The department stores & other general merchandise stores market size is expected to see strong growth in the next few years. It will grow to <b>$3782.89 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. </b> The growth in the forecast period can be attributed to e-commerce and online shopping, customer experience and personalization, digitization of retail, retail technology integration. Major trends in the forecast period include e-commerce and omnichannel retailing, sustainability and ethical practices, flexible store formats, international expansion .
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Segmentation & Regional Insights
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
<b>North America</b> 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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the department stores and other general merchandise stores market include <b> 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.</b>
The department stores and other general merchandise stores market report table of contents includes:
- Executive Summary
- Department Stores And Other General Merchandise Stores Market Characteristics
- Department Stores And Other General Merchandise Stores Market Trends And Strategies
- Department Stores And Other General Merchandise Stores Market - Macro Economic Scenario
- Global Department Stores And Other General Merchandise Stores Market Size and Growth
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- Global Department Stores And Other General Merchandise Stores Market Competitive Benchmarking
- Global Department Stores And Other General Merchandise Stores Market Competitive Dashboard
- Key Mergers And Acquisitions In Department Stores And Other General Merchandise Stores Market
- Department Stores And Other General Merchandise Stores Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Walmart Inc
- Costco Wholesale Corp
- Target Corporation
- Carrefour SA
- Dollar General Corporation
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