The Shopping Centers Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Shopping Centers Global Market Report 2024, The shopping centers market size has grown strongly in recent years. It will grow from $5,480.85 billion in 2023 to $5,849.97 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to the rise of automobiles and suburbanization, entertainment and leisure integration, population growth, rise in the standard of living and rise in the middle-class income.
The shopping centers market size is expected to see strong growth in the next few years. It will grow to $7,681.20 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to increasing consumption of daily necessities, increase in purchasing power, rising digital connectivity, growing number of financially independent women, and increasing spending on fashionable apparel. Major trends in the forecast period include shopping centers through integration with artificial intelligence, embrace technology and digital transformation, embrace technology and digital transformation, mixed-use developments, product development to gather maximum market share, and increased focus on health and safety.
The increasing spending on fashionable apparel is expected to propel the growth of the shopping centers market going forward. Fashionable apparel refers to clothing and accessories that are trendy, stylish, and in line with the latest fashion trends. The increasing spending on fashionable apparel is due to rising disposable incomes, social media influence, celebrity endorsements, fast fashion availability, and evolving consumer preferences. Shopping centers are centralized hubs for fashionable apparel where diverse fashion retailers, ranging from high-end boutiques to mainstream brands, showcase and retail a wide array of trendy clothing, accessories, and footwear. For instance, in January 2023, according to the Bureau of Labor Statistics, a US-based government agency, spending on apparel and related services increased from $1,434 in 2020 to $1,754 in 2021. Notably, the category of other apparel products and services saw the most substantial rise at 48.6%. Therefore, the increasing spending on fashionable apparel is driving the growth of the shopping center market.
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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
Major companies operating in the shopping centers market are focused on developing innovative technologies, such as fully autonomous and contactless cashier-less systems, on enhancing the customer experience and streamline operations. Fully autonomous and contactless cashier-less systems involve technology that enables customers to shop and pay without interacting with human cashiers, utilizing automation for a streamlined shopping experience. For instance, in November 2021, Abu Dhabi National Oil Company for Distribution (ADNOC Distribution), a United Arab Emirates-based company that specializes in the distribution and marketing of petroleum products and related services, launched the fully autonomous and contactless and cashier-less ADNOC Oasis stor. It introduces a cutting-edge cashless and contactless payment system alongside an AI-enhanced shopping environment. Busy customers can avoid queues and wait for available staff. Unlike traditional self-service terminals, there’s no need to scan items.
The shopping centers market report table of contents includes:
1. Executive Summary
2. Shopping Centers Market Characteristics
3. Shopping Centers Market Trends And Strategies
4. Shopping Centers Market – Macro Economic Scenario
5. Global Shopping Centers Market Size and Growth
…
32. Global Shopping Centers Market Competitive Benchmarking
33. Global Shopping Centers Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Shopping Centers Market
35. Shopping Centers Market Future Outlook and Potential Analysis
36. Appendix
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