In the backdrop of operational retail stock reaching 89 msf in H1 2023 in top 7 cities and 24 new global brands foraying into India over the last two years,industry experts at the recently held Shopping Centres Next 2023 event in Bengaluru , were upbeat about the evolving shopping mall scenario, believing that despite global headwinds , They opined that new age malls need to evolve keeping in view the needs of shoppers and mall occupiers. Leveraging technology , futuristic shopping malls will be broadly evolving into Destination Centres, Value Centres, Innovative Centres and Retail Destination Centres.
Irfan Razack , Chairman & Managing Director, Prestige Group
Amidst the transformative shopping scenario, malls have evolved into vibrant centres of city life and economic activity . Malls near public transport like metro stations have transformed into thriving hubs with unique lifestyle advantage as they cater to diverse crowd, from daily commutes to city residents seeking a unique lifestyle experience. This seamless transition from daily commutes to city residents seeking a unique lifestyle experience. This seamless transition from daily commutes to shopping is a lifestyle boom for both retailers and shoppers
Jayen Naik, COO Nexus Malls
Given the rising economy, large skilled population and disposable income growth , consumption is bound to grow. Today, Tier 2-3 cities have emerged as new growth centres for retail real estate. With right amount of research and planning, a lot more interesting retail space will come up across all state capitals , smart cities and other cities regardless of their classification on the basis of their population.
Rajendra Kalkar , President – Malls, Phoenix Mills
When someone builds a good shopping centre, runs it well and ensures consumption, retailers can do fabulous business and make money from their turnover rent. Today hardly 100 malls in the country have been able to achieve this and there is enough untapped potential . It is important that investors plan to integrate social connections at the starting stage of mall design and planning.
Manoj Singh, Vice President-Operations, Forum Mall
The mall developers need to accept new age consumers’ changing preferences while creating spaces. They also need to make sure that experiences are consistent and do not get affected when there are heavy footfalls during weekends. Another important thing to consider for developers in new age malls is to have 9-year lease agreements with retailers.
Prasad Rane, CMO, Property Zone Services, ICS Realty Group
Malls evoke an image of transactions and consumptions. They need to become social destinations with initiatives and spaces for activities like laughter clubs, amphitheater etc.
Ashish Bhandari, Head Malls, R City Group
Keeping in view shoppers’ needs, developers need to effect changes in architecture of malls to go beyond transactions with ample spaces for experiences. Future malls can factor this but existing old malls can try and do experiential activities.