The global clothing and clothing accessories stores market is expected to grow from $1157.19 billion in 2020 to $1247.67 billion in 2021 at a compound annual growth rate (CAGR) of 7.8%.
The report provides the strategists, marketers and senior management with the critical information they need to assess the global clothing and clothing accessories stores market as it emerges from the COVID-19 shut down.
Major companies in the clothing and clothing accessories stores market include Abercrombie & Fitch Co.; American Eagle Outfitters Inc.; The Buckle Inc.; Carter’s Inc. and Chico’s FAS Inc.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1549.68 billion in 2025 at a CAGR of 6%.
Western Europe was the largest region in the global clothing and clothing accessories stores market, accounting for 31% of the market in 2020. Asia Pacific was the second largest region accounting for 29% of the global clothing and clothing accessories stores market. Africa was the smallest region in the global clothing and clothing accessories stores market.
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, and 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 few key stores and also added features like mobile POS, fitting room assistance, etc. to augment its in-store experience.
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.
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.
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 building loyalty, data has become critical for most retail operations.
For instance, the global retail analytics market is expected to rise up to $5.1 billion by 2020. With the rapid growth in retail data and the availability of technologies to analyse 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.