How Has the Shopping Centers Market Evolved Historically and What is its Current Size?
The shopping centers market has seen considerable growth due to a variety of factors.
• The shopping centers market will grow from $5849.97 billion in 2024 to $6276.84 billion in 2025 at a CAGR of 7.3%.
This expansion is attributed to the rise of automobiles and suburbanization, integration of entertainment and leisure options, population growth, increasing standard of living, and growing middle-class income.
What Is The Projected Growth Of The Shopping Centers Template Market?
The shopping centers market is expected to maintain its strong growth trajectory in upcoming years.
• The shopping centers market is projected to reach $8216.44 billion by 2029, growing at a CAGR of 7.0%.
This growth is fueled by rising consumption of daily necessities, increased purchasing power, growing digital connectivity, more financially independent women, and increasing spending on fashionable apparel. Trends include the integration of AI into shopping centers, digital transformation, mixed-use developments, product development for market share, and heightened health and safety focus.
What Are The Key Drivers Fueling Growth In The Shopping Centers Market?
The upsurge in expenditure on trendy clothing and accessories is predicted to drive the expansion of the shopping center industry. When referring to fashionable apparel, we are talking about clothing and accessories that are modern, elegant, and in tune with the most recent fashion trends. The heightened spending on these items is a result of increasing disposable income, the influence of social media, celebrity endorsements, readily available fast fashion, and changing consumer tastes. Shopping centers serve as central locations for trendy apparel, accommodating a variety of fashion retailers from luxury boutiques to mainstream brands, presenting and selling a broad selection of stylish clothing, accessories, and shoes. For example, LendingTree, a US-based online marketplace, noted in June 2024 that in 2022, American households allocated an average of 2.7% of their budget to apparel and services, which is roughly $1,945 of an average annual expense of $72,967. This is a slight uptick from 2.6% in 2021. Thus, the surge in expenditure on fashionable clothing and accessories is fuelling the expansion of the shopping center industry.
What Are The Principal Market Segments In The Global Shopping Centers Industry?
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
Subsegments:
1) By Regional Malls: Super-Regional Malls, Community Malls
2) By Neighborhood Centers: Convenience Centers, Strip Malls
3) By Outlet Malls: Factory Outlet Malls, Designer Outlet Malls
4) By Lifestyle Centers: Open-Air Lifestyle Centers, Urban Lifestyle Centers
5) By Mixed-Use Development: Retail And Residential Mixed-Use, Retail And Office Mixed-Use, Retail And Entertainment Mixed-Use
Pre-Book The Shopping Centers Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are New Trends Impacting The Size Of The Shopping Centers Market?
Leading players in the shopping centers sector are investing in breakthrough technologies, such as cutting-edge computer vision technology, to facilitate shopping without the need for a traditional checkout. This sophisticated computer vision technology applies artificial intelligence and machine learning techniques for computers to process and understand visual data from the surroundings, such as images and video, which aids in tasks like object detection, facial recognition, and scene comprehension. For instance, in July 2024, the REWE Group, a German firm known for its supermarkets, hypermarkets, discount shops, drugstores, and more, unveiled Europe's largest autonomous supermarket, called Pick&Go, in Hamburg. Spread over 1,200 square meters and offering 20,000 items, this inventive store leverages highly advanced computer vision technology for a checkout-free shopping experience. Customers can simply pick up the items they want and leave, avoiding traditional checkout queues. They have the option to pay through four different methods: traditional checkout, self-scanning, cashless through the Pick&Go app, or via computer-vision-enabled terminals. In contrast to similar systems, REWE places a strong emphasis on minimal data collection to ensure its customers' privacy is preserved.
Who Are the Key Players In The Shopping Centers Market?
Major companies operating in the shopping centers market are:
• 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.
What Are The Regional Insights Into The Shopping Centers Market?
North America was the largest region in the shopping centers market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the shopping centers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
