THE MALL CRAWL
With malls
offering more in terms of entertainment and unforgettable experiences besides
shopping, the neighbourhood stands to gain in terms of real estate value and
social infrastructure
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.
MALL MECHANICS
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 per cent 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 per cent in the period January-September
2017, recorded at 2.3 msf.
Source: Cushman & Wakefield
India
INSIDER INSIGHTS:
“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
LIFESTYLE DESTINATION:
“ 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@timesgroup.com
TOI 12MAY18
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