Global Shopping Centers Market Size, Share, Growth Analysis, By Product(Apparel & Accessories, FMCG), By Type(Regional Malls, Neighborhood Centers) - Industry Forecast 2024-2031

Global Shopping Centers Market size was valued at USD 5.57 trillion in 2022 and is poised to grow from USD 5.90 trillion in 2023 to USD 9.41 trillion by 2031, growing at a CAGR of 6% during the forecast period (2024-2031).

Because they feature a vast assortment of goods from numerous vendors or shops, such as grocery stores, clothing stores, and much more, shopping centers are becoming more and more frequent. This is the primary driver of market growth. Shopping centers also provide better customer experiences by providing access to a range of events, festivals, and new product releases. A shopping center is a grouping of several individual stores acting as merchandisers and kept in one or more buildings. Connected walkways allow guests to move between the units. Additionally, a neighborhood or community is usually supplied by a variety of services and retail locations Consumers have the convenience of easy access to a wide variety of things and products, and they can search for a product of interest quickly at a location with several shops or by browsing alternative retailers. Retailers are currently enticing customers into shopping malls and driving the market's expansion by offering ship from store choices. A shopping center allows customers to view a range of businesses without having to leave the area. The introduction of online shopping channels and e-commerce platforms is another element contributing to the market's growth. A poll found that foot traffic decreased by 42% in the top 10 malls worldwide.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Shopping Centers Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the Market size includes the following details: The key players in the Market were identified through secondary research, and their Market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top Market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Shopping Centers Market Segmental Analysis

Global Shopping Centers Market is segmented on the basis of Product, type, and region. By Product, the market is divided into Apparel & Accessories, FMCG, Hard Line & Softline and Diversified. By Type, market is segmented into Regional Malls, Neighborhood Centers, Outlets Malls, Lifestyle Centers, Mixed-Use Development. By region, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Shopping Centers Market

The expansion of shifting consumer tastes is one of the main factors propelling the global shopping center industry. Customers seek experiences rather than only locations for their purchases. Because of this, shopping centers are changing to offer a wider variety of food, entertainment, and other features that make for a more thorough shopping experience.

Restraints in the Global Shopping Centers Market

The market for shopping centers can be greatly impacted by economic downturns; among the main obstacles are declining investor confidence, higher vacancy rates, and decreased consumer spending. Operators of shopping centers, however, can lessen these difficulties by providing unique experiences, emphasizing sustainability, and utilizing technology to improve the consumer experience.

Market Trends of the Global Shopping Centers Market

Shopping malls are adapting to the growing demand from customers for distinctive and captivating experiences by providing a greater array of facilities and services that enhance the overall shopping experience. The focus on experience is part of a larger movement to design more engaging and joyful retail spaces that cater to consumers' changing wants and needs. Shopping centres can enhance their competitiveness and appeal in the global market by providing a diverse array of amenities and services.