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Clothing And Clothing Accessories Stores Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Clothing And Clothing Accessories Stores Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • January 2021
  • 300 pages
  • ID: 6018889
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

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 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 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%.

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 clothing and clothing accessories stores market is segmented into clothing/apparel stores; jewelry & watch stores; optical goods stores and footwear stores.

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. 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 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 is expected to continue to have 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.

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.

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