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Retail Industry Trends, Growth - Segmented by Product (Food And Grocery, Apparel, Furniture, Consumer Electronics, Personal Care, Jewellery), Type of Store (Convenience Store, Specialty Retailer, Supermarket And Hypermarket, Internet Retailing, Discount Store), and Region - Growth, Trends and Forecast (2020 - 2025)

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Retail Industry 

The Retail Industry was valued at USD 23,460 billion in 2017 and is expected to register a CAGR of 5.3% during the forecast period (2018 - 2023), to reach USD 31,880.8 billion by 2023.

The market provides products such as food, apparel, furniture, jewelry, and various others. Apart from this, the stores can be classified into the convenience store, specialty retailer, internet retailing, and various others. The scope of our study is geographically limited to North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

The retail market is mature and highly competitive in the developed economies of Europe and North America. On the other hand, the developing economies of Asia-Pacific, Middle East, and Latin America have been instrumental in driving the market growth. Consumer spending, which typically accounts for around two-thirds of the GDP, has been a key indicator of the health of the retail market. Moreover, the increasing strength of online shopping has been a major driver. Apart from this, the growing smartphone penetration across countries is driving the e-commerce channel. Also, Internet of Things (IoT) is reshaping the retail industry. It is being deployed to revolutionize the industry. However, price variation between online and brick & mortar stores can challenge the retail market growth.

                                                 Retail Industry

Internet Retailing Is the Fastest Growing Segment in Retail Industry 

Internet retailing is the modern way of shopping. With growing penetration of smartphones and mobile devices and the internet services, e-commerce has emerged as a major shopping platform in the world. Although the sector’s market size tripled over the past three fiscal years, internet retailing accounted for a mere 1.5% of the total retail sales in most of the countries all over the world. Mobile-first sites, dedicated apps, emerging payment methods, and other tools are making shopping on smartphones much easier. It is estimated that e-commerce accounts for nearly one-third of online retail sales in the United States.

                    Retail Industry

Asia Pacific Expected to Witness the Fastest Growth Rate in Retail Industry 

As rural and urban households witnessed a steady growth of disposable incomes, the spending power of the Chinese population has also increased dramatically and the retail market has matured into one of the largest and still growing consumer markets worldwide. It is highly competitive and diversified, and the market shares of the leading Chinese retail chains were receding over the past few years. In India, government policies, like FDI up to 100% allowed in single-brand retail and FDI up to 51% in multi-brand retail is further expected to fuel up the competition in the country’s retail market.

Moreover, the retail market in Japan boasts of 52,417 convenience stores and 240 department stores. It is driven by M&A’s and increased cross-border investment and international cooperation, which are presenting opportunities for the country to develop local markets and gain benefits from production networks in Asia.

Key Developments in the Retail Industry 

  • March 2018 - Walmart Inc. announced plans to expand its Online Grocery Delivery option to more than 40% of U.S. households by the end of the year. The service, available in six markets as of March, aims to grow to more than 100 metro areas across the country
  • December 2017 - Tesco merged with Booker Group, to create the one of the UK’s largest food business. This merger aims to unlock growth in the UK food retail market for both the companies.

Retail Industry Major Players

Best Buy Co. Inc., Walmart Inc., Metro Group AG, Carrefour SA, The Kroger Company, The Home Depot Inc., Tesco, Alibaba Group Holding Limited, Amazon.Com Inc., Costco Wholesale Corporation, Inter Ikea Systems BV, and Target Corporation, among Others

Reasons to Purchase Retail Industry Report

  • Current and future adoption outlook of Retail industry in the developed and emerging markets
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • The type of store that is expected to dominate the market
  • Regions that are expected to witness the fastest growth during the forecast period
  • Identify the latest developments, market shares, and strategies employed by the major market players
  • 3-month analyst support, along with the Market Estimate sheet (in excel)

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