Department Stores And Other General Merchandise Stores Global Market Report 2024

The department stores & other general merchandise stores market size has grown strongly in recent years. It will grow from $2,724.24 billion in 2023 to $2,917.02 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historical period can be attributed to various factors, including prevailing economic conditions, consumer preferences, technological advancements, and the effects of globalization.

The department stores & other general merchandise stores market size is expected to see strong growth in the next few years. It will grow to $3,782.89 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.

The expected growth in the forecast period can be attributed to several factors, including the rise of e-commerce and online shopping, a focus on enhancing customer experience and personalization, the increasing digitization of the retail sector, and the integration of retail technology. Additionally, there are several major trends expected to shape the market in the forecast period, including the continued growth of e-commerce and omnichannel retailing, a greater emphasis on sustainability and ethical practices, the adoption of flexible store formats, and international expansion.

The primary categories within the department and other general merchandise stores sector include department stores and other merchandise stores. Department stores are sizable retail outlets organized into various departments, each offering a diverse selection of items such as furniture, clothing, electronics, footwear, cosmetics, and more. These establishments encompass both retail chains and independent retailers, and they can operate under various branding and licensing arrangements.

The department stores & other general merchandise stores market research report is one of a series of new reports 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. These 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.

Department stores and other general merchandise stores are increasingly adopting robust and cohesive data analytics strategies for management. This technology is being leveraged to enhance supply chain efficiency, streamline operations, engage customers, and foster loyalty. Data analytics has become a crucial component of most retail operations. For example, in July 2023, the World Economic Forum reported that 60% of corporations view big data and analytics capabilities as increasingly vital, and these technologies are likely to lead to the creation of new jobs over the next 5 years. Furthermore, between 2023 and 2027, it is estimated that data science and data analytics could generate up to 1.4 million new jobs. With the rapid growth of retail data and the availability of data analysis technologies, convenience and small-scale stores will find it easier to identify and meet their customers' needs and expectations, which is expected to drive the market's growth in the future.

The increasing consumer demand for personalized services is expected to drive the growth of the department stores and other general merchandise stores market in the future. Personalized shopping entails tailoring the retail experience to meet the specific preferences, behaviors, and purchase history of individual customers. Department stores and other general merchandise stores are providing personalized services such as home delivery, telephone order fulfillment, credit facilities, and customized offerings like restrooms to cater to the unique needs and desires of individual customers. This enhances the overall shopping experience and offers greater convenience. For example, in June 2022, a survey conducted by Adobe, a US-based software company, among 1,115 US consumers, revealed that 67% of respondents expressed a desire for personalized offers based on their spending patterns. Hence, the increasing consumer preference for personalized services is a key driver of the department stores and other general merchandise stores market.

The COVID-19 outbreak had a significant negative impact on the department store and other general merchandise store markets in 2020. This impact was due to disruptions in supply chains resulting from trade restrictions and a decline in consumer consumption as governments around the world implemented lockdown measures to contain the spread of the infectious disease. COVID-19, characterized by symptoms like fever, cough, and difficulty breathing, was initially identified in Wuhan, Hubei province, China, in 2019, and it subsequently spread globally to regions including Western Europe, North America, and Asia. National governments' measures to curb transmission included restrictions on the production and trade of non-essential goods, leading to an overall economic downturn as countries implemented lockdowns. However, it is anticipated that the department stores and other general merchandise stores market will gradually recover from this unexpected shock during the forecast period. This pandemic is considered a 'black swan' event, and the market's resilience is expected to bounce back because the challenges it posed were not indicative of any inherent or ongoing weaknesses within the market or the global economy.

Self-checkout technology has become increasingly prevalent in a variety of retail settings, including department stores, specialty shops, and small convenience stores, as a means to automate the payment process. These self-checkout systems are typically linked to a mobile software application that collects purchase information and facilitates automated payment. They leverage technologies like Near Field Communication (NFC) or quick response codes (QR codes), which are machine-readable optical labels. This innovative approach eliminates the necessity for traditional checkout counters, reduces wait times, and minimizes the need for staff to handle the checkout process. The implementation of self-checkout systems results in cost savings and greater efficiency, and it is a widely adopted practice in retail establishments in both the United States and the United Kingdom. To illustrate, a global survey on self-service checkouts reported that 90% of respondents from various countries utilize self-checkout systems, with Australia and Italy at the forefront. A prominent example of this trend is Wal-Mart, which has deployed 10,000 self-checkout systems in its 1,200 stores across the United States.

Prominent companies operating in the department stores and other general merchandise stores sector are taking steps to establish metaverse-based department stores, with the aim of enhancing the digital shopping experiences of their customers and boosting their revenue in the market. The concept of the metaverse refers to a shared virtual space that combines elements of augmented physical reality with persistently existing virtual space. For instance, in March 2022, Selfridges, a UK-based chain of high-end department stores, introduced its inaugural Metaverse department store. This innovative store offers customers the opportunity to explore unique NFTs (Non-Fungible Tokens) and even make payments using cryptocurrencies. These virtual destinations are directly connected to the brand's traditional online shopping platforms. This initiative is part of Decentraland's Metaverse Fashion Week, showcasing the metaverse's potential to drive real sales and revenue.

Major companies operating in the department stores and other general merchandise stores market include Walmart Inc., Costco Wholesale Corp, Target Corporation, Carrefour SA, Dollar General Corporation, Aeon Co. Ltd., Suning.com Co. Ltd., Macy's Inc., Kohl’s Corporation, Tesco PLC, Amazon.com Inc., The Home Depot Inc., Lowe's Companies Inc., Best Buy Co. Inc., Penney OpCo LLC, Sears Holdings Corporation, Ross Stores Inc., Burlington Stores Inc., TJX Companies Inc., Big Lots Stores Inc., Five Below Inc., Ollie's Bargain Outlet Holdings Inc., Bed Bath & Beyond Inc., Michaels Stores Inc., Tractor Supply Company, At Home Group Inc., Dick's Sporting Goods Inc., Academy Sports and Outdoors Inc., PetSmart Inc., Party City Holdco Inc., Ulta Beauty Inc., Sally Beauty Holdings Inc., Office Depot Inc.

North America was the largest region in the department stores & other general merchandise stores market in 2023. 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 countries covered in the department stores and other general merchandise stores market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

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.

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.


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