Shopping Centers Market Report 2024

Where is the largest and fastest growing market for shopping centers? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more. The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The shopping centers market size has grown strongly in recent years. It will grow from $5.48 trillion in 2023 to $5.84 trillion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The historical growth can be ascribed to several factors, the expansion of automobiles and suburban living, the integration of entertainment and leisure, population increase, improvements in living standards, and a rise in middle-class incomes.

The shopping centers market size is expected to see strong growth in the next few years. It will grow to $7.68 trillion in 2028 at a compound annual growth rate (CAGR) of 7%. The historical growth can be ascribed to several factors, the expansion of automobiles and suburban living, the integration of entertainment and leisure, population increase, improvements in living standards, and a rise in middle-class incomes.

Increased spending on fashionable apparel is expected to drive growth in the shopping centers market in the coming years. Fashionable apparel includes trendy clothing and accessories that align with current fashion trends and styles. This surge in spending is fueled by factors such as rising disposable incomes, the influence of social media, endorsements by celebrities, the availability of fast fashion, and evolving consumer preferences. Shopping centers serve as central hubs where a diverse range of fashion retailers, from high-end boutiques to mainstream brands, offer a wide selection of stylish clothing, accessories, and footwear. For instance, spending on apparel and related services in the United States rose from $1,434 in 2020 to $1,754 in 2021, with significant growth observed in categories such as other apparel products and services, which saw a 48.6% increase, according to the Bureau of Labor Statistics.

Leading companies in the shopping centers market are focusing on innovation, particularly in the development of advanced technologies such as fully autonomous and contactless cashier-less systems, to enhance customer experiences and operational efficiency. These systems allow customers to shop and pay without interacting with human cashiers, leveraging automation for a seamless shopping experience. For example, Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) introduced the ADNOC Oasis store in November 2021, featuring a cutting-edge cashless and contactless payment system and AI-enhanced shopping environment. This innovation caters to busy customers by eliminating the need to queue or wait for available staff, setting a new standard in convenience and efficiency in retail environments.

In February 2024, Whitestone REIT, a US-based real estate agency, acquired the Garden Oaks Shopping Center to expand its portfolio of retail properties and strengthen its market presence in Houston. This acquisition underscores Whitestone REIT's strategy to capitalize on strategic locations and growth opportunities within the retail sector, particularly in community-focused shopping centers such as Garden Oaks, which cater to local consumer needs and preferences.

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.

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. The regions covered in the shopping centers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the shopping centers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Shopping centers are expansive complexes that accommodate numerous retail stores and other commercial entities within a single location. They are crafted to offer consumers a variety of goods and services in a convenient and often visually appealing setting.

Shopping centers can be categorized into several types, regional malls, neighborhood centers, outlet malls, lifestyle centers, and mixed-use developments. Regional malls are extensive shopping hubs that cater to a wide region and usually feature an extensive assortment of stores, including department stores, specialty retailers, and entertainment options. These malls often showcase a blend of national and international brands. They offer a diverse range of products such as clothing and accessories, fast-moving consumer goods (FMCG), hardline and softline items, and more. The tenants at these centers include retail shops, dining establishments, entertainment facilities, and additional commercial entities.

The shopping centers market research report is one of a series of new reports that provides shopping centers market statistics, including shopping centers industry global market size, regional shares, competitors with a shopping centers market share, detailed shopping centers market segments, market trends, and opportunities, and any further data you may need to thrive in the shopping centers industry. This shopping centers research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The shopping centers market includes revenues earned by entities by providing retail space leasing, concierge services, community center, superregional center, specialty center, and festival center. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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