Increasing Global Demand For Shopping Centers Market With Rising CAGR Forecast Till 2028Posted by Mrudula Karmarkar on December 21st, 2022 The global shopping centers market size has been estimated to reach USD 7,797.36 billion by 2028 by advancing at a CAGR of 5.9% from 2022 to 2028, according to a new report by Grand View Research, Inc. The popularity of offering different products by various retailers under the same roof is driving the growth of the global market for shopping centers. In addition, a shopping center offers the best shopping experiences such as entertainment, festivals, new product launches, gatherings, and performances, which is another factor driving the market growth. However, shopping centers create tons of waste each year, which includes food waste, packaging waste, and general waste; this is a major factor restraining the market growth. Key players operating in the market are opting for various business expansion strategies in order to fulfill the growing needs, thus capturing the maximum market share globally. The COVID-19 pandemic negatively impacted the market for shopping centers. Due to the global lockdown situation, shopping centers remained closed for a long period of time, thereby retailers reported a decline in their revenue. Additionally, most of the supply chain was disturbed during the pandemic situation to tackle the spread of the infection across the globe. Also, COVID-19 lockdowns led to declining foot traffic in shopping centers. The global retail industry was severely impacted, with retailers recording a severe drop in their revenue cycle due to the outbreak of the COVID-19 pandemic. The FMCG segment contributed to the global market revenue with more than 66% share in 2021. FMCG products offer a wide variety of consumer goods for daily usage, which is the primary factor driving the market growth. In addition, fulfilling the basic demands of foods and beverages and maintaining a healthy lifestyle are further driving the growth of the FMCG segment in the shopping centers industry. Moreover, the easy accessibility of various FMCG products at shopping malls is another factor driving the growth of the market for shopping centers. Thus, the segmental demand is growing at a high speed and contributes more to the market revenue. North America accounted for the largest market share of around 47% in 2021. The shopping centers in this region are expanding their businesses due to surging urbanization, thereby generating more revenue for the North America market. Shopping centers in the United States are some of the largest in the world. The renovation of shopping centers through integration with AI is now expected to generate more revenue during the forecast period; thus, contributing to a higher revenue generation from North America. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/shopping-centers-market-report/request/rs1 Shopping centers are gaining popularity because they include clothing stores, foods, a variety of collections from different retailers or vendors, and much more in one place. This is the major factor driving the market growth. Moreover, shopping centers provide a better consumer experience, allowing them to gain access to various practices such as new product launches, festivals, and events. The COVID-19 outbreak negatively impacted the market for shopping centers. During COVID-19, the shopping centers around the world remained closed due to strict lockdown and stay-at-home initiatives by various governments. Also, supply chains were disturbed, which affected the global retails to run the business. Shopping Centers Market Report Highlights
A shopping center is a group of various independent retail stores with one or more units under the same building, representing merchandisers, with interconnected walkways allowing visitors to walk from one unit to another. Also, a group of retail stores and services is usually created to serve a community or neighborhood. Consumers can easily search for a product of their interest directly at one place offered by various retailers, or by exploring among alternative stores, which provides them easy access along with easy availability of different goods and products. Consumers can benefit in several ways by shopping through these centers, including clothing stores, food courts, and much more at a single place by different retailers. Retailers currently offer ship from store capabilities which are attracting consumers to visit shopping centers, thus driving the growth of the market. A shopping center provides customers with an opportunity to look at multiple stores for their purchase needs while being at one destination. Additionally, the emergence of e-commerce platforms and online shopping channels is further contributing to the growth of the market. The COVID-19 pandemic negatively affected the shopping centers market, with a substantial fall in the number of visitors being witnessed. As per a survey, the top 10 malls of the world noticed a drop of 42% in foot traffic. The revenue generated from shopping malls declined during this period, as the retail sector was hit badly since the outbreak of COVID-19. In the near future, as governments across the world gradually lift lockdown curbs, people are expected to visit shopping malls and stores more often and contribute to market growth. List of Key Players of Shopping Centers Market
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