Shopping Centers Market Trends Analysis, Market Opportunities, Key Players, Share And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Shopping Centers Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The shopping centers market size has grown strongly in recent years. It will grow from $5,480.85 billion in 2023 to $5,849.97 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to the rise of automobiles and suburbanization, entertainment and leisure integration, population growth, rise in the standard of living and rise in the middle-class income.

The shopping centers market size is expected to see strong growth in the next few years. It will grow to $7,681.20 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to increasing consumption of daily necessities, increase in purchasing power, rising digital connectivity, growing number of financially independent women, and increasing spending on fashionable apparel. Major trends in the forecast period include shopping centers through integration with artificial intelligence, embrace technology and digital transformation, embrace technology and digital transformation, mixed-use developments, product development to gather maximum market share, and increased focus on health and safety.

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Market Drivers and Trends:

The increasing spending on fashionable apparel is expected to propel the growth of the shopping centers market going forward. Fashionable apparel refers to clothing and accessories that are trendy, stylish, and in line with the latest fashion trends. The increasing spending on fashionable apparel is due to rising disposable incomes, social media influence, celebrity endorsements, fast fashion availability, and evolving consumer preferences. Shopping centers are centralized hubs for fashionable apparel where diverse fashion retailers, ranging from high-end boutiques to mainstream brands, showcase and retail a wide array of trendy clothing, accessories, and footwear. For instance, in January 2023, according to the Bureau of Labor Statistics, a US-based government agency, spending on apparel and related services increased from $1,434 in 2020 to $1,754 in 2021. Notably, the category of other apparel products and services saw the most substantial rise at 48.6%. Therefore, the increasing spending on fashionable apparel is driving the growth of the shopping center market.

Major companies operating in the shopping centers market are focused on developing innovative technologies, such as fully autonomous and contactless cashier-less systems, on enhancing the customer experience and streamline operations. Fully autonomous and contactless cashier-less systems involve technology that enables customers to shop and pay without interacting with human cashiers, utilizing automation for a streamlined shopping experience. For instance, in November 2021, Abu Dhabi National Oil Company for Distribution (ADNOC Distribution), a United Arab Emirates-based company that specializes in the distribution and marketing of petroleum products and related services, launched the fully autonomous and contactless and cashier-less ADNOC Oasis stor. It introduces a cutting-edge cashless and contactless payment system alongside an AI-enhanced shopping environment. Busy customers can avoid queues and wait for available staff. Unlike traditional self-service terminals, there's no need to scan items.

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Major Key Players of the Market:

Walmart Inc., Amazon Inc., The Home Depot Inc., Kroger Company, Tesco plc, Brookfield Property Partners L.P., Simon Property Group Inc., Unibail-Rodamco-Westfield SE, Taubman Centers Inc., Kimco Realty Corporation, Tripadvisor Inc., Klépierre S.A., Macerich, CBL & Associates Properties Inc., Pennsylvania Real Estate Investment Trust, Mercialys SA, ECE Group GmbH & Co. KG, Hammerson plc, Ivanhoé Cambridge Inc, Sunshine Shopping Center Co. Ltd.

Shopping Centers Market 2024 Key Insights:

• The shopping centers market size is expected to see strong growth in the next few years. It will grow to $7,681.20 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Fashionable Apparel Expenditure Boosts Retail Sector Growth
• Revolutionizing Customer Experience With Autonomous Shopping Technology
• North America was the largest region in the shopping centers market in 2023

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