Shopping Centers Market Size Worth $7,797.36 Billion By 2028

 Shopping Centers Industry Overview

The global shopping centers market size has been estimated to reach USD 7,797.36 billion by 2028 by advancing at a CAGR of 5.9% from 2022 to 2028, according to a new report by Grand View Research, Inc. The popularity of offering different products by various retailers under the same roof is driving the growth of the global market for shopping centers. In addition, a shopping center offers the best shopping experiences such as entertainment, festivals, new product launches, gatherings, and performances, which is another factor driving the market growth. 

 

Shopping Centers Market Segmentation

Grand View Research has segmented the global shopping centers market on the basis of product type and region:

 

Based on the Product Type Insights, the market is segmented into Apparel and Accessories, FMCG, Hardline and Softline, Diversified

  • The FMCG segment dominated the market and contributed to a revenue share of more than 66% in 2021, and is expected to maintain its dominance in the coming years. The rising digital connectivity in rural and urban areas is driving the demand for FMCG products among consumers. Moreover, growing awareness, changing lifestyles, and easier access are the key factors for the growth of the consumer goods market.
  • The increasing global population coupled with rising disposable income and consumption of essential packaged goods in daily life are further driving the segment growth. Moreover, the availability of a large number of food products by various retailers is a major factor that contributes substantially to the market revenue.
  • The apparel and accessories segment is expected to witness the highest CAGR of 6.6% from 2022 to 2028. The growth of the segment is primarily driven by the easy availability of fashionable items by different retailers, and the rising consumer demand. Additionally, various retailers offer great deals and affordable prices at shopping centers during festive seasons, which is another factor driving the segmental growth. 
  • The strong spending on apparel and accessories by financially independent women across the globe is increasing the market demand in this segment. Thus, the apparel and accessories segment is expected to grow at the fastest CAGR during the forecast period.

 

Shopping Centers Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

The market for shopping centers is characterized by the presence of established as well as new players. Major players operating in this market are undertaking mergers and acquisitions as their key strategies. For instance, in 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.

 

Some of the prominent players in the global shopping centers market include:

  • Walmart Inc
  • 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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