Retail Buildings Global Market Report 2024

The retail buildings market size has grown steadily in recent years. It will grow from $309.16 billion in 2023 to $318.07 billion in 2024 at a compound annual growth rate (CAGR) of 2.9%. The growth observed in the historical period can be attributed to factors such as economic growth and increased consumer spending, urbanization and population density, shifts in consumer trends and shopping preferences, trends in commercial real estate investment, and the influence of government policies and zoning regulations. These factors collectively contributed to the development and expansion of retail buildings during the historic period.

The retail buildings market size is expected to see steady growth in the next few years. It will grow to $359 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The anticipated growth in the forecast period can be attributed to factors such as the adoption of sustainable building practices and green certifications, adaptation to changing work patterns, the rise of mixed-use developments and urban revitalization projects, increased consideration of health and safety measures in building design, and the growing prominence of community-centric and experiential retail trends. Major trends expected in the forecast period include the adoption of contactless shopping and payment solutions, integration of social media and influencer marketing in retail strategies, a focus on customization and personalization in retail design, the emergence of hybrid retail spaces, and an increased emphasis on community-centric retail approaches.

The anticipated global expansion of the commercial sector is poised to drive the growth of the retail buildings market in the foreseeable future. The commercial sector encompasses facilities and equipment providing services by enterprises, federal, state, and local governments, as well as private and public organizations such as religious, social, or fraternal groups. Retail facilities fall within the purview of the commercial sector. As the commercial sector grows, there is an increased demand for the construction of retail buildings. For instance, as reported by GOV.UK in June 2021, by the end of March 2021, there were 4,716,126 company registrations, marking an 8.4% increase from the end of March 2020. The period from 2020 to 2021 saw a 21.8% rise, with 810,316 new businesses registered, compared to the previous year. Thus, the globally expanding commercial sector is a driving force behind the retail buildings market.

The robust growth in retail space is expected to propel the development of the retail buildings market in the coming years. Retail space, comprising commercial areas for selling goods or services to consumers, includes shopping centers, strip malls, and standalone stores. The expansion of major retailers such as Amazon, Walmart, and Target has spurred significant growth in retail space. This surge in growth is expected to drive new constructions for retail structures. As reported by the Wall Street Journal in July 2022, Amazon, a US-based e-commerce company, accelerated the expansion of its warehouse space to meet heightened consumer demand, increasing warehouse space from 165 million square feet to 379 million square feet. Furthermore, in 2022, WeWork India, an India-based space-as-a-service platform, secured a lease for 3.62 lakh square feet of office space as part of its flexible workspace expansion plan. Hence, the strong growth in retail space is fueling the growth of the retail market.

Technology adoption emerges as a prominent trend gaining popularity in the retail buildings market. Leading companies in the market are actively adopting innovative technologies to strengthen their positions. For example, in December 2022, Stereolabs Inc., a US-based company offering 3D depth and motion sensing solutions based on stereo vision and artificial intelligence, launched ZED-X, the world's first 3D robot camera with a new SDK (software development kit) and control for multiple cameras. ZED-X is designed for robotic process automation and navigation in challenging indoor and outdoor environments. The ZED-X is powered and supported by Stereolabs' comprehensive software ecosystem, facilitating quick commercial implementations of robots in construction.

Major companies operating in the retail buildings market are focused on the launch of generative AI models to enhance insights and client outcomes, thereby strengthening their positions in the market. A Generative AI Model refers to an artificial intelligence system designed to autonomously generate content, imitating or creating new data, images, text, audio, or videos. For instance, in August 2023, JLL, a US-based commercial real estate and investment management company, introduced JLL GPT™, the first large language model specifically built for the commercial real estate (CRE) industry. Developed by JLL Technologies (JLLT), the bespoke generative artificial intelligence (AI) model will be utilized by JLL's workforce of over 103,000 globally, providing CRE insights to clients in a novel way.

In October 2022, Bouygues S.A., a France-based construction company involved in planning, constructing, and managing projects across construction, infrastructure, and industrial sectors, acquired Equans for a deal value of $7.3 billion. Through this acquisition, Bouygues became a global leader in the potential multi-technical services industry, crucial for environmental, industrial, and digital transformations. The deal significantly increased the overall revenues of the Bouygues group from $41 billion to approximately $55 billion, and its workforce in over 80 countries expanded to around 200,000. Equans, the acquired company, is based in France and specializes in building services, mechanical and electrical construction, and industrial and energy infrastructure.

Major companies operating in the retail buildings market report are Retail Construction Services Inc., Actividades de Construcción y Servicios S.A., Bouygues S.A., Hochtief AG, Skanska AB, Vinci SA, Pacific Crest Engineering Inc., Kneeland Construction Corporation, Shannon Waltchack LLC, Bechtel Corporation, Fluor Corporation, Whiting Turner Construction Company, Turner Construction Company, Gilbane Building Company, Hensel Phelps Construction Co., Gensler, CallisonRTKL Inc., Kimley-Horn and Associates Inc., Nelson Worldwide LLC, Core States Group, Stantec Inc., NORR Limited, WD Partners Inc., RSP Architects Ltd., GreenbergFarrow, HKS Architects Inc., Perkins + Will Inc., HNTB Corporation, Ware Malcomb, MG2 Corporation, Eppstein Uhen Architects Inc., HMC Architects, Corgan Associates Inc., Hord Coplan Macht Inc., Hammel Green and Abrahamson.

Asia-Pacific was the largest region in the retail buildings market in 2023. North America is expected to be the retail buildings market report fastest-growing region in the forecast period. The regions covered in the retail buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the retail buildings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of construction activities related to retail buildings include building construction, heavy and civil engineering construction, and specialty trade contractors. Building construction involves various physical activities on the building site, encompassing the creation of structures, installation of paneling, exterior finishes, falsework, fixtures, service installations, and the unloading of plant equipment, supplies, and similar items. Materials used in retail building construction include aggregates, bricks, cement, ceramic facing and floor tiles, composites, glass, and others. These materials are employed in various types of construction, including both new construction and renovation projects for both residential and non-residential building applications.

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

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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