The shopping centers market has experienced robust growth, rising from $5,480.85 billion in 2023 to $5,849.97 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.7%. Growth drivers include the rise of automobiles, suburbanization, and improved living standards. The market is projected to reach $7,681.20 billion by 2028, with a CAGR of 7.0%. This growth is supported by increased consumption of daily necessities, higher purchasing power, and rising digital connectivity. Major trends include integration with artificial intelligence, mixed-use developments, and a focus on health and safety.
Shopping Centers Market
The shopping centers market is set to grow due to increased expenditure on fashionable apparel. Rising disposable incomes and social media trends drive spending on trendy clothing and accessories, fueling demand for shopping centers. The Bureau of Labor Statistics reported a rise in spending on apparel and related services from $1,434 in 2020 to $1,754 in 2021. This increase in spending is expected to propel the shopping centers market from $0.78 billion in 2023 to $0.85 billion in 2024, with projections reaching $1.21 billion by 2028.
Shopping Centers Market Report
Shopping Centers Market Competitive Landscape
Walmart Inc., Amazon Inc., The Home Depot Inc., Kroger Company, Tesco plc, Brookfield Property Partners L.P., Simon Property Group Inc., Unibail-Rodamco-Westfield SE, Taubman Centers Inc., Kimco Realty Corporation, Tripadvisor Inc., Klépierre S.A., Macerich, CBL & Associates Properties Inc., Pennsylvania Real Estate Investment Trust, Mercialys SA, ECE Group GmbH & Co. KG, Hammerson plc, Ivanhoé Cambridge Inc, Sunshine Shopping Center Co. Ltd.
Key Shopping Centers Market Trend
The shopping centers market is embracing fully autonomous and contactless cashier-less systems to streamline operations and enhance customer experience. These systems allow customers to shop and pay without human interaction, utilizing automation for convenience. In November 2021, ADNOC Distribution, based in the United Arab Emirates, launched the ADNOC Oasis store, featuring a cutting-edge cashless and contactless payment system. This AI-enhanced shopping environment eliminates the need for item scanning, enabling busy customers to avoid queues and improve their shopping experience.
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Shopping Centers Market Segmentation
The shopping centers market covered in this report is segmented –
1) By Type: Regional Malls, Neighborhood Centers, Outlet Malls, Lifestyle Centers, Mixed Use Development
2) By Product: Apparel And Accessories, Fast Moving Consumer Goods (FMCG), Hardline And Softline, Diversified
3) By Tenant: Retail Stores, Restaurants, Entertainment Venues, Other Tenants
By Geography:The regions covered in the shopping centers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the shopping centers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
