Overview and Scope
Retail buildings refer to structures that are built or planned for retail purposes. Retail structures can also be termed shops that serve an entire warehouse-style building to small traders in a building with other retail businesses.
Sizing and Forecast
The retail buildings market size has grown steadily in recent years. It will grow from $309.16 billion in 2023 to $318.07 billion in 2024 at a compound annual growth rate (CAGR) of 2.9%. The growth in the historic period can be attributed to economic growth and consumer spending, urbanization and population density, consumer trends and shopping preferences, commercial real estate investment trends, government policies and zoning regulations.
The retail buildings market size is expected to see steady growth in the next few years. It will grow to $359 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The growth in the forecast period can be attributed to sustainable building practices and green certification, adaptation to changing work patterns, mixed-use developments and urban revitalization, health and safety considerations in building design, community-centric and experiential retail trends.. Major trends in the forecast period include contactless shopping and payment solutions, integration of social media and influencer marketing, customization and personalization in retail design, hybrid retail spaces, community-centric retail.
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Segmentation & Regional Insights
The retail buildings market covered in this report is segmented –
1) By Type: Buildings Construction, Heavy and Civil Engineering Construction, Specialty Trade Contractors
2) By Materials: Aggregates, Bricks, Cement, Ceramic Facing and Floor Tiles, Composites, Glass, Other Materials
3) By Construction Type: New Construction, Renovation
4) By Application: Residential Buildings, Nonresidential Buildings
Asia-Pacific was the largest region in the retail buildings market in 2023. North America is expected to be the retail buildings market report fastest-growing region in the forecast period. The regions covered in the retail buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The globally expanding commercial sector is expected to propel the growth of the retail buildings market going forward. The commercial sector refers to a sector that comprises enterprises' service-providing facilities and equipment, federal, state, and local governments, and other private and public organizations such as religious, social, or fraternal organizations. Retail facilities are part of the commercial sector. So, the growth of the commercial sector increases the construction of retail buildings. For instance, in June 2021, according to GOV.UK, a UK-based public sector information website, by the end of March 2021, there were 4,716,126 company registers, which is an increase of 8.4% from the end of March 2020. From 2020 to 2021, 810,316 new businesses were registered, a 21.8% increase from 2019 to 2020. Therefore, the globally expanding commercial sector is driving the retail buildings market.
Key Industry Players
Major companies operating in the retail buildings market are focused on launch of generative AI model to amplify insights and client outcomes to strengthen their position in the market. A Generative AI Model refers to a type of artificial intelligence system specifically designed to generate content autonomously, imitating or creating new data, images, text, audio, or videos. For instance, in August 2023, JLL, a US–based commercial real estate and investment management company, launched JLL GPT™, the first large language model purpose-built for the commercial real estate (CRE) industry. Developed by JLL Technologies (JLLT), the technology division of JLL, the bespoke generative artificial intelligence (AI) model will be used by JLL's 103,000+ workforce around the world to provide CRE insights to clients in a whole new way .
The retail buildings market report table of contents includes:
1. Executive Summary
2. Retail Buildings Market Characteristics
3. Retail Buildings Market Trends And Strategies
4. Retail Buildings Market - Macro Economic Scenario
5. Global Retail Buildings Market Size and Growth
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32. Global Retail Buildings Market Competitive Benchmarking
33. Global Retail Buildings Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Retail Buildings Market
35. Retail Buildings Market Future Outlook and Potential Analysis
36. Appendix
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