Footwear Stores Global Market Report 2024

The footwear stores market size has grown strongly in recent years. It will grow from $214.06 billion in 2023 to $230.89 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth observed in the historical period can be attributed to several factors, including the influence of fashion trends and evolving style preferences, shifts in consumer lifestyles, economic factors such as disposable income levels, effective marketing and branding strategies employed by footwear stores, and the impact of seasonal and holiday shopping trends. These elements collectively contributed to the growth and success of footwear stores during the specified historical timeframe.

The footwear stores market size is expected to see strong growth in the next few years. It will grow to $304.29 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The anticipated growth in the forecast period can be attributed to several key factors, including a heightened focus on sustainable and ethical practices within the footwear industry, an increased awareness of health and wellness among consumers, growing competition in the e-commerce landscape with the adoption of omnichannel strategies, a surge in customization and personalization trends, and the introduction of innovative retail concepts and store experiences. Major trends expected in this forecast period include a shift towards health and comfort-centric designs, collaborations and limited edition releases to capture consumer interest, the integration of technology to enhance the in-store experience, the implementation of virtual fitting rooms, and the continued adoption of omnichannel retail strategies for a seamless customer experience.

The anticipated rise in spending on branded luxury items is poised to be a significant catalyst in driving the growth of the footwear store market. Luxury items encompass elite goods and services, including haute couture clothing, high-end accessories such as jewelry, watches, and renowned branded footwear. Customers exhibit a growing inclination toward purchasing luxury items from both online and offline stores, driven by the allure of prestige and comfort. For instance, as reported by Bank of America in 2021, luxury spending surged by 14%, reaching a notable 26% growth for higher-income consumers while showing a 5% increase for lower-income earners in the United States. Moreover, overall luxury spending in 2021 soared by a staggering 47% compared to figures from 2019. This escalating trend of heightened expenditure on branded luxury items is expected to substantially propel the footwear store market.

The burgeoning involvement in sports activities is anticipated to significantly contribute to the expansion of the footwear stores market. Sports encompass structured physical activities or games involving skill, competition, and defined regulations, often pursued for recreation, fitness, or competitive purposes. Footwear stores play a pivotal role in catering to athletes and sports enthusiasts, providing specialized shoes designed to enhance performance, comfort, and prevent injuries during sports engagements. Notably, a survey conducted by the National Federation of State High School Associations (NFHS) in September 2023 revealed a remarkable increase in high school sports participation, totaling 7,857,969 individuals during the 2022-2023 season. This marked growth of nearly 240,000 individuals, signifying a rise of over 3% compared to the preceding year's figures. Consequently, the upsurge in sports participation stands as a driving force propelling the footwear stores market.

Innovative transformations within footwear stores emerge as a significant trend shaping the footwear stores market. Leading companies within this domain are focusing on establishing digitally equipped stores to fortify their market presence. For instance, in October 2021, Puma, a prominent Germany-based footwear company, inaugurated its largest store in Gurgaon, India. This expansive 7,000 square feet store is designed as a digitally enhanced experiential retail space, featuring various digital touchpoints. The store aims to attract digitally savvy consumers who increasingly prefer online shopping experiences, reflecting the industry's endeavor to adapt and engage tech-savvy consumers through innovative store concepts.

Prominent companies within the footwear stores market are dedicated to revolutionizing customer shopping experiences by leveraging cutting-edge tools, particularly Augmented Reality (AR) technology. The AR tool represents an innovative technology overlaying digital elements, such as images, text, or 3D models, onto the real-world setting in real time. An illustrative example is Amazon Fashion's introduction, in June 2022, of the 'Virtual Try-On for Shoes' feature within its iOS app. This augmented reality (AR) functionality enables customers in the US and Canada to virtually try on shoes from brands such as New Balance and Adidas. Users can effortlessly visualize how the shoes appear by activating the 'Virtual Try-On' feature and pointing their device's camera at their feet. This AR tool aims to elevate the presentation of products for brands while assisting customers in making informed purchasing decisions by virtually trying on shoes through an immersive experience.

In March 2022, Authentic Brands Group (ABG), a prominent brand management company in the United States, finalized the acquisition of Reebok from Adidas AG for an estimated $2.5 billion. This strategic acquisition by ABG is geared toward establishing the Reebok Design Group (RDG) in collaboration with SPARC Group, focusing on the development of innovative footwear and apparel. Adidas AG, a renowned German manufacturer specializing in shoes, clothing, and accessories, previously owned Reebok, an American fitness footwear and apparel brand. Through this acquisition, ABG aims to harness Reebok's potential by partnering with SPARC Group to spearhead design, development, and innovation initiatives, positioning Reebok as a leader in groundbreaking footwear and apparel offerings.

Major companies operating in the footwear stores market report are Adidas AG, Nike Inc., PUMA SE, Under Armour Inc., Skechers U.S.A Inc, Geox S.p.A, VF Corporation, Crocs Inc., ECCO Sko A/S, Wolverine Worldwide Inc., FILA Holdings Inc., ASICS Corporation, Bata Corporation, Burberry Group Plc., Timberland, Reebok International Limited, New Balance Athletics Inc., Clarks, Foot Locker Inc., DSW Inc., Caleres Inc., Deckers Brands, Famous Footwear, The Aldo Group Inc., Steve Madden Ltd., Swarovski AG, Camper, Aerosoles, Saucony, Converse Inc., Salvatore Ferragamo S.p.A., Jimmy Choo Ltd., ALDO Group.

Asia-Pacific was the largest region in the footwear stores market in 2023. The regions covered in the footwear stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the footwear stores market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of footwear stores include athletic and non-athletic. Athletic footwear is specifically designed for sports and physical activities, available in materials such as leather and non-leather (rubber). These footwear items cater to men, women, and children, and are distributed through various channels, including offline retail stores and online retail platforms.

The footwear stores market research report is one of a series of new reports that provides footwear stores market statistics, including footwear stores industry global market size, regional shares, competitors with a footwear stores market share, detailed footwear stores market segments, market trends and opportunities, and any further data you may need to thrive in the footwear stores industry. This footwear 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.

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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