The global shopping centers market was valued at USD 147.7 billion in 2022 and is projected to expand at a CAGR of 6.2% from 2023 to 2030. Shopping centers are a combination of retail stores, entertainment and dining outlets, and other commercial uses. These centers are becoming increasingly popular due to the convenience and variety of items available, which attract customers to visit one place for shopping, dining, and entertainment. Furthermore, the growing popularity of online shopping has led to the emergence of shopping centers as a one-stop-shop for customers.

The increasing demand for shopping centers from international brands is expected to drive the market during the forecast period. Major shopping center brands are launching new stores across the globe to expand their customer base. For instance, in April 2021, IKEA opened its first store in Hyderabad, India. Furthermore, in March 2021, Walmart opened its first store in India. The store offers a range of products, including groceries, electronics, home furniture, and apparel.

In addition, the increasing number of tourists at shopping centers is expected to support the market growth during the forecast period. Shopping centers are becoming popular tourist destinations, with large numbers of people visiting shopping centers to shop, eat, and relax. For instance, in November 2021, South Korea’s largest shopping center, Lotte World Mall, opened with over 500 stores. Moreover, it is estimated that the mall will attract more than 10 million tourists annually.

The increasing trend of experiential retail is expected to drive the market during the forecast period. Shopping centers are becoming increasingly experiential, with the introduction of interactive retail concepts, such as virtual reality experiences, augmented reality, and other innovative retail concepts. For instance, in October 2021, Doha’s Mall of Qatar opened the world’s first virtual reality shopping center. Furthermore, the increasing number of events and activities at shopping centers is expected to drive the market. For instance, in January 2021, the Mall of America in the US hosted a Super Bowl weekend event, which attracted over 3 million visitors.

The increasing number of food courts in shopping centers is expected to support the market growth. Food courts offer a variety of food options, such as fast food, ice cream, and beverages. Furthermore, the increasing number of retailers and brands offering discounts and promotional offers is expected to drive the market. For instance, in March 2021, the Mall of America in the US offered discounts and promotional offers on various products, such as apparel and home furnishings.

The clothing and apparel segment is expected to remain the largest segment in the shopping center products market throughout the forecast period. The increasing demand for branded apparel, popularity of fashion-based products and the emergence of numerous e-commerce platforms are some of the major factors driving the growth of the segment. According to a survey conducted by the National Retail Federation, in October 2020, approximately 66% of U.S. adults had purchased clothing and apparel items online in the past year.

Moreover, the food and beverage segment is expected to witness the fastest CAGR of 8.3% over the forecast period. Growing penetration of food and beverage stores in shopping centers, rapid urbanization, and changing lifestyle and consumption behavior of consumers are some of the major factors driving the segment’s growth. In addition, the increasing demand for food delivery services and the emergence of various food delivery companies are also bolstering the growth of the segment.

The shopping centers segment is expected to hold the largest market share of over 41.8% in 2022. Shopping centers are increasingly becoming popular among consumers due to their convenience, availability of a wide variety of products, and superior product quality. Shopping centers also offer a great shopping experience with amenities such as restaurant services, entertainment, and other activities. In addition, shopping centers are the preferred shopping destination for purchasing expensive items such as apparel, electronics, and luxury items.

The online segment is expected to register the fastest CAGR of 13.2% from 2021 to 2022. The rising trend of online shopping has led to an increase in the number of online shopping platforms. These platforms provide a wide variety of products at discounted prices and offer convenient payment systems and home delivery services. Furthermore, the rising penetration of smartphones, and increasing awareness about the advantages of online shopping are expected to drive the growth of the online segment.

The shopping centers segment accounted for the largest revenue share of 67.4% in the year 2022. The increasing number of shopping centers in developed and developing countries is one of the major factors driving the segment’s growth. Shopping centers offer a range of services such as food courts, entertainment, retail stores, and convenience stores, which are expected to increase the number of customers. Additionally, the presence of the e-commerce industry is likely to drive the demand for shopping centers. For example, Amazon, one of the leading e-commerce companies, is offering services such as Amazon Go, Amazon Prime, and AmazonBasics, which are expected to boost the demand for shopping centers.

The virtual shopping centers segment is expected to expand at a significant CAGR of 14.3% during the forecast period. The increasing use of technology in shopping centers is driving the growth of this segment. For instance, virtual shopping centers such as Amazon Go, Walmart, and Kroger are offering contactless and cashless shopping experiences to consumers. These factors are driving the demand for virtual shopping centers. Furthermore, the increasing use of mobile applications and websites for shopping is also contributing to the growth of this segment

Europe is projected to account for the largest revenue share of the global market, owing to the presence of several shopping centers, such as the Westfield Shopping Centers in the U.K. and the Mall of Europe in Germany. In addition, increasing demand for shopping centers in the region owing to the convenience provided by them to the customers is expected to drive the growth of the market in the region.

Asia Pacific is expected to witness the fastest growth in the coming years, owing to the growing number of shopping centers in the region. In addition, increasing disposable income among the population in the region is expected to drive the market in the region. For instance, in 2021, the Gurgaon Mall in India witnessed an increase in customers, owing to the increasing disposable income in the country.

In this part of the shopping center products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your shopping center. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a shopping center products business comes from leasing spaces to vendors, retail stores, restaurants, and other businesses. Other sources of income include parking fees, advertising, and providing services such as ATM machines, currency exchange, and other services.

Projecting Expenses
In this section, all the regular expenses related to keeping the shopping center products business running will be described. The list of operating expenses includes leasing fees, wages, maintenance and repairs, utilities, insurance policies, advertising, and others.

Some of the key companies operating in the shopping centers market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Simon Property Group launched a new mall in Michigan, offering a range of shopping, dining, and entertainment options.

– In August 2022, Westfield Corporation launched a new shopping center in California, offering a wide range of retail, dining, and entertainment options.

– In October 2022, Taubman Centers, Inc. launched a new mall in Illinois, offering a range of shopping, dining, and entertainment options.

Some of the prominent players in the shopping centers market include:

– Westfield Corporation
– Simon Property Group
– Taubman Centers, Inc.
– GGP Inc.
– Brookfield Property Partners
– Macerich Company
– Unibail-Rodamco-Westfield
– CBL & Associates Properties, Inc.
– Kimco Realty Corporation
– Canadian REIT

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global men’s shopping centers products market based on product type, location, and region:

1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)

– Apparel
– Accessories
– Electronics
– Food & Beverage
– Home Goods
– Others

2. Location Outlook (Revenue, USD Million, 2017 – 2030)

– Urban
– Suburban
– Rural

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the Major Challenges Faced by Shopping Centers?
[A]: The major challenges faced by shopping centers include rising competition from online retail, changing consumer preferences, rising labor costs, and increasing rental costs. Moreover, the increasing trend of shared workspaces, increasing cost of goods, and lack of innovation in retailing operations have also been challenging the shopping centers market.

[Q]: What are the Opportunities for Shopping Centers?
[A]: The shopping centers market has several opportunities such as the introduction of experiential retailing, adoption of digital technologies, the emergence of pop-up stores, and the introduction of omnichannel retailing. Moreover, the introduction of smart technology solutions and the emergence of innovative retail formats such as kiosks and showrooms can also offer good prospects to the market.

[Q]: Who are the Key Players in the Shopping Centers Market?
[A]: The key players in the shopping centers market are Simon Property Group, Unibail-Rodamco, Westfield Corporation, Taubman Centers, Inc., Macerich Company, and Intu Properties Plc.

[Q]: Which Regions Offer the Largest Opportunity for Shopping Centers?
[A]: The Asia-Pacific region offers the largest opportunity for the shopping centers market, with an absolute dollar opportunity of $68.3 Bn (USD). The regional market is expected to grow at a CAGR of 8.4% from 2021 to 2028.

[Q]: What are the Factors Driving the Shopping Centers Market?
[A]: The factors driving the shopping centers market include increasing consumer spending, rising demand for convenience, and increasing trend of experiential retailing. Moreover, crowd-drawing events, the emergence of e-commerce, the development of online-to-offline retailing, and the rise in demand for omnichannel retailing are also expected to drive the market.