Global Department Stores & Other General Merchandise Stores Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends

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.

Global Department Stores & Other General Merchandise Stores Market Size And Drivers:

The global department stores & other general merchandise stores market is expected to grow from $1439.01 billion in 2020 to $1756.24 billion in 2021 at a compound annual growth rate (CAGR) of 22%. The market is expected to reach $2175.97 billion in 2025 at a CAGR of 6%. 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. This is expected to drive the market going forward.

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Trends 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.

Global Department Stores & Other General Merchandise Stores Market Segments:

The global department stores & other general merchandise stores market is further segmented based on type, ownership and geography.
By Type: Department Stores, Other General Merchandise Stores.
By Ownership: Retail Chain, Independent Retailer.
By Geography: The global department stores & other general merchandise stores market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, North America is the largest region in the global department stores & other general merchandise stores market, accounting for 43% of the total market.

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Department Stores & Other General Merchandise Stores Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides department stores & other general merchandise stores market overviews, analyzes and forecasts market size and growth for the global department stores & other general merchandise stores market, department stores & other general merchandise stores market share, department stores & other general merchandise stores market players, department stores & other general merchandise stores market segments and geographies, department stores & other general merchandise stores market’s leading competitors’ revenues, profiles and market shares. The department stores & other general merchandise stores market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.