Strategic Forecast for the Shopping Centers Industry: Market Outlook 2025-2034

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Shopping Centers Market Size Growth Forecast: What to Expect by 2025?
In the past few years, there has been a robust expansion in the market size of shopping centers. The growth is expected to continue, with the market projected to increase from $5849.97 billion in 2024 to $6224.46 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.4%. Several factors contributed to this growth during the historic period, including the proliferation of automobiles and suburban living, achieving entertainment and leisure integration, enhanced standard of living, population increase, and a significant swell in the income of the middle class.

How Will the Shopping Centers Market Size Evolve and Grow by 2029?
In the coming years, the market size for shopping centers is anticipated to experience substantial growth. It is estimated to reach a valuation of $8102.47 billion in 2029, registering a compound annual growth rate (CAGR) of 6.8%. The potential growth during the forecast period can be associated with factors such as higher consumption of everyday goods, increased buying power, enhanced digital connectivity, rising number of economically self-reliant women, and elevated expenditure on trendy clothing. The upcoming trends during this period comprise integration of artificial intelligence in shopping centers, embracing tech and digital shifts, mixed-use developments, focus on product development for seizing maximum market share, and a heightened emphasis on health and safety measures.

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What Drivers Are Propelling the Growth of Shopping Centers Market Forward?
Rising expenditures on trendy attire are anticipated to boost the expansion of the shopping centers sector in the future. Such attire consists of clothing and accessories that are fashionable, chic, and reflect current fashion norms. The boost in fashionable attire spending can be attributed to factors such as increased disposable income, the sway of social media, celebrity promotions, quick fashion availability, and evolving customer tastes. Shopping complexes serve as dominant platforms for fashionable attire, accommodating a variety of fashion retailers, from luxury boutiques to popular brands, presenting and retailing a diverse selection of stylish dresses, accessories, and shoes. In June 2024, as per a report by LendingTree, an online marketplace firm in the US, American families allocated an average of 2.7% of their 2022 budget to clothing and related services, equating to roughly $1,945 from an average yearly expense of $72,967. This proportion had a minor upsurge from 2.6% in 2021. Thus, this surge in expenditure on trendy attire is fueling the expansion of the shopping center sector.

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What Are the Key Trends Driving Shopping Centers Market Growth?
Major corporations engaged in the shopping center industry are prioritizing the creation of cutting-edge technology, such as advanced computer vision technology for a checkout-free shopping experience. Advanced computer vision technology involves the use of artificial intelligence and machine learning algorithms that allow computers to analyze and understand visual data from various sources, including images and videos. This technology aids in tasks such as object identification, face recognition, and understanding scenarios. For example, in July 2024, the Germany-based REWE Group that runs various supermarket chains, drugstores, and other retail stores, introduced Pick&Go, the biggest autonomous supermarket in Europe, in Hamburg. Spanning 1,200 square meters and featuring approximately 20,000 articles, this progressive store uses advanced computer vision technology for a seamless, checkout-free shopping experience. It allows customers to pick merchandise and exit the store without going through traditional checkout lines. There are four payment options available: standard checkout, self-scanning, cashless payments through the Pick&Go app, or via computer-vision-enabled terminals. In comparison to similar systems, REWE prioritizes collecting minimal data to protect customer privacy.

What Are the Key Segments in 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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Who Are the Key Players Shaping the Shopping Centers Market's Competitive Landscape?
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.

What Geographic Markets Are Powering 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.

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