The Global Off-Price Retail Market is reported at USD 7,900 Million in 2028 and it is projected to grow at a CAGR of 7.0% during the forecast period.
Off-price retail market sells high fashion designer labels, or promotional goods at giveaway prices, and still makes a profit along the way. Off-Price retail market comes into play when brands need to sell of their excess inventory and get onto the gravy train with some money rolling.
Their business also does not suffer and gets going with the products sold, albeit at a lower price at 40-60 % off on the wholesale price. The excess inventory could be a result of orders cancelled, off-season stock, overstocking with manufacturing glitches.
This is not unprecedented in the retail industry.
Off-price retailers still are at a profit by purchasing products at a nominal price far lesser than the MRP or in full-price retailers.
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More and more customers are making a bee-line for off price retailers. Brands altogether accept this growing trend by not discarding stock as waste, only to bring upon them negative environmental crisis to the fore.
This paves the market for slow-moving products and overstocking to find better off-loading avenues. Verticals such as fashion, Consumer Packaged Goods (CPG) and home goods take advantage of this growing trend.
Off-price retail market is expected to flourish during forecast period while retail stores such as department store chains are staring at a loss-making proposition. This is reason for off-price model to scale growth and is considered as a beneficiary of traditional supermarket chains volume. Stores are a worried lot with buying apparel from sellers that is yet to come to the stores.
This is not the case with off-price retailer which can mobilize a sale and keep customers happy without having to wait for the seasonal sale. This boosts the off-price retail market even further.
There are still factors such as timing of the market in seizing the initiative, or garnering a customer at the right moment. Finding the right buyer at the right time to find a median between buyer and sales to optimize sales enhance sales gives the off-price market a fillip.
The pandemic surely wiped-out retailers with little or no ecommerce with unfazed off-price retail that took the game up to the market. Off-line retailers such as Ross, Burlington and TJX rode the ecommerce wave to match expectations. Last year in 2022, an overwhelming inventory was seen as retailers across the spectrum dealt with excess merchandise, making it possible for the discount retailers to bargain with suppliers, many of which are desperately trying to get rid of unsold piles of goods. U.S. clothing stores had 24.1% more inventory in September compared with a year earlier, according to Census Bureau data.
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Year 2023 seems different with inflation projected to wipe out the off-price go-getters of the preceding year. The market is all but rosy for them with each store failing to come to grips with the market blues.
For instance, Credit Suisse notices that off-pricers are upto some stiff competition while failing to live upto expectations this year.
Key Developments
• TJX said that U.S. comparable sales at Marmaxx, a Business Unit that houses T.J. Maxx and Marshalls, rose 3% in its quarter ended Oct. 29 compared with a year earlier. Notably, TJX sounded out strong apparel sales, proving that consumers will still shell out for discretionary purchases for the right brand and price.
Key Players
Key players include TJX Companies, Ross Stores, Inc., Burlington Stores, Inc., Nordstrom Rack, ● Macyâs Backstage, Saks Off 5th, Bluefly, and GEO CLEAR amongst others.
Segmentation
By Type:
Retail Apparel and Footwear
Home Fashions
Jewelry and Accessories
Other
By Applications:
Online Sales
Offline Sales
By Regions
North America
Europe
Asia Pacific
Middle East & Africa (MEA)
South America
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TOC:
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Recommendation and Analysis
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition & Scope
TOC Continued…
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