Major players in the clothing/apparel stores market are Christian Dior SE, Nike Inc., Adidas Group, LVMH Moët Hennessy Louis Vuitton, Industria de Diseño 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., and Penney OpCo LLC.
The global clothing/apparel stores market is expected to grow from $805.25 billion in 2022 to $882.52 billion in 2023 at a compound annual growth rate (CAGR) of 9.6%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The clothing/apparel market is expected to reach $1,177.76 billion in 2027 at a CAGR of 7.5%.
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.
Clothing or apparel stores refer to clothing shopping ventures, establishments, or businesses that sell or deal in ready-made clothing, dresses, garments, attire, garments, clothes, and any item that can be worn on the body such as hats, clothes, or bags produced by the manufacturing company. Clothing/apparel stores provide opportunities for freelance fashion designers to showcase and merchandise their work.
Europe was the largest region in the clothing/apparel stores market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of stores are clothing/apparel stores, jewellery and watch stores, optical goods stores, and footwear stores.Clothing/apparel stores refer to a facility in an establishment or an area of a building where a variety of ready-made clothing, textiles, fabrics, and clothing accessories are available to be sold to customers and are used by companies to allow customers to purchase, rent, or try clothes of their brand or any other brand, as well as to promote clothing designs.
Major store categories are exclusive showroom and dealer stores under different ownership such as retail chains and independent retailers and provide services to men, women, and kids or infants.
The increase in demand for textiles and clothing is expected to propel the growth of the clothing/apparel store market going forward.Textiles and clothing refer to any fabric or product, such as a fiber or yarn made by knitting, felting, or weaving, for a specific kind of clothing designed to shield the user against cold, heat, or water.
Textiles and clothing are used for the manufacturing of new textiles or other production chains from raw materials such as summer or winter clothes, carpets, household textiles, non-woven textiles, and fabrics, where these products are displayed and sold by the clothing/apparel store to the customers using the online or offline mode of distribution. For instance, in November 2022, the Centre for the Promotion of Imports from developing countries (CBI), a Netherland-based federal agency for foreign affairs, the value of Europe’s garment import industry increased from €127.7 billion ($139.37 billion) in 2020 to €144.5 billion ($157.70 billion) in 2021 that equals to increase of 13.1%. Therefore, the increase in demand for textiles and clothing is driving the growth of the clothing/apparel store market.
Product innovations is the key trend gaining popularity in the clothing/apparel store market.Major companies operating in the clothing/apparel store market are introducing innovative stores to strengthen their position in the market.
For instance, in July 2021, ZARA International, a Spain-based clothing retailer, introduced an innovative Store Mode feature that helps link its physical locations and digital platforms through its e-commerce and in-app offerings.Zara’s Store Mode reduces crowding in stores and needless trips by allowing customers to view the available inventory of goods from the closest store, which may be available for pickup within 30 minutes using wayfinding functionality.
Once the item has been located, app users can utilize a QR code to reserve fitting rooms and bypass any waiting lineups. Additionally, the app also generates a special QR code that serves as a receipt and eliminates the need to print paper copies upon checkout.
In September 2022, JD Sports, a UK-based sports-fashion retail company partnered with Nike.Through this partnership, both companies aim to strengthen their existing relationship through best-in-class retail experiences and early access to a select range of new Nike products both in-store and online to provide loyal customers.
Nike, Inc. is a US-based corporation engaged in the design, development, manufacturing, and sales of footwear, apparel, equipment, accessories, and services through its online and offline stores.
The countries covered in the Clothing/Apparel Stores market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The clothing/apparel stores market research report is one of a series of new reports 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.