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In-Depth Analysis of the Shopping Centers Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
Shopping Centers
The growing spending on fashionable apparel is expected to propel the growth of the shopping centers market. Fashion-conscious consumers are increasingly spending on trendy clothing and accessories, driven by higher disposable incomes, social media influences, and celebrity endorsements. Shopping centers are essential in showcasing these fashionable items, providing a platform for various brands to reach consumers. In June 2024, LendingTree reported that U.S. households spent an average of 2.7% of their budget on apparel in 2022, an increase from 2.6% in 2021. Therefore, the increasing spending on fashionable apparel will boost the shopping center market.
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What Is the projected market size and growth rate for the shopping centers market?
The shopping centers market has expanded significantly in recent years. It is expected to rise from $5849.97 billion in 2024 to $6276.84 billion in 2025, reflecting a CAGR of 7.3%. This growth is driven by the rise of automobiles and suburbanization, integration of entertainment and leisure, population growth, improved living standards, and an increase in middle-class income.
The shopping centers market is expected to grow to $8216.44 billion by 2029 at a CAGR of 7.0%. The growth is driven by increased consumption of daily necessities, rising purchasing power, greater digital connectivity, a growing number of financially independent women, and increased spending on fashionable apparel. Major trends include AI integration, digital transformation, mixed-use developments, product innovation, and heightened focus on health and safety.
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What new trends are reshaping the shopping centers market and its opportunities?
Companies in the shopping centers market are implementing advanced computer vision technology to enable checkout-free shopping. For instance, in July 2024, REWE Group opened Pick&Go, Europe's largest autonomous supermarket in Hamburg. Using computer vision, customers can select items and leave without traditional checkout lines, ensuring a fast, secure, and privacy-conscious shopping experience.
What major market segments define the scope and growth of the shopping centers market?
The shopping centers market covered in this report is segmented -
1) By Type: Regional Malls, Neighborhood Centers, Outlet Malls, Lifestyle Centers, Mixed Use Development
2) By Product: Apparel And Accessories, Fast Moving Consumer Goods (FMCG), Hardline And Softline, Diversified
3) By Tenant: Retail Stores, Restaurants, Entertainment Venues, Other Tenants
Subsegments:
1) By Regional Malls: Super-Regional Malls, Community Malls
2) By Neighborhood Centers: Convenience Centers, Strip Malls
3) By Outlet Malls: Factory Outlet Malls, Designer Outlet Malls
4) By Lifestyle Centers: Open-Air Lifestyle Centers, Urban Lifestyle Centers
5) By Mixed-Use Development: Retail And Residential Mixed-Use, Retail And Office Mixed-Use, Retail And Entertainment Mixed-Use
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Which geographical regions are pioneering growth in the shopping centers market?
North America was the largest region in the shopping centers market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the shopping centers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the shopping centers industry growth?
Major companies operating in the shopping centers market are 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.
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What Is Covered In The Shopping Centers Global Market Report?
•Market Size Forecast: Examine the shopping centers market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the shopping centers market for a structured understanding.
•Key Players Overview: Analyze major players in the shopping centers market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the shopping centers market.
•Segment Contributions: Evaluate how different segments drive overall growth in the shopping centers market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the shopping centers market.
•Industry Challenges: Identify potential risks and obstacles affecting the shopping centers market.
•Competitive Landscape: Review strategic developments in the shopping centers market, including expansions, agreements, and new product launches.
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