Shopping Centers Market Report 2025

This Shopping Centers market report provides a comprehensive analysis of the market’s characteristics, size, and growth, including segmentation, regional and country-level breakdowns, competitive landscape, market shares, trends, and strategies. It also tracks historical and forecasted market growth across various geographies.

The shopping centers market size has grown strongly in recent years. It will grow from $5.84 trillion in 2024 to $6.27 trillion 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 $8.21 trillion in 2029 at a compound annual growth rate (CAGR) of 7%. 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 growing expenditure on fashionable apparel is expected to drive the expansion of the shopping centers market. Fashionable apparel includes clothing and accessories that are trendy, stylish, and in line with current fashion trends. This increase in spending is driven by rising disposable incomes, the influence of social media, celebrity endorsements, the availability of fast fashion, and shifting consumer preferences. Shopping centers serve as centralized hubs for fashionable apparel, featuring a wide range of fashion retailers - from high-end boutiques to popular mainstream brands - that offer trendy clothing, accessories, and footwear. For example, in June 2024, LendingTree, a US-based online marketplace company, reported that in 2022, American households allocated an average of 2.7% of their budget to apparel and services, equating to about $1,945 from an average annual expenditure of $72,967. This marks a slight increase from 2.6% in 2021. As a result, the growing spending on fashionable apparel is contributing to the growth of the shopping center market.

Major companies in the shopping centers market are focusing on developing innovative technologies, such as advanced computer vision technology, to create a checkout-free shopping experience. Advanced computer vision technology involves the use of artificial intelligence and machine learning algorithms to help computers interpret and understand visual data from the world, including images and videos. This enables tasks like object detection, facial recognition, and scene understanding. For example, in July 2024, REWE Group, a Germany-based company that operates supermarkets, hypermarkets, discount stores, and drugstores, opened Europe’s largest autonomous supermarket, Pick&Go, in Hamburg. The store spans 1,200 square meters and offers around 20,000 products. Utilizing advanced computer vision technology, the store allows customers to shop without going through traditional checkout lines. Shoppers have four payment options: traditional checkout, self-scanning, cashless payment via the Pick&Go app, or using computer vision-enabled terminals. Unlike similar systems, REWE emphasizes minimal data collection, ensuring customer privacy.

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 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. 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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