Draft:Marketplaces Industry

The Marketplaces Industry is comprised of Shopping centers, Shopping malls, market streets, retail real estate, and spaces where goods, services, and information are traded and exchanged. Shopping Centers had an estimated market size of USD 5231.63 billion in 2021.

The Marketplaces Industry is made up of the places and spaces where people shop, dine, work, play and gather. In 2012, shopping center-inclined sales in the USA were estimated at $2.4 trillion, an increase of 2.8% from the previous year.

Importance of physical marketplaces
There are 1,150 physical shopping malls in the USA and contribute to approximately $400 billion in local tax revenue annually.

Evolution
The total number of malls in the world in 1960 were 4,500 accounting for 14% of retail sales. By 1975, there were 16,400 shopping malls accounting for 33% of retail sales. In 1987, there were 30,000 malls accounting for 50% of all retail sales.

Early Markets
Marketplaces began when traders gathered to exchange goods and services. Early marketplaces were usually informal gatherings in open-air places, enabling exchange of goods among local people and travelers along trade routes.

Medieval Markets
During the Medieval period more organized and structured marketplaces emerged, usually centered around town squares or designated meeting places.

Industrial revolution
Marketplaces industry saw changes in structure amidst the industrial revolution in the 18th and 19th centuries. Permanent retail spaces were developed because of urbanization and industrialization to cater to the increasing consumer demand in urban areas.

Modern retail
Modern retail real estate, such as supermarkets, shopping malls and chain stores, emerged in the 20th century. These modern retail space started offering a wide range of products under one roof as well as providing entertainment opportunities.

Omnichannel retail
Today, people have adopted online buying behavior, leading to Omnichannel retail. Traditional shopping centers have adopted digital technologies to enhance the shopping experience while online retailers are creating physical stores and pop-up shops to engage with customers in the physical world.

Types
There are multiple kinds of physical marketplaces, each of which serves individual functions as well as catering to a diversified range of community needs. These marketplaces include conventional uncovered arrangements as well as structuralized indoor setups, with multiple shops and stores all under one roof.

Shopping centers
More commonly being known as Shopping Malls, Shopping Centers are retail facilities comprised of a diversified range of stores, restaurants, shops and boutiques, as well as recreational venues underneath a single roof. Commercial shopping centers offer services and products in an accessible, convenient location. Amenities can include game arcades, salons, cinemas and gyms, as well as entertainment areas for the whole family, which encourage longer visits. Having centralized locations and multiple spaces for parking, as well as a diversified range of retail shops, Shopping Centers integrate suburban as well as urban components and offer opportunities for shopping, recreational leisure, and merchandising.

Regional shopping centers
Examples of regional Shopping Centers include the Westfield Garden State Plaza in Paramus, NJ and the Mall of America in Bloomington, Minnesota. Regional Shopping centers are of a mixture of specialty retailers, anchor stores, and entertainment venues, as well as dining options to attract customers from a wide geographic area.

Community shopping centers
Community Shopping Centers are more commonly referred to as Local Shopping Centers or Neighborhood Shopping Centers, being retail destinations that serve the immediate needs of people within a specific community. Such Centers are usually comprised of stores like groceries, banks, pharmacies, or any other businesses that cater to the daily requirements of local customers. In contrast to larger malls, Community Shopping Centers are known for their smaller size and emphasis on convenience and ease, allowing nearby residents easy access to goods and services.

Shopping streets
Shopping Streets are characterized by boutiques, retail stores, cafes and street vendors, usually along streets and avenues within a suburban or urban area. Different to covered malls or specified market areas, shopping streets are usually integrated into the infrastructural development of a city, offering open-aired retailing experience.

Outlet stores
An Outlet is a type of store where manufacturers sell their merchandise directly to the public. This type of sales usually offers products at reduced prices because no third-party distribution is involved. In addition, outlet stores also sell products which are surplus, discontinued, or have slight imperfections at lower prices. Traditionally, outlets stores were located near or within the factory or manufacturing facilities where excess inventories could be sold off directly to the customers. However, the concept has evolved, and many brands now have Outlet stores at specialized outlet malls.

Pedestrian malls
Pedestrian malls offer dining, shopping, and recreational experiences. Pedestrian zones are located largely within city centers or historical districts and are categorized by an absence of street traffic and vehicles. Pedestrian Malls can include cafés, shops, and street performances. For example.

Design and architecture
The architecture and design of physical marketplaces are an essential part of their functionality and aesthetic attraction. Such spaces are specifically designed to encourage shopping and browsing, satisfying both consumers and vendors, and blending into the urban landscape.

Architectural styles range from historical and modern to experimental. Marketplaces can use local architectural materials and motifs, creating a space rooted within the cultural heritage of the community. For example, a historical European Marketplace might include cobblestone pathways and decorative iron storefronts, while a historical market in the Middle East might display intricate tiles and arches indicative of Islamic architecture. Urban shopping malls and specialized markets are often comprised of steel, glass and concrete and utilize modern building techniques.

Layout and navigation
A well-designed floor plan helps to ensure that foot traffic flows smoothly. Modern shopping centers are designed with layouts that are systematic, with a central walkway and interconnected lanes, and anchor stores set at intervals to better manage foot traffic flow.

Amenities and facilities
Marketplace amenities and facilities are designed to improve the level of safety and comfort of both shoppers and vendors. Basic amenities include parking spaces, water fountains, restrooms, and public areas. Other integral elements include security measures, such as guards, cameras and surveillance systems, as well as emergency and fire exits.

Economic impact
Physical marketplaces play a role in strengthening local economies

Local economy
Marketplaces offer opportunities for local artists and entrepreneurs to create a cash flow cycle within their community. Selling goods and services within the local economy encourages heightened regional production, as well as a lowering the carbon footprint linked to longer-distance transportation of goods

Employment opportunities
Shopping center–related employment accounted for more than 12.4 million jobs for 2012, an increase from12.2 million jobs in 2011 in the USA.

Revenue generation
Shopping center-inclined sales generated $136.2 billion in state sales tax revenue in 2012 in the USA.

Community gathering spaces
Marketplaces can provide an opportunity for people to socialize and be part of a community by hosting local events and gatherings. These interactions contribute to an identity of shared society as well as a sense of place which is deeply valued and appreciated by both visitors and residents.

Technology integration
Technology is a key factor in influencing how the physical marketplace will develop in the future. The shopping experience can be improved by implementing augmented reality and the IoT [Internet of Things] to narrow the gap between retail and contemporary consumer expectations.

Consumer behavior shifts
The evolution of physical marketplaces is influenced by changes in customer behavior, including a desire for sustainability, authenticity, and community-oriented purchasing experiences. Marketplaces that can meet these needs by providing distinctive, regionally produced commodities are likely to prosper. Additionally, by enabling unique shopping experiences and social engagement, prioritizing experience over transaction can improve the reputation of marketplaces.