In this article, we will be taking a look at the 20 largest malls in the world. To skip our detailed analysis of the retail shopping and mall businesses, you can go directly to see the 5 Largest Malls In The World.
Are Shopping Malls Becoming Obsolete?
To many people, going to the mall to shop or even to just spend some time with family and friends used to be a regular occurrence. Shopping malls have carried the retail industry on their backs for decades, with over half of US retail sales being attributed to malls during the 1980s, according to a research report from the Association for Consumer Research. However, while this may have been true during the 1980s, today, the situation for shopping malls is drastically different in light of e-commerce and online shopping taking the public by storm.
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According to the United States Census Bureau, US retail sales for 2022 topped $6.5 trillion. A highlight within this area was the performance of online or electronic shopping sales, which increased by 15.4% between 2020 and 2021. Americans spent a little over $1 trillion through electronic shopping in 2021, which was an increase compared to the $891.1 billion value from 2020. This yearly increase shows how online shopping is continuing to grow as a popular trend and an almost necessary part of life for many individuals today, with busier work schedules and less time to physically go to shopping malls for everyday needs.
Because of the growing popularity of online shopping, malls may be becoming obsolete. To prevent this from happening, they have to adapt to changing times and make the in-person shopping experience different from how it used to be so it attracts people living in the digital age. Without doing this, mall operators such as Simon Property Group, Inc. (NYSE:SPG), Brookfield Property REIT Inc. (NASDAQ:BPR), and SITE Centers Corp. (NYSE:SITC) will begin to feel the heat from their properties failing to do as well as they used to in the past. Some may argue that some of these stocks are already beginning to feel the heat. As of June 29, Simon Property Group, Inc. (NYSE:SPG) is down by 2.37% year-to-date, for example, and this is the mall operator handling some of the largest malls in the US. At the same time, rising interest rates are also not the best news for mall owners as they can make it difficult for retailers to purchase necessary inventory and supplies, among more.
Some Say Malls May Be Here To Stay
Despite the above, the current market dynamics are proving shopping mall critics wrong. For instance, while shares of Simon Property Group, Inc. (NYSE:SPG) may be down year-to-date, the company’s first-quarter results and full-year 2023 guidance show that it’s actually optimistic about its malls. The occupancy rate at Simon Property Group, Inc.’s (NYSE:SPG) US malls and premium outlet centers was 94.4% by March 31, showing an increase compared to the 93.3% figure from 2022. Secondly, Simon Property Group, Inc. (NYSE:SPG) also noted that more than 85% of US retail sales still take place in physical stores. This implies that while electronic shopping may be rising, physical shopping is also not falling.
One final factor driving up mall operators’ success is revenue from lease income. Simon Property Group, Inc.’s (NYSE:SPG) net revenue from lease income rose by 3.3% during the first quarter to $1.25 billion, beating estimates of $1.24 billion. The company raised its 2023 profit and comparable funds from operation per diluted share forecasts based on its first-quarter performance, now expecting annual profits of $6.45 to $6.6 per share. The rising income from the rents charged by mall operators and the increased demand for leasing mall spaces, coupled with shopping mall sales staying up even in the digital age, are all factors that are driving up the hope for shopping malls today. Considering the above, we have compiled a list of the largest shopping malls in the world. These are the top 20 largest malls in the world and include some of the most profitable global malls as well.
Our Methodology
The malls on our list below have been selected based on the square footage of their floor areas. They are ranked based on this metric, from the lowest to the highest square footage.
Largest Malls In The World
20. Morocco Mall
Square Footage: 2.6 million square feet
Morocco Mall is the largest shopping mall in Africa, based in Casablanca, Morocco. It was opened in 2011 and was designed by architect Davide Padoa of Design International. The mall has three floors and hosts a variety of shops and brands, a supermarket, restaurants, and an aquarium, among more.
19. SM Seaside City Cebu Mall
Square Footage: 2.8 million square feet
SM Seaside City Cebu Mall is a shopping mall based in Cebu City, Philippines. The mall has five floors, and it was opened in 2015. It is the fourth-largest mall in the Philippines. SM Seaside City Cebu Mall is circular in shape, and it includes a two-story SM Store, an SM Supermarket, a Centerstage theatre, a Super Screen Cinema, and more.
18. King of Prussia Mall
Square Footage: 2.9 million square feet
King of Prussia Mall was opened in 1963, and it is one of the largest shopping malls in the US. It is located in Upper Merion Township, Pennsylvania. The mall has five parking lots, three parking garages, and it offers valet parking as well. King of Prussia Mall comprises 450 stores and services.
King of Prussia Mall is a mall operated by Simon Property Group, Inc. (NYSE:SPG), while Brookfield Property REIT Inc. (NASDAQ:BPR) and SITE Centers Corp. (NYSE:SITC) also operate similar large malls in the US.
17. Istanbul Cevahir
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Square Footage: 4.5 million square feet
Istanbul Cevahir is a Turkish shopping mall located in Istanbul. It was opened in 2005, and it has 20 floors. There are more than 200 brands available in the mall, which also offers a parking lot with space for 2,500 vehicles. Istanbul Cevahir also has restaurants of 34 fast food brands and 14 exclusive restaurants on top of them.
16. Persian Gulf Complex Mall
Square Footage: 4.8 million square feet
Persian Gulf Complex Mall is located in Shiraz, Iran. The mall was opened in 2011, and it is owned by Hossain Hossaini. It offers about 2,500 stores and services. The mall’s complex includes Burj Fars International, a large hotel with 262 rooms, an indoor and outdoor swimming pool, two amusement parks, and more.
15. Isfahan City Centre
Square Footage: 5.01 million square feet
Isfahan City Centre opened in 2012 and is located in Isfahan, Iran. It offers more than 600 stores and services. The mall was designed by Medardo Cadiz from Cadiz International, Inc., and it was built in four phases. It includes a five-star hotel, a shopping mall, a museum, a hypermarket, restaurants, and more.
14. SM Megamall
Square Footage: 5.1 million square feet
SM Megamall is among the largest malls in the Philippines, and it was developed by SM Prime Holdings, which continues to operate it. The mall was opened in 1991, and it was designed by Antonio Sindiong and Arquitechtonica. SM Megamall has 968 shops, including 500 retail shops and more than 280 dining outlets.
13. SM Mall of Asia
Square Footage: 5.2 million square feet
SM Mall of Asia is another mall located in the Philippines. It was opened in 2006, and it has 10 floors. The mall includes three main mall buildings, three SM Stores, eight Mall of Asia squares, and eight car-park buildings hosting 8,000 slots for vehicles.
12. SM City North
Square Footage: 5.3 million square feet
SM City North is located in Metro Manila, Philippines. It was the first SM mall in the country, and it used to be the largest shopping mall there before its successors came. The mall was opened in 1985, and it has 968 stores, including about 300 dining outlets.
11. West Edmonton Mall
Square Footage: 5.3 million square feet
West Edmonton Mall is a Canadian shopping mall located in Alberta, Canada. The mall was opened in 1981, and since then, it has become the second most-visited mall in Canada after the Toronto Eaton Centre. West Edmonton Mall has over 800 stores and three floors. It has enough parking space for 20,000 vehicles.
10. Utama Mall
Square Footage: 5.5 million square feet
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Utama Mall is a shopping mall located in Selangor, Malaysia. It was opened in 2011. The mall has 713 stores, including department stores, international chains and restaurants such as KFC and McDonald’s, and cinemas, among more.
9. ICONSIAM Mall
Square Footage: 5.6 million square feet
ICONSIAM Mall is a Thai shopping mall that opened to the public in 2018. It includes a Siam Takashimaya department store, an Apple retail store, an auditorium, a museum, a riverside park, and more.
8. Central Plaza Westgate
Square Footage: 5.9 million square feet
Central Plaza Westgate is based in Nonthaburi province, Thailand. The shopping mall was opened in 2015, and it includes cinemas, stores, and more, including a large IKEA store with a floor area of 541,190 square feet. The mall has six floors in total and enough parking space for 7,000 vehicles.
7. Central World Mall, Thailand
Square Footage: 5.9 million square feet
Central World Mall, Thailand, is a shopping plaza and complex located in Bangkok, Thailand. It was opened in 1990 and includes a hotel and an office tower. The mall has seven floors and 495 stores and services.
6. Golden Resources Mall
Square Footage: 6 million square feet
Golden Resources Mall was opened in 2004 as a large shopping mall located in Beijing, China. The mall offers more than 1000 stores and services, and it is nicknamed the Great Mall of China due to its size.
The Golden Resources Mall is the type of large mall that operators such as Simon Property Group, Inc. (NYSE:SPG), Brookfield Property REIT Inc. (NASDAQ:BPR), and SITE Centers Corp. (NYSE:SITC) run in the US.
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Disclosure: None. 20 Largest Malls In The World is originally published on Insider Monkey.
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