A domain name (and a company/brandname for that matter) needs to combine several main aspects, some which slightly overlap;
- Be easy to remember
- Be easy to type
- Be unique/original
- Communicate the brand
- Communicate the message
It's similar to the cheap/fast/good triangle, where you can pick 2. It can be easy/unique/clear. A shorter name is generally easier to remember and to type. But it often comes at the cost of uniqueness or communication.
For example, your company might be "achilles footwear" or "ceasar cutlery" and you can either go for the full name as the website, which is long so harder to type, but it includes both the brand and the message so it communicates well. You could make it shorter by removing either the brandname or the productsegment, but that makes it less obvious. Is "neptune" a company that makes space rockets, or scuba gear?
As for how to strike a balance, that depends heavily on the company. If you're a plumber, originality isn't important, but the type of service is. You might even want to go for something very bland like "plumbingnewyork" because it's super clear. For a large established brand like Apple, Google or Microsoft it's not important. It can in fact hurt when you're trying to diversify your product/service catalog. But for a small company it's usually worth considering to include the type of product/service. What complicates the question more is that the type of industry. Innovative sectors like technology and fashion are not so reliant on clarity but should stay away from blandness.
As for sticking to .com or others... nothing is stopping you from doing both. Domain names are really cheap, $10 a year or so. So if you can have both a .com and a more localized one like .nl or .co.uk then that could be worth it, especially if you have localized content.
In your particular case I would like to specify that shortening 'streatwear' to 'stw' would not benefit you at all. It makes it shorter to type, yes, but not easier - was it 'sw' or 'strwr'? Also it might be confused for Pendus TW or similar. Streatwear communicates clearly and is easy to remember/type even if it's longer.
But without a more in depth conversation I can't recommend any particular (domain) name.