Major companies in the department stores & other general merchandise stores market include Wal-Mart; Costco; Kroger; Schwarz Unternehmens Treuhand KG and Carrefour. The global department stores & other general merchandise stores market is expected to grow from $1439.
New York, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Department Stores & Other General Merchandise Stores Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018894/?utm_source=GNW
01 billion in 2020 to $1756.24 billion in 2021 at a compound annual growth rate (CAGR) of 22%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2175.97 billion in 2025 at a CAGR of 6%.
The department stores & other general merchandise stores market consists of sales of goods and services by entities (organizations, sole traders and partnerships) that are engaged in retailing new merchandise, such as apparel, jewelry, home furnishings, toys, groceries and other merchandise. Department stores may have separate customer checkout areas in each department, central customer checkout areas, or both. The department stores & other general merchandise stores market is segmented into department stores and other general merchandise stores.
North America was the largest region in the global department stores & other general merchandise stores market, accounting for 43% of the market in 2020. Western Europe was the second largest region accounting for 26% of the global department stores & other general merchandise stores market. Africa was the smallest region in the global department stores & other general merchandise stores market.
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 the time spent on manual billing. Self-checkout systems are being used extensively by retail stores in the USA and the UK. For instance, according to a survey on self-service checkouts of multiple countries found 90% of respondents use self-checkouts, of which Australia and Italy were leading. Wal-Mart has installed 10000 self-checkout systems in its 1200 stores across the USA.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the department stores & other general merchandise stores market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in decline in manufacture and trade of non-essential goods and an overall decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the department stores & other general merchandise stores market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The department stores & 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 building loyalty, data has become critical for most retail operations. For instance, the global retail analytics market is expected to rise up to $5.1 billion by 2020. With the rapid growth in retail data and the availability of technologies to analyse data it will become easier for convenience, mom and pop stores to identify and meet the needs and expectations of their customers, thus it is expected to drive the market going forward.
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