The global shopping centres market was valued at USD 5,943.23 billion in 2023. It is expected to reach USD 9,721.61 billion in 2032, growing at a CAGR of 5.62% over the forecast period (2024-2032). Shopping centers are adapting to the omni-channel retail trend where physical stores integrate with online platforms. This integration enhances customer convenience and helps retailers reach broader audiences.
A shopping centre is a collection of different retail stores that are individually owned and operated. One or more units may be housed within the same structure, each of which is designated as a different merchandiser. Also, a collection of retail stores and service providers is frequently established to serve a community or neighbourhood better. Consumers can search for a product of their interest directly at one place supplied by numerous merchants or by exploring alternative stores, which offer them easy access along with the easy availability of various goods and items.
When customers shop at these centres, they can take advantage of a wide variety of stores, including apparel boutiques, food courts, and many other types of stores, all located conveniently. Customers are being enticed to go to shopping malls due to the ability of retailers to ship orders from their physical locations, ultimately driving the industry's expansion. Due to the convenience provided by shopping malls, customers can shop at multiple stores while remaining in the exact location. E-commerce platforms and other channels for online purchasing are also a significant factor in the market's rapid expansion.
The convenience of having clothing stores, food stores, and a wide variety of collections available from a variety of retailers or vendors all in one location is one reason why shopping centres are gaining in popularity. It is the most crucial reason why the market is growing. In addition, shopping centres offer improved customer experiences by giving customers access to various practices and events, including introducing new products, festivals, and other types of gatherings.
Demand for shopping centres is growing due to the substantial spending on clothing and accessories that financially independent women across the globe are doing. Today's women are more self-reliant than they've ever been. As we all know, women are involved in various activities, including domestic and economic affairs. Everyone is aware of their enthusiasm for shopping, especially for purchasing new clothing. They are shopping more frequently now that they are financially independent or are moving toward becoming financially independent. It is what is making the global market for shopping centres grow.
| Study Period | 2020-2032 | CAGR | 5.62% |
| Historical Period | 2020-2022 | Forecast Period | 2024-2032 |
| Base Year | 2023 | Base Year Market Size | USD 5,943.23 Billion |
| Forecast Year | 2032 | Forecast Year Market Size | USD 9,721.61 Billion |
| Largest Market | North America | Fastest Growing Market | Asia-Pacific |
The global shopping centres market is segmented into North America, Europe, Asia-Pacific, Central & South America and the Middle East & Africa.
In 2021, North America had the largest market revenue share of more than 46%, according to regional market analysis. Growing client demand and retail industry expansion in the local area are two possible explanations for this development. The need for eco-friendly shopping malls in North America is increasing due to the region's rapid urbanization. Another element contributing to the expansion of shopping centres in this region is the fact that people like shopping centres because they are highly convenient and provide a large selection of products from which to pick. Consequently, during the projected period, it is anticipated that the region will expand at a considerable compound annual growth rate.
It is anticipated that Asia-Pacific will record a significant CAGR during the forecast period. There is a direct relationship between the development of middle-class populations in China and India and the increase in demand for shopping centres. In addition, merchants are implementing artificial intelligence (AI) and biometrics in shopping centres to entice customers and increase revenue. The rise in the median income, the middle-class income, the standard of living, and the desire of Indians to spare money are all factors driving up the demand for shopping malls in the region, which is predicted to result in the fastest CAGR throughout the forecast period.
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The market is divided into two parts based on product type and region. Further, based on the product, the market is segmented into Apparel and Accessories, FMCG, Hardline and Softline and Diversified. The FMCG segment dominated the market in 2021, accounting for more than 66% of total sales, and is likely to maintain its position in the coming years. The increasing digital connectivity is driving the demand for FMCG items among consumers in urban and rural locations. In addition, expanding awareness, shifting lifestyles, and more straightforward access are the main drivers of the consumer products market's expansion. Global population growth, rising disposable income, and everyday use of essential packaged goods contribute to the segment's expansion. The availability of a wide range of food products by different shops is another important element that significantly boosts market income.
The segment for apparel and accessories is anticipated to have the highest CAGR. The simple accessibility of trendy items by various shops and the expanding consumer demand are the main factors driving the segment's rise. The segmental expansion is also fueled by the fantastic offers and low pricing that many shops throughout the holiday season offer at shopping centres.
Globally, financially independent women are making significant purchases of clothing and accessories, which is driving up demand in this sector.
The market is segmented into North America, Europe, Asia-Pacific, Central & South America and the Middle East & Africa. The North American region held the largest market share in terms of revenue share.
COVID-19 has positive and negative market consequences, as carbon emissions have decreased globally due to the lockout. COVID-19's reduction in emissions is a short-term benefit. Still, when industries and enterprises attempt to recoup some of their financial losses in the first quarter of the year, carbon emissions will rise dramatically. COVID-19 had a negative impact on global recycling efforts. Countries, notably the United States, have halted or decreased recycling programs to focus on collecting additional domestic waste or because services have been disrupted by the virus.
Also, with industries slowly returning to normalcy following the COVID-19 outbreak, this shift in workplace health and safety is expected to increase due to mandatory social distancing and continuous personal care through sanitization to eliminate even the tiniest possibility of COVID-19 spread. COVID-19 has impacted various companies' revenues, and if the lockdown is lifted, companies will turn their attention to operations to make up for their losses.
