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.
This product will be delivered within 3-5 business days.
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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Department Stores And Other General Merchandise Stores Market Characteristics4. Department Stores And Other General Merchandise Stores Market Trends And Strategies68. Global Department Stores And Other General Merchandise Stores Market Competitive Benchmarking69. Global Department Stores And Other General Merchandise Stores Market Competitive Dashboard70. Key Mergers And Acquisitions In The Department Stores And Other General Merchandise Stores Market
3. Department Stores And Other General Merchandise Stores Product/Service Analysis -Product/Service Examples
5. Department Stores And Other General Merchandise Stores Market - Macro Economic Scenario
6. Global Department Stores And Other General Merchandise Stores Market Size and Growth
7. Department Stores And Other General Merchandise Stores Market Segmentation
8. Department Stores And Other General Merchandise Stores Market Regional And Country Analysis
9. Asia-Pacific Department Stores And Other General Merchandise Stores Market
10. China Department Stores And Other General Merchandise Stores Market
11. India Department Stores And Other General Merchandise Stores Market
12. Japan Department Stores And Other General Merchandise Stores Market
13. Australia Department Stores And Other General Merchandise Stores Market
14. Indonesia Department Stores And Other General Merchandise Stores Market
15. South Korea Department Stores And Other General Merchandise Stores Market
16. Bangladesh Department Stores And Other General Merchandise Stores Market
17. Thailand Department Stores And Other General Merchandise Stores Market
18. Vietnam Department Stores And Other General Merchandise Stores Market
19. Malaysia Department Stores And Other General Merchandise Stores Market
20. Singapore Department Stores And Other General Merchandise Stores Market
21. Philippines Department Stores And Other General Merchandise Stores Market
22. Hong kong Department Stores And Other General Merchandise Stores Market
23. New Zealand Department Stores And Other General Merchandise Stores Market
24. Western Europe Department Stores And Other General Merchandise Stores Market
25. UK Department Stores And Other General Merchandise Stores Market
26. Germany Department Stores And Other General Merchandise Stores Market
27. France Department Stores And Other General Merchandise Stores Market
28. Italy Department Stores And Other General Merchandise Stores Market
29. Spain Department Stores And Other General Merchandise Stores Market
30. Austria Department Stores And Other General Merchandise Stores Market
31. Belgium Department Stores And Other General Merchandise Stores Market
32. Denmark Department Stores And Other General Merchandise Stores Market
33. Finland Department Stores And Other General Merchandise Stores Market
34. Ireland Department Stores And Other General Merchandise Stores Market
35. Netherlands Department Stores And Other General Merchandise Stores Market
36. Norway Department Stores And Other General Merchandise Stores Market
37. Portugal Department Stores And Other General Merchandise Stores Market
38. Sweden Department Stores And Other General Merchandise Stores Market
39. Switzerland Department Stores And Other General Merchandise Stores Market
40. Eastern Europe Department Stores And Other General Merchandise Stores Market
41. Russia Department Stores And Other General Merchandise Stores Market
42. Czech Republic Department Stores And Other General Merchandise Stores Market
43. Poland Department Stores And Other General Merchandise Stores Market
44. Romania Department Stores And Other General Merchandise Stores Market
45. Ukraine Department Stores And Other General Merchandise Stores Market
46. North America Department Stores And Other General Merchandise Stores Market
47. USA Department Stores And Other General Merchandise Stores Market
48. Canada Department Stores And Other General Merchandise Stores Market
49. Mexico Department Stores And Other General Merchandise Stores Market
50. South America Department Stores And Other General Merchandise Stores Market
51. Brazil Department Stores And Other General Merchandise Stores Market
52. Chile Department Stores And Other General Merchandise Stores Market
53. Argentina Department Stores And Other General Merchandise Stores Market
54. Colombia Department Stores And Other General Merchandise Stores Market
55. Peru Department Stores And Other General Merchandise Stores Market
56. Middle East Department Stores And Other General Merchandise Stores Market
57. Saudi Arabia Department Stores And Other General Merchandise Stores Market
58. Israel Department Stores And Other General Merchandise Stores Market
59. Iran Department Stores And Other General Merchandise Stores Market
60. Turkey Department Stores And Other General Merchandise Stores Market
61. United Arab Emirates Department Stores And Other General Merchandise Stores Market
62. Africa Department Stores And Other General Merchandise Stores Market
63. Egypt Department Stores And Other General Merchandise Stores Market
64. Nigeria Department Stores And Other General Merchandise Stores Market
65. South Africa Department Stores And Other General Merchandise Stores Market
66. Department Stores And Other General Merchandise Stores Market Competitive Landscape And Company Profiles
71. Department Stores And Other General Merchandise Stores Market Future Outlook and Potential Analysis
72. Appendix
Executive Summary
Department Stores And Other General Merchandise Stores Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on department stores and other general merchandise stores market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
- All data from the report will also be delivered in an excel dashboard format.
Description:
Where is the largest and fastest growing market for department stores and other general merchandise stores? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Scope
- Markets Covered: 1) By Type: Department Stores; Other General Merchandise Stores; 2) By Ownership: Retail Chain; Independent Retailer; 3) By License: Branded; Brand Licensed; Unbranded
- Companies Mentioned: Walmart Inc.; Costco Wholesale Corp; Target Corporation; Carrefour SA; Dollar General Corporation
- Countries: 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
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: Country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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.
Methodology
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