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Department Stores And Other General Merchandise Store Global Market Analysis, Trends, Growth, Research And Forecast 2033
Department Stores And Other General Merchandise Store Global Market
As per the report, the department stores & other general merchandise stores market size has grown strongly in recent years. It will grow from $2724.24 billion in 2023 to $2917.02 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The department stores & other general merchandise stores market size is expected to see strong growth in the next few years. It will grow to $3782.89 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
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Retail Data Analytics Is Transforming The Shopping Experience And Supply Chain Efficiency
Department stores and other general merchandise 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 build loyalty. Data has become critical for most retail operations. For instance, in July 2023, according to the World Economic Forum, a Switzerland-based non-governmental organization (NGO), 60% of corporations think that big data and analytics capabilities are becoming more crucial and this technology is most likely to result in the creation of new jobs over the next 5 years. Additionally, between 2023 and 2027, data science and data analytics may create up to 1.4 million new jobs .With the rapid growth in retail data and the availability of technologies to analyze data, it will become easier for convenience, mom and pop stores to identify and meet the needs and expectations of their customers, which is expected to drive the market going forward.
The Rise Of Self-Checkout Technology In Retail Stores
Self-checkout technology is being widely used in department stores, specialty stores, and small convenience stores to automate payments. Self-checkout systems are integrated with a mobile software application to collect purchase data and to automatically receive payment. They make use of Near Field Communication (NFC) or quick response code (QR code), which is a machine-readable optical label. This eliminates the need for checkouts, queues, loading and unloading, and employees to operate the checkout counter. This type of automation reduces operational costs and saves time spent on manual billing. Self-checkout systems are being used extensively by retail stores in the USA and the UK. For instance, a survey on self-service checkouts in multiple countries found 90% of respondents use self-checkouts, of which Australia and Italy were leading. Wal-Mart has installed 10,000 self-checkout systems in its 1200 stores across the USA.
The department stores and other general merchandise stores market covered in this report is segmented -
1) By Type: Department Stores, Other General Merchandise Stores
2) By Ownership: Retail Chain, Independent Retailer
3) By License: Branded, Brand Licensed, Unbranded
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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.
Contents of the report:
1. Executive Summary
2. Department Stores And Other General Merchandise Stores Market Report Structure
3. Department Stores And Other General Merchandise Stores Market Trends And Strategies
4. Department Stores And Other General Merchandise Stores Market - Macro Economic Scenario
5. Department Stores And Other General Merchandise Stores Market Size And Growth
…..
27. Department Stores And Other General Merchandise Stores Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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