Clothing Stores Industry Profile

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Excerpt from Clothing Stores Industry Profile

Companies in this industry operate establishments primarily engaged in retailing new clothing. Major companies include Gap, L Brands, and TJX Companies (TJ Maxx, Marshalls) (all based in the US), along with H&M (Sweden), Topshop (owned by ASOS) (UK), and Zara (owned by Inditex) (Spain).

Revenue for the global apparel and footwear industry reached $1.7 trillion in 2017, and is expected to grow by 2% by 2022, according to Euromonitor International. US retail sales fell by over 50%, with several companies filed for bankruptcy due to COVID-19, according to PR Newswire. Key growth drivers include sportswear sales and demand from emerging markets.

The US clothing store industry includes about 96,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of almost $186 billion.

COMPETITIVE LANDSCAPE

Personal income and fashion trends drive demand for clothing. The profitability of individual companies depends heavily on effective merchandising and marketing. Large companies can offer wide selections of clothing and have advantages in purchasing, distribution, and marketing. Small stores can compete by offering unique merchandise, targeting a specific demographic, providing superior customer service, or serving a local market. The US industry is concentrated: the 50 largest companies account for about 70% of industry revenue.

Competition for the clothing store industry includes department stores, discount and outlet stores, and internet and catalog retailers. The online and off-price apparel sales channels are growing rapidly -- especially among younger ...

 
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