How often have you longed to luxuriate over a Michelin star chef curated banquet or a Sufi soiree after a long day of shopping, without having to go far from home? Or perhaps, had the kids wishing to play with their favourite toon characters while you shopped? Today, with more shopping malls having dedicated play zones, contests and creative workshops for children coupled with music shows, flash mobs, brand launches and expos, the focus is not only on increasing footfall, but also on creating memories with family and friends. No wonder then that even special occasions including birthdays and college parties are celebrated at a neighbourhood multiplex.
Malls are rewriting the retail story in extreme ‘shoppertainment’. This is why, a mall in these times, can singularly attract home-buyers to the neighbourhood of its location, adding that extra value to the locality’s social infrastructure and the wholesome family entertainment quotient.
India will see close to 34 new malls by 2020 in the top eight Indian cities of Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai and Pune, with Hyderabad leading the tally at 11. Totalling approximately 13.6 million square feet (msf), the new supply will add approximately 20 percent to the total available mall inventory in these cities. The retail sector has been encouraged by an upward trend in mall space leasing, which was up by 55 percent in the period January-September 2017, recorded at 2.3 msf.
Malls have evolved from shopping venues to social places where people relax and unwind. A location that has reasonably good infrastructure and sustained job growth has a higher real estate value. Till 2000, Malad (Mumbai) was a sparsely populated locality, but it witnessed the emergence of large office spaces and the area’s first shopping mall only a couple of years ago.
Today, the Malad Link Road is seeing the launch of huge residential projects and more malls have entered the location because there is clearly a demand for it.”
Rajneesh Mahajan, CEO, Inorbit Malls
Retailing is retaining:
Multiple channels are fighting for consumer visibility and attention. When shoppers visit a mall, they expect to be more involved in creating delightful experiences including offering things that will retain a customer; hence, a healthy mix of retailing and entertainment helps. Adding leisure options completes the experience, thus giving them more reasons to spend an entire day at the mall. It fulfils a social need rather than a mere transactional one. When people give their share of watch, a share of their wallet follows. After all, it is not only about retailing, but also about retaining.”
Kumar Rajagopalan, CEO, Retailers Association of India
“Today, a shopping mall is not just about the shopping – it’s an integrated lifestyle destination. Historically, whenever there is any real estate development, like the opening of a mall, there is increased business and employment in the area. It makes the locality more desirable, thus increasing the property value. People do not need to go to other localities for their shopping. Proximity to a good shopping mall does improve the locality’s appeal.”
Jermina Menon, Vice-President, Marketing, VR Bengaluru
Leena Mudbidri, Times Property, The Times of India, Bengaluru