The shopping mall market - Italy

According to Legislative Decree No. 114/1998, Art. 4, Paragraph 1, a shopping center is defined as "a medium or large sales structure in which several commercial establishments are included in a structure with a specific purpose and benefit from common infrastructure and service spaces managed as a unit." Modern shopping centers emerged in the United States in the early 20th century, with the first example near Baltimore in 1907, while the Country Club Plaza project in Kansas City, which opened in 1922, is often considered the first true suburban shopping center model. The global mall market is valued at $5.5 billion in 2022 and is expected to reach $7.7 billion by 2028, with a compound annual growth rate (CAGR) of 5.8 percent. However, the sector has faced significant structural challenges, exacerbated by the Covid-19 pandemic, which has accelerated the decline of many department store chains, especially in the United States. In Italy, the sector maintains a central role, with about 1,300 shopping centers housing more than 36,000 stores, contributing 4 percent of the national GDP. Among the largest are Centro Commerciale Campania and Galleria Porta di Roma, with areas of 200,000 and 150,000 square meters, respectively. Digital innovation is profoundly transforming consumer habits, pushing toward omnichannel shopping models that combine physical and digital experiences. Although the average mall floor area is increasing and the industry is integrating technologies to improve the customer experience, many operators are finding it difficult to meet the growing expectations of consumers, who are increasingly oriented toward flexible and personalized shopping..