ANALYSIS OF THE POSITIONING OF THE MARKET REGIONS IN THE GLOBAL RETAIL MARKET
Keywords:
globalization, retail industry, market regionsAbstract
A study of the McKinsey Global Institute (MGI) and McKinsey's Strategy Practice (Manyika et al., 2013) reports three key economic trends in the global economy during the past decade: the steep technological development, the rapid growth of emerging market economies and the aging population worldwide. Topics like global competition, digital economy, financial globalization, the impact of AI and automation on employment, income inequality are commonly discussed in the recent researches (Manyika, Smit, & Woetzel, 2019). The globalization has a strong impact on international markets in recent decades and no industry can avoid it. Some industries are strongly affected, for example - trade, car production, electronics, fashion industry. The globalization affects to some extent also food and beverage production, pharmaceuticals, industrial machinery and equipment. It leads to continuous restructuring of the industries and markets. Terms like downsizing, consolidation and reconfiguration, describe the ongoing processes in all industries. The managers realize that the continuous improvement of the productivity is the one and only long lasting and sustainable solution to make their organizations cost-effective (Ayyad and Gabr, 2012). The global retail industry is one of the most affected by the globalization. It is a subject of a lot of researches conducted by various international organizations and companies such as the International Monetary Fund (IMF), the World Bank, the World Trade Organization (WTO), Euromonitor, Statista, Deloitte, KPMG, McKinsey Global Institute, eMarketer retail and others.
The object of the current article is the global retail industry and its market regions. The subject of the study is the positioning of the market regions - Asia Pacific, Australasia, Western Europe, Eastern Europe, North America, Latin America and the Middle East and Africa. The main research aim of the author is to identify the development trends by analyzing the positioning of market regions in the global retail industry (for the period 2004-2018). The author applies the method time series analysis using the following indicators retail sales, number of retail outlets and selling space to achieve the research aim. The results show that the Asia Pacific market region is the fastest rising region on all three indicators and in the next five-year period (2019-2023) it will continue to grow.
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