The off price retail market comprises of stores that sell designer and name brand fashion apparel and other products at heavily discounted prices usually between 20-60 percent less than their original retail prices. The products are sourced from manufacturers, wholesalers, and other liquidation channels. Off price retailers are able to offer low pricing as they operate on low margins and have lower overhead costs compared to traditional retailers. The market offers a wide selection of contemporary styles from major designers, brands, and departments at bargain prices. This allows value conscious customers access to affordable designer and fashion products.
The off price retail market is estimated to be valued at USD 342.62 Bn in 2024 and is expected to reach USD 606.49 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031.
Key Takeaways
Key players operating in the off price retail market are Nemak, Waupaca Foundry, Inc., Hitachi Metals, Ltd., Bharat Forge Limited, Alcoa Corporation, Thyssenkrupp AG, General Motors Company, Castings PLC, Metal Technologies, Inc., AAM Casting, Grede Holdings LLC, CIE Automotive, Precision Castparts Corp., Reliance Foundry Co. Ltd., and Grupo Antolin-Irausa S.A. Consumers today prefer value shopping for branded clothes and accessories at discounted prices offered by off price retailers. This has led to growing demand for off price retail formats globally. Several off price retailers are also expanding their international footprint to capitalize on the growing demand worldwide.
The Off Price Retail Market Demand for affordable luxury and branded products at lower prices is fueling the growth of the global off price retail market. Off price retailers are able to source overstock inventory, canceled orders, and irregular items at very low costs from brands and designers and pass on the savings to consumers. The ability to offer top brands at heavily discounted price points makes off price retail an attractive shopping destination.
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