Global Shopping Centers Market Share Report 2024, Forecast To 2033
11 Sep, 2024
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%. This growth is attributed to factors such as the rise of automobiles and suburbanization, the integration of entertainment and leisure activities, population growth, improvements in living standards, and an increase in middle-class income. The market is expected to continue its strong growth, reaching $7,681.20 billion by 2028, with a CAGR of 7.0%. The anticipated growth is driven by increased consumption of daily necessities, higher purchasing power, rising digital connectivity, a growing number of financially independent women, and increased spending on fashionable apparel. Major trends for the forecast period include integration with artificial intelligence, embracing technology and digital transformation, mixed-use developments, product development to capture a larger market share, and a heightened focus on health and safety.
Global Shopping Centers Market Key Driver
The growing expenditure on fashionable apparel is set to drive the shopping centers market. Increased spending on trendy clothing and accessories, influenced by rising disposable incomes and social media trends, contributes to the growth of shopping centers. These centers serve as hubs for diverse fashion retailers. According to the Bureau of Labor Statistics, spending on apparel and related services rose from $1,434 in 2020 to $1,754 in 2021, with other apparel categories seeing a 48.6% increase. This rising expenditure is expected to drive the shopping center market from $S billion in 2023 to $T billion in 2024, with growth projected to reach $U billion by 2028.
Get A Free Sample Of The Shopping Centers Market ReportGlobal Shopping Centers Market Segments
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.
Major Shopping Centers Industry Players
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.
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Shopping Centers Market Overview
Shopping centers are large complexes that house multiple retail stores and other commercial establishments within a single area. They are designed to provide consumers with various goods and services in a convenient and often aesthetically pleasing environment.
Shopping Centers Global Market Report 2023 provides data on the global shopping centers market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The shopping centers market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.