$13.0bn
$XXX.Xm
77,828
11,679
$X.Xbn
Men's clothing stores have struggled in recent years. In 2020, COVID-19 crushed downstream demand for clothing stores. Since people were forced to stay at home because of social distancing requirements, consumers had significantly less need for new clothes, resulting in a massive slump in revenue. Consumers have also become more casual about their dress in recent years, which has lowered spending on high-margin dress clothes. Stores have also endured growing competition from supercenters and online retailers. Still, some clothing stores have been able to grow their businesses by capitalizing on growth in e-commerce sales. Revenue for men's clothing stores is expected to dip at a CAGR of 3.3% to $13.0 billion through the end of 2024, despite forecast growth of 3.7% in 2024.
Industry revenue has declined at a CAGR of 3.3 % over the past five years, to reach an estimated $13.0bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Tailored Brands Inc. | 978.5 | 34.0 | 3.5 | |
Destination Xl Group, Inc. | 347.3 | 12.1 | 3.5 |
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Industry revenue is measured across several distinct product and services lines, including Suits and formal wear, Casual wear and Office wear. Suits and formal wear is the largest segment of the Men's Clothing Stores in the US.
COVID-19 boosts consumer's need for casual wear
Men’s clothing stores retail a variety of men’s and boys’ suits, formal wear, shirts, t-shirts, casual slacks, jeans, sport coats, blazers, sports apparel, sweaters, overcoats, raincoats and accessories. Operators may also offer custom suits and other clothing through alterations such as hemming, taking in or letting out seams and lengthening or shortening sleeves.
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NAICS 44811 - Men's Clothing Stores in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Rising interest rates following the pandemic caused a decline in consumer confidence and disposable income, leading to diminished demand for men's clothes.
Learn about an industry's products and services, markets and trends in international trade.
Segments were affected differently during the period; causal clothing was popular during COVID-19, while dress clothes bounced back as consumers returned to in-person work.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Companies will situate themselves in locations with a significant presence of consumers, making the Southeast, Mid-Atlantic and West attractive.
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High fragmentation among non-major player companies keeps concentration in the industry low.
Learn about the performance of the top companies in the industry.
2020 onward was marked by numerous failures and bankruptcies from major players. For example, the then-largest store, Brooks Brothers, filed for bankruptcy, leading to a rest...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
COVID-19 brought the greatest shift in volatility for men's clothing stores. The lingering effects of work-from-home have also harmed the recovery efforts.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Despite faltering demand through the period, wage costs remain high, as men's clothing stores require a great deal of skill, knowledge and labor to operate.
Including values and annual change:
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Key data sources in the US include:
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These sources include:
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IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
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The market size of the Men's Clothing Stores in the US industry in United States is $13.0bn in 2024.
There are 11,679 businesses in the Men's Clothing Stores in the US industry in United States, which has grown at a CAGR of 0.6 % between 2019 and 2024.
The market size of the Men's Clothing Stores in the US industry in United States has been declining at a CAGR of 3.3 % between 2019 and 2024.
Over the next five years, the Men's Clothing Stores in the US industry in United States is expected to grow.
The biggest companies operating in the Men's Clothing Stores market in United States are Tailored Brands Inc. and Destination Xl Group, Inc.
Men's and boys' clothing retailing and Men's and boys' clothing accessories retailing are part of the Men's Clothing Stores in the US industry.
The company holding the most market share in United States is Tailored Brands Inc..
The level of competition is high and steady in the Men's Clothing Stores in the US industry in United States.