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As the economy recovers and consumer sentiment rebounds, shoppers will increasingly purchase clothes for fashion rather than just for function. For these reasons, industry research firm IBISWorld has updated a report on the Family Clothing Stores industry in its growing industry report collection.
New York, NY (PRWEB) February 21, 2014
During the recession, the Family Clothing Stores industry experienced declining revenue, but it is expected to grow 2.7% in 2014. The industry has performed better than some of its specialty-store counterparts, managing to stay afloat due to the fact that its products are necessities for consumers, according to IBISWorld Industry Analyst Vanessa Giraldo. As a result, revenue has increased at an average annual rate of 2.1% to $29.4 billion over the five years to 2014, despite the recessionary declines.
Employment in the Family Clothing Stores industry also dropped during the recession. With demand diminishing and profit margins (earnings before interest and tax) dropping prior to the economic downfall, operators had to cut costs. Nevertheless, because retail industries still require a sizable staff to run the day-to-day operations of a store, employment has rebounded since the recession, resulting in average growth of 2.8% per year, to reach 33,701 employees in 2014.
IBISWorld forecasts a continued and steady recovery for the Family Clothing Stores industry. As the economy recovers and consumer sentiment rebounds, shoppers will increasingly purchase clothes for fashion rather than just for function. New stores will likely open to meet the growing demand, pushing up the total number of family clothing retailer locations. However, threats loom from competing industries, especially the E-Commerce and Online Auctions industry, says Giraldo. These e-tailers offer consumers convenience not found in traditional brick-and-mortar stores, as well as selection and price comparison abilities. This competing industry is set to expand its reach, posing a potential threat to the Family Clothing Stores industry.
For more information, visit IBISWorlds Family Clothing Stores in Canada industry report page.
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IBISWorld industry Report Key Topics
Stores participating in this industry specialize in retailing new clothing for men, women and children, without specializing in sales for an individual gender or age group. These establishments may also provide basic alterations, such as hemming, taking in or letting out seams and lengthening or shortening sleeves.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
About IBISWorld Inc.
Recognized as the nations most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US and Canadian industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.
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