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Retail Buildings Market Report 2024 - Retail Buildings Market Size, Growth And Opportunities
Retail Buildings Market
According to The Business Research Company's, The retail buildings market size has grown steadily in recent years. It will grow from $309.16 billion in 2023 to $318.07 billion in 2024 at a compound annual growth rate (CAGR) of 2.9%. The growth in the historic period can be attributed to economic growth and consumer spending, urbanization and population density, consumer trends and shopping preferences, commercial real estate investment trends, government policies and zoning regulations.
The retail buildings market size is expected to see steady growth in the next few years. It will grow to $359 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The growth in the forecast period can be attributed to sustainable building practices and green certification, adaptation to changing work patterns, mixed-use developments and urban revitalization, health and safety considerations in building design, community-centric and experiential retail trends.. Major trends in the forecast period include contactless shopping and payment solutions, integration of social media and influencer marketing, customization and personalization in retail design, hybrid retail spaces, community-centric retail.
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Market Drivers and Trends:
The globally expanding commercial sector is expected to propel the growth of the retail buildings market going forward. The commercial sector refers to a sector that comprises enterprises' service-providing facilities and equipment, federal, state, and local governments, and other private and public organizations such as religious, social, or fraternal organizations. Retail facilities are part of the commercial sector. So, the growth of the commercial sector increases the construction of retail buildings. For instance, in June 2021, according to GOV.UK, a UK-based public sector information website, by the end of March 2021, there were 4,716,126 company registers, which is an increase of 8.4% from the end of March 2020. From 2020 to 2021, 810,316 new businesses were registered, a 21.8% increase from 2019 to 2020. Therefore, the globally expanding commercial sector is driving the retail buildings market.
Technology adoption is a key trend gaining popularity in the retail buildings market. Major companies operating in the retail buildings market are focused on adopting innovative technologies to strengthen their position in the market. For instance, in December 2022, Stereolabs Inc., a US-based company that offers 3D depth and motion sensing solutions based on stereo vision and artificial intelligence, launched ZED-X, the world's first 3D robot camera with a new SDK (software development kit) and control for multiple cameras. ZED-X is created for robotic process automation and navigation in challenging indoor and outdoor locations. The ZED-X is powered and supported by Stereolabs' comprehensive software ecosystem, which opens the door to quick commercial implementations of robots in construction.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Retail Construction Services Inc.; Actividades de Construcción y Servicios S.A.; Bouygues S.A.; Hochtief AG; Skanska AB; Vinci SA; Pacific Crest Engineering Inc.; Kneeland Construction Corporation; Shannon Waltchack LLC; Bechtel Corporation; Fluor Corporation; Whiting Turner Construction Company; Turner Construction Company; Gilbane Building Company; Hensel Phelps Construction Co.; Gensler; CallisonRTKL Inc.; Kimley-Horn and Associates Inc.; Nelson Worldwide LLC; Core States Group; Stantec Inc.; NORR Limited; WD Partners Inc.; RSP Architects Ltd.; GreenbergFarrow; HKS Architects Inc.; Perkins + Will Inc.; HNTB Corporation; Ware Malcomb; MG2 Corporation; Eppstein Uhen Architects Inc.; HMC Architects; Corgan Associates Inc.; Hord Coplan Macht Inc.; Hammel Green and Abrahamson
Retail Buildings Market 2024 Key Insights:
• The retail buildings market will grow to $359 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%.
• Commercial Sector Expansion Fuels Global Growth In Retail Buildings Market
• Technology Adoption In The Retail Buildings Market
• Asia-Pacific was the largest region in the retail buildings market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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