Shopping Centers Market Summary

The global shopping centers market size was valued at USD 5,231.63 billion in 2021 and is projected to reach USD 7,797.36 billion by 2030, expanding at a CAGR of 5.9% from 2022 to 2028. The increasing popularity of shopping centers can be attributed to their ability to provide a wide range of offerings under one roof, including clothing stores, food outlets, and a diverse mix of collections from different retailers and vendors. This convenience and variety serve as major factors fueling the consistent growth of the market.

Additionally, shopping centers are evolving as experience-driven spaces, offering customers much more than retail shopping. They enhance consumer engagement by hosting events, product launches, seasonal festivals, and cultural activities, thereby encouraging higher footfall and repeat visits. However, the COVID-19 pandemic posed significant challenges for the industry, as most shopping centers across the globe faced prolonged closures due to lockdown restrictions and government-mandated stay-at-home measures. Alongside this, global supply chain disruptions further hampered retailers’ ability to sustain operations, creating temporary setbacks in overall business performance.

Key Market Trends & Insights

• In 2021, North America emerged as the leading market, contributing more than 46% of the total global revenue, driven by high consumer spending capacity and the presence of established retail infrastructure.
• Meanwhile, Asia Pacific is anticipated to exhibit the fastest growth, registering a CAGR of 6.7% between 2022 and 2028, primarily due to rapid urbanization, rising disposable incomes, and expanding middle-class populations in countries like China and India.
• Based on type, the FMCG segment dominated the shopping centers market, holding a revenue share of more than 66% in 2021, owing to the continuous demand for essential goods and daily-use products.
• In terms of product categories, the apparel and accessories segment is expected to experience the fastest expansion, projected to grow at a CAGR of 6.6% during the forecast period, supported by increasing consumer interest in fashion trends and lifestyle products.

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Market Size & Forecast

• 2021 Market Size: USD 5,231.63 Billion
• 2028 Projected Market Size: USD 7,797.36 Billion
• CAGR (2022-2028): 5.9%
• North America: Largest market in 2021

Key Companies & 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.

In addition to that, some of the top market players such as Walmart Inc, Amazon.com, Inc., and Tesco PLC are indulging in extensive product development to gather maximum market share.

Key Players

• Walmart Inc
• com, Inc.
• Costco Wholesale Corporation
• Schwarz Group
• The Kroger Co.
• Walgreens Boots Alliance, Inc.
• The Home Depot, Inc.
• Tesco PLC

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Conclusion

The global shopping centers market is undergoing a phase of transformation driven by convenience, consumer engagement, and evolving lifestyle preferences. While the pandemic temporarily disrupted growth, the sector has shown strong resilience and continues to recover steadily, supported by innovations in retail offerings and enhanced customer experiences. Regions like Asia Pacific are expected to play a pivotal role in the coming years due to their dynamic consumer base and fast-paced urbanization. With apparel, accessories, and FMCG products leading the demand, shopping centers are well-positioned to remain essential commercial and social hubs worldwide, ensuring sustained growth opportunities for stakeholders.