What is the future of Shopping Centers in India?
This article will make you aware of the real estate market trends for shopping centers. We will explain some of the challenges that this business is currently facing in India and what are the chances of its expansion in the near future.
The shopping mall industry has seen quite many ups and downs in past few years and developers are a bit skeptical about its growth in India. Industry stakeholders are constantly putting efforts and adapting themselves according to the changing trends in this market. For instance, the retail business of shopping malls is in a dicey situation in cities like Bangalore and Chandigarh, whereas Mumbai malls are gaining a lot of attention lately due to their excellent facilities and infrastructure.
According to industry veterans, retail sector for shopping centers showed moderate growth in 2015. Although, the online players gave good competition but the malls were able to survive.
One good thing about last year was that many international brands like GAP and H&M were launched in India through these shopping centers. It won’t be wrong to call last year “survival of the fittest” for the retail business.
The retail business saw remarkable growth last year a vast range of items were bought under one roof. Major international players entered the Indian retail business due to the FDI policy. All these global players are planning to take Indian market by storm through these shopping centers.
The growth of shopping centers in the Indian market has been phenomenal but only those shopping centers were able to survive who were able to create a community experience. Malls are a part of social network these days and Mumbai malls are actually pitching to take this advantage by utilizing social media to popularize their brand. Indian malls are realizing the importance of setting high standards for themselves and have become more globalized over the years.
Shopping malls in Mumbai are not just shopping destinations. They are a perfect hangout place for family and friends. The young generation is especially drawn to these shopping malls.
It is all about engaging your customers on an emotional level and that’s what developers and investors are doing. At the end of the day, they wish to provide a holistic experience to their audience. Facilities like ticket booking, currency change, bill payments, etc. are also instrumental in attracting a large chunk of the audience.
As far as entertainment is concerned, it has moved beyond the movies. Play zones and bowling alleys are added to give the entertainment places a global appeal. Besides that embassy association, art exhibitions, events and fair are also able to create a buzz.