US shopping centers market, shopping centers market size, shopping centers market share, shopping centers market trends, shopping centers market growth, shopping centers market analysis
What are the latest figures on the shopping centers market’s size and projected CAGR?
The shopping centers market size has grown strongly in recent years. It will grow from $5849.97 billion in 2024 to $6276.84 billion in 2025 at a compound annual growth rate (CAGR) of 7.3%. 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 $8216.44 billion in 2029 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.
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Which Market drivers have played a significant role in driving the shopping centers market?
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 June 2024, according to LendingTree, a US based online marketplace company, in 2022, American households dedicated an average of 2.7% of their budget to apparel and services, which translates to approximately $1,945 out of an average annual expenditure of $72,967. This marks a slight increase from 2.6% in 2021. Therefore, the increasing spending on fashionable apparel is driving the growth of the shopping center market.
What are the key segments within the shopping centers market?
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
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Which key players are shaping 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.
Which transformative trends will shape the shopping centers market landscape?
Major companies operating in the shopping centers market are focused on developing innovative technologies, such as advanced computer vision technology to enable a checkout-free shopping experience. Advanced computer vision technology refers to the use of artificial intelligence and machine learning algorithms to enable computers to interpret and understand visual information from the world, including images and videos, facilitating tasks like object detection, facial recognition, and scene understanding. For instance, in July 2024, REWE Group, a Germany based company that operates supermarkets, hypermarkets, discount stores, drugstores, and more, launched Europe’s largest autonomous supermarket, named Pick&Go, in Hamburg, covering 1,200 square meters and offering around 20,000 items. This innovative store utilizes advanced computer vision technology to enable a checkout-free shopping experience, allowing customers to select items and leave without traditional checkout lines. Shoppers can choose from four payment methods: traditional checkout, self-scanning, cashless via the Pick&Go app, or using computer-vision-enabled terminals. Unlike similar systems, REWE emphasizes minimal data collection, ensuring customer privacy.
How do regional factors impact the shopping centers market, and which region is the largest contributor?
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.
What Does The Shopping Centers Market Report 2025 Offer?
The shopping centers market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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