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Steps by national governments to contain the transmission have resulted in a decline in 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 had a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the clothing and clothing accessories stores market will recover from the shock across 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.
Retail stores are increasingly using in-store automation to streamline retail shopping.Automation in retail stores is aimed at cutting costs and time involved in store operations such as container movement, merchandise scanning, inventory checking, retrieving, packaging, delivering products, and connecting with customers.
Automation reduces waiting times, avoids stocking problems, enhances productivity, and increases the overall customer experience.Retailers are also focusing on using self-checkout stands for customers.
Some of the major clothing retailers such as Zara and Lifestyle are using self-checkout systems. In 2019, Lifestyle introduced self-Checkout Kiosks in a few key stores and also added features like mobile POS, fitting room assistance, etc. to augment its in-store experience.
The countries covered in the clothing and clothing accessories 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.