Asia’s malls have been projected to grow at a CAGR of 11.71% between 2022 and 2027
Shopping centres have always attracted footfalls for offering a range of retail and recreational spaces under one roof. Forming an important part of the ecosystem of real estate, these commercial properties have undergone a significant shift in the last few decades with each year thanks to advancements in technology and shifting consumer behaviour patterns. In fact, as per reports, the global shopping centre market is projected to grow at a compound annual growth rate (CAGR) of 3.15% from 2021-2028.
Asia’s malls too are projected to grow at a humongous rate with the total revenue expected to show an annual growth rate (CAGR 2022-2027) of 11.71%, resulting in a projected market volume of US$22.82 billion by 2027. In such a dynamic scenario, REM TIMES takes a look at some of the biggest shopping malls of Asia.
Iran Mall, Tehran, Iran
One of the largest shopping malls in the world located in the capital of Iran – Tehran, the Iran Mall spans across an area of 14.5 million square feet. In addition to boasting of a range of sophisticated retail and F&B spaces, the Iran Mall offers several other amenities such as an indoor ice skating rink, a swimming pool, a tennis court and an amusement park called Iran Land. It is also home to Iran's most advanced movie theatre, one of the world's most beautiful libraries and a sophisticated musical fountain.
IOI City Mall, Putrajaya, Malaysia
Located in Putrajaya, the IOI City Mall is one of the largest shopping malls in Malaysia, spanning over 2.5 million square feet of lettable space. Located at a mere 30-minute drive from the Kuala Lumpur International Airport (KLIA), the mall is teeming with sleek fashion stores, supermarkets, cineplexes and F&B outlets offering exquisite local and international dining experiences.
Besides an Olympic-sized ice skating rink and a 52,000 square feet adventure park, the mall also nestles the IOI City Farm, an 18,000 square feet indoor edutainment exhibition space that provides family-friendly activities to learn about plants and animals.
New South China Mall, Dongguan, China
New South China Mall is a huge commercial property located in Dongguan, China. The total area of the selling and serving points of the mall is estimated to exceed seven million square feet and when it first opened in 2005, it was the largest mall in the world. With a focus on the different nations of the world, the mall has French, Italian, Dutch, Chinese, American, and other national motifs in certain areas.
The Isfahan City Center, Isafahan, Iran
A mixed-use development in Isfahan, Iran, the Isfahan City Centre is spread across 5,010,000 square feet and is one of the largest shopping malls in the Middle East and Asia. With a variety of retail, hospitality and food brands being part of it, the city centre is known for its awe-inspiring architecture which is a merger of modern designs and traditional Iranian motifs.
The SM Mall of Asia, Manila, Philippines
The SM Mall of Asia opened in 2006 and is one of the largest commercial property malls not only in Asia but across the world. Located in Pasay City, Metro Manila, near Manila Bay, the SM Mall of Asia boasts of an area of 4.38 million square feet and consists of multiple buildings interconnected by walkways and bridges. It is interspersed with world-class retail outlets, entertainment facilities and recreational options. Its seaside promenade, known as the Bay Area Promenade, is thronged by tourists and locals.
The Golden Resources Mall, Beijing, China
A commercial landmark in the bustling city of Beijing, China, The Golden Resources Mall is spread across an area of six million square feet. Also known as the Jinrongjie Mall, the gigantic retail space opened in 2004 and was the world’s largest mall from 2004 to 2005. Also one of the largest mixed-use developments, the vast space consists of numerous eating spots, retail outlets, and entertainment options among other facilities.
CentralWorld, Bangkok, Thailand
It first opened in the 90s as the World Trade Center and over the years, CentralWorld in Thailand has undergone several changes to emerge as one of the largest shopping malls of Asia. Located in one of the busiest areas of Bangkok - Ratchaprasong district, CentralWorld covers a retail floor area of over 8.9 million square feet and is the ninth largest shopping complex in the world.
