With the growth of organised retailing, shopping malls have mushroomed in urban areas as well as in suburbs in India. The Indian retail market is the fifth largest retail destination globally and has been ranked as the most attractive emerging market for investment in the retail sector. The entry of global brands and international equity management firms into the sector point out the potential and prospects of the sector in the years to come and are encouraging the investors to make a pitch for a portion of the great Indian market.
Rapid urbanization and digitization, increasing disposable incomes and lifestyle changes of the middle-class society are changing the dynamics of the Indian retail sector. Shopping malls fulfil the insatiable demand of people for all the good things in life – from groceries to vegetables to fancy gadgets to fancier cars. Naturally, Indians are drawn to the clean, vibrant, climate-controlled and technology-enabled malls, replete with a plethora of brands. Low vacancy levels and high rentals in metro cities led to further retail expansion in suburbs. Even overseas retailers are investing in shopping malls in Durgapur, Siliguri, North 24 Parganas etc. – the suburbs in West Bengal sensing immense opportunities and easy penetration into the Indian retail diaspora.
The malls not only sell products but experience, a feel-good factor. Here’s why shopping malls have become a part of our lifestyle:
- Better shopping experience:
Great deals, attractive offers, and schemes are the sure-fire success formulae for shopping malls that never fail to lure visitors in huge numbers. They are actually the one-stop solution for consumers. For example, a consumer can buy a television, a cabinet to place it, some home décor items to complement it along with some groceries under the same roof. Even in the time of online shopping, Indians love to shop from malls as they offer experiences along with the touch and feel factor. Malls offer a friendly face-to-face service that creates a sense of value and familiarity for in-store shoppers which is important to keep up with the modern demands of evolving consumers.
2.Varied entertainment options:
With video-game arcades, air hockey, pool, children’s play areas, adventure rides and multiplexes – malls are redefining entertainment. Developers try to cater to diversified interests in a mall and this is where entertainment zones become important. Entertainment zones have always been used as crowd-pullers where teenagers come to chill with their friends and families drop by with their kids for an excellent outing experience. The well-maintained multiplexes assure a good movie watching experience with some delectable munchies.
- Foodie’s paradise:
It’s a known fact that shoppers who eat at the mall will then spend more time there and spend more money at stores. Food courts, fine dining areas, eateries, cafeterias and even pubs and lounges in shopping malls are gastronomic destinations for shopaholics and foodies alike. The food court has become a veritable crowd magnet which is a win-win experience for all – the mall, and to our beloved customers. They have also emerged as one of the major and consistent sources of increasing footfalls and generating the highest revenue for malls.