Shopping Centers Industry Overview
The global shopping centers market size was valued at USD 5,231.63 billion in 2021 and is expected to advance at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2028.
Shopping centers are gaining popularity because they include clothing stores, foods, a variety of collections from different retailers or vendors, and much more in one place. This is the major factor driving the market growth. Moreover, shopping centers provide a better consumer experience, allowing them to gain access to various practices such as new product launches, festivals, and events. The COVID-19 outbreak negatively impacted the market for shopping centers. During COVID-19, the shopping centers around the world remained closed due to strict lockdown and stay-at-home initiatives by various governments. Also, supply chains were disturbed, which affected the global retails to run the business.
Gather more insights about the market drivers, restrains and growth of the Global Shopping Centers Market
A shopping center is a group of various independent retail stores with one or more units under the same building, representing merchandisers, with interconnected walkways allowing visitors to walk from one unit to another. Also, a group of retail stores and services is usually created to serve a community or neighborhood. Consumers can easily search for a product of their interest directly at one place offered by various retailers, or by exploring among alternative stores, which provides them easy access along with easy availability of different goods and products.
Consumers can benefit in several ways by shopping through these centers, including clothing stores, food courts, and much more at a single place by different retailers. Retailers currently offer ship from store capabilities which are attracting consumers to visit shopping centers, thus driving the growth of the market. A shopping center provides customers with an opportunity to look at multiple stores for their purchase needs while being at one destination. Additionally, the emergence of e-commerce platforms and online shopping channels is further contributing to the growth of the market.
The COVID-19 pandemic negatively affected the shopping centers market, with a substantial fall in the number of visitors being witnessed. As per a survey, the top 10 malls of the world noticed a drop of 42% in foot traffic. The revenue generated from shopping malls declined during this period, as the retail sector was hit badly since the outbreak of COVID-19. In the near future, as governments across the world gradually lift lockdown curbs, people are expected to visit shopping malls and stores more often and contribute to market growth.
Browse through Grand View Research's Clothing, Footwear & Accessories Industry Research Reports.
- Shopping Application Market – The global shopping application market size was valued at USD 868.4 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 14.0% from 2022 to 2028. The market growth can be credited to the rising demand for eco-friendly handmade products in Asia Pacific.
- Online Grocery Market – The global online grocery market size was valued at USD 285.70 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 25.3% from 2022 to 2030. The changing shopping preferences of consumers in the wake of the outbreak of the pandemic and the unabated growth of the e-commerce industry are expected to drive the growth of the market over the forecast period.
Shopping Centers Market Segmentation
Grand View Research has segmented the global shopping centers market on the basis of product type and region:
Shopping Centers Product Type Outlook (Revenue, USD Billion, 2017 – 2028)
- Apparel and Accessories
- Hardline and Softline
Shopping Centers Regional Outlook (Revenue, USD Billion, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Market Share Insights
- June 2017: Amazon completes its acquisition of Whole Foods. The e-commerce juggernaut thus made a significant push into the grocery business. The acquisition suddenly has given Amazon a sprawling brick-and-mortar presence and access to well-heeled consumers.
Key Companies profiled:
Some prominent players in the global shopping centers market include
- Walmart Inc
- Amazon.com, Inc.
- Costco Wholesale Corporation
- Schwarz Group
- The Kroger Co.
- Walgreens Boots Alliance, Inc.
- The Home Depot, Inc.
- Tesco PLC
Order a free sample PDF of the Shopping Centers Market Intelligence Study, published by Grand View Research.
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