Making specialty malls work in India
India is famous for its traditional markets and shopping streets that offer speciality products, entertainment and leisure interface.
With emergence of organised retail and shopping malls, there has been profound evolution in the Indian retail industry.
Due to changing aspirations of Indian consumers and coming up of international brands, shopping malls are themselves adapting to meet the changing requirements.
The speciality malls that emerged a few years ago to provide such services left a lot to be required.
This is now changing, as well. Speciality malls cater to a particular retail category.
Malls offering brands of a particular category such as gold, automobiles, wedding, furniture, lifestyle, home etc. are called speciality malls.
Simultaneously, malls which offer products of a particular positioning can also be termed as specialty malls - for example, malls offering luxury brands can be ter med as speciality malls. The author is managing director – retail services,